UK Minister for Overseas Territories Commends BVI FSC

Mark Simmonds, the UK Minister for Overseas Territories, in his comments in response to a question from MP Martin Horwood on the issue of international standards endorsed the strength of the BVI independent regulator, the Financial Services Commission (FSC). He named it “an extremely impressive regulator who wants to ensure that the British Virgin Islands has the highest possible international reputation.” He also said: “The (BVI) regulator wants it to be seen as a well regulated jurisdiction in order to encourage, rather than inhibit or hinder, further investment.”

Mark Simmonds also mentioned the “extremely positive” engagement by the Overseas Territories on the issue of tax transparency. His statement actually followed David Cameron’s praise of the UK Overseas Territories for the actions taken to ensure the highest standards of tax transparency. Cameron said that it was no longer fair to refer to the BVI and other similar jurisdictions as ‘tax havens’.