British Virgin Islands Business News

The analysis of the latest events in BVI and worldwide, affecting BVI business environment; facts and statistics on BVI International Business Companies involved in global business activities.

Tuesday, April 22, 2014

BVI Agencies signed MoU on Anti Money Laundering and Countering the Financing of Terrorism


14 BVI agencies signed memorandum of understanding with the Inter-Governmental Committee on Anti Money Laundering (AML) and Countering the Financing of Terrorism (CFT), during the opening ceremony to launch the British Virgin Islands’ National Risk Assessment Council (NRAC). Signatories to the MoU included the Attorney General’s Chambers, the Virgin Islands Shipping Registry, the BVI Post Office, the BVI Ports Authority, Her Majesty’s Customs, the Financial Investigations Agency, Financial Services Commission, the Department of Trade and Consumer Affairs, the Immigration Department, BVI Airports Authority, International Tax Authority, Non-Profit Organisation Registration Board, Office of the Director of Public Prosecution and the Royal Virgin Islands Police Force. Signing of the memorandum was witnessed by many top government and private sector officials.

The signing of this MoU means that the jurisdiction is ready to international co-operation in combating money laundering and terrorism financing, and continues to comply with global financial standards, including information exchange on tax matters. It is designed to foster cooperation between the relevant authorities to enable them to carry out their administrative and statutory obligations, and to assemble and analyze information concerning activities related to money laundering, combating financing of terrorism, financing of proliferation of weapons of mass destruction, corruption, and other serious crimes. 

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Tuesday, April 15, 2014

BVI Premier Visited Brussels to Discuss Partnership


In the beginning of April, British Virgin Islands Premier and Minister of Finance, Dr Orlando Smith, made an official visit to Brussels, during which he had meetings with European Union (EU) officials and discussed partnerships and programs for the benefit of the 26 Overseas Countries and Territories (OCTs) associated with EU. At the European Commission, the Premier discussed plans for the 13th OCT-EU Forum which will be held in the British Virgin Islands. Also, BVI Premier met with United Kingdom Member of European Parliament (MEP) Ashley Fox.

On behalf of the Premier, BVI London Office director Kedrick Malone and deputy director Benito Wheatley met the secretary general of the African, Caribbean and Pacific Group of Countries (ACP) Secretariat, and discussed economic cooperation and programming between the OCTs and ACP countries in the regions where they are located.

Dr Orlando Smith launched himself as chairman of the Overseas Countries and Territories Association (OCTA). He was introduced to OCTA partners, among them representatives of the Greek Presidency of EU, Caribbean ambassadors to the EU, the director of the OCT Task Force at the European Commission, representatives of an environmental non-governmental organisation (NGO) and representatives of the OCTA Executive Committee (ExCo).

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Monday, April 07, 2014

BVI House Asia Launched Funds Seminar for Financial Community


In the end of March, BVI House Asia held seminar on Funds and Investment Business: BVI Options in Hong Kong, which was attended by more than 40 practitioners, among them lawyers, accountants and corporate service providers. Themes covered at the funds seminar included the reasons why BVI is used for funds and investment services, as well as an overview of private, professional and public fund options and balancing regulation with commercial dynamics.

By words of director of BVI House Asia, Elise Donovan, the seminar is “part of BVI House Asia’s series to educate stakeholders about the financial services and products offered by the jurisdiction.” She said: “The BVI is well-known in this region for business companies, but we also offer funds, trusts and estate planning, ship and aircraft registration, captive insurance and more.” 

BVI House Asia was officially launched in Hong Kong in September 2013 to expand and strengthen ties with the financial community in the Asian region and provide educational platform for the BVI financial services.

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