Premier Speaking on BVI Tourist Board Activities

BVI Premier and Minister for Finance having responsibility for the tourism sector, Hon. Dr. D. Orlando Smith, said that the first one hundred days have been an intense listening period for members of newly appointed BVI Tourist Board.

The Premier said that in the very beginning of the year the Tourist Board organized a formal Tourism Stakeholders consultation to get information from the tourism industry on a number of topics ranging from the “BVI Brand” to infrastructural development, marketing collaboration, investment in new and existing product offerings and how the Board could be more responsive to stakeholders. Subsequent to that meeting, the Tourist Board have been in contact with the airlines, ferry operators, with the Dive Association, and other organizations. Hon. Orlando Smith stated that the consultations will continue in order to find workable solutions to attract visitors to the British Virgin Islands.

According to the Premier, the BVI Tourist Board continues its partnership with the International Finance Centre and Shipping Registry, concentrating on obtaining the benefits of synergy in brand and target markets.

Harneys Launches Textbook on BVI Law

On February 15, Harneys law firm launched the publication of 'British Virgin Islands Commercial Law', which is the first textbook that focuses exclusively on BVI law and practice. This event was attended by the representatives of business and legal community.

Governor McCleary and Premier and Minister for Finance Dr. D. Orlando Smith congratulated Harneys on the book's publication and talked on the significance of such a publication about the British Virgin Islands which depends on financial services industry. By words of Premier Smith, Harneys for several decades has been a committed company in the British Virgin Islands.

The textbook is written by Harneys lawyers and published by leading legal publisher, Sweet and Maxwell. It includes chapters on Company Law, Credit and Security, Law of Property, Financial Services Law, Investment Funds, Insolvency Law, Dispute Resolution and Trusts.

In January, the firm celebrated the publication of the new textbook in Hong Kong where it held legal seminar and interactive session on recent legal developments in the BVI jurisdiction.

BVI FSC Published Advisory Warning on Pyramid Scheme Frauds

In January, a special Advisory Warning was published by the British Virgin Islands Financial Services Commission, which became the first document of this kind in the year 2012, urging investors to beware of Pyramid Scheme Frauds and other investment scams.

In this press release, a pyramid scheme is defined as a fraudulent money-making scheme based on a non-sustainable business model that involves the exchange of money primarily for enrolling other people into the scheme, without delivering a legitimate product or service. The published document contains also the signs of a pyramid structure becoming a pyramid scheme – for example, if joining the group allows the new member to profit by signing up new members, it is normally scam. There are also other ways to identify pyramid schemes.

The BVI FSC warns that if these companies do not disclose information on the risks involved or tell clients otherwise then they would be involved in illegal schemes. Also, legitimate trading schemes rely on valuable goods and services, while illegal pyramid schemes focus simply on recruiting investors.

On the British Virgin Islands website, there is additional information on pyramid schemes, how to evaluate potential opportunities to avoid becoming a victim of fraud, and some tips on what you can do if you have become a victim of pyramid scheme fraud.