Friday, March 30, 2012

Commission Enhances Security Features of Certificates

The British Virgin Islands Financial Services Commission has announced the introduction of new, additionally secured certificates. All certificates issued by the BVI FSC will receive enhanced security features, with the purpose to minimise incidents of counterfeiting and to preserve authenticity of the official documents.

CEO and Managing Director of the Commission, Robert Mathavious said in his comments that the introduction of the new certificates was a timely initiative that will protect both the jurisdiction and the customers from forgery and illegal reproduction of official documents for illicit purposes.

The new certificates of the Commission will have blue or blue/green graded background, and will bear the logo of the Commission and the words ““Territory of the Virgin Islands.” There will be also other enhanced security features including anti-copy markings on the back of each certificate.

Tuesday, March 20, 2012

UK Receives Feedback on BVI and Other Overseas Territories

The UK government received feedback as part of its consultation on the review of its relationship with country's overseas territories, including BVI and other Caribbean territories. It was stated that the government should support its Overseas Territories to develop sustainable economic models, and provide assistance to ensure good governance by local governments.

One of the most often named challenges that interfere with economic development in the British Overseas Territories was the need for the diversification of jurisdictions' economies. Economic diversification was raised by various respondents to the consultation.

According to the official submission of the Premier of the British Virgin Islands, the contraction of tourism and financial services has had “multiplier effects across all sectors of the society”. This issue was also raised in the official response by the government of the Cayman Islands.

The respondents also said that transparency, poor planning and corruption were the most prominent issues in relation to good governance and stated that the UK could assist with solving these problems by providing audits and advice to local authorities. This issue was raised by residents of the British Virgin Islands, the Cayman Islands and Montserrat.

Friday, March 09, 2012

Advisory Warning No.2 Issued by BVI FSC

Advisory Warning No. 2 of 2012 was published by the British Virgin Islands Financial Services Commission on 29 February, 2012, relating to the Stand Online Ltd./ Fidelity Ltd. - the companies which offered investment opportunities on the websites at www.stockcastle.com, and presented itself as being incorporated and registered in the British Virgin Islands.

The BVI FSC informed the public that Stand Online Ltd. / Fidelity Ltd. is not, and has not at any time been incorporated or registered in the British Virgin Islands jurisdiction, or licensed by the Financial Services Commission. The Commission urged the public to exercise extreme caution in conducting any transactions with Stand Online Ltd. / Fidelity Ltd.

Also, the Commission has been advised that neither of the entities has any affiliation to Fidelity Corporate Services Ltd. and Fidelity Management Services Limited – the companies which are licensed by the FSC, and have all the rights to offer incorporation and investment services in the British Virgin Islands jurisdiction.