Deputy Premier Represents BVI at ECLAC Session

BVI deputy premier and minister for natural resources and labour, Dr Kedrick Pickering had a meeting with executive secretary of the Economic Commission for Latin America and the Caribbean (ECLAC) Alicia Barcena in Santiago, Chile, during the 16th extraordinary session of the Committee of the Whole of ECLAC, being Territory representative on behalf of the BVI Premier Dr Orlando Smith.

At this session, consultations were held to establish a forum of the countries of Latin America and the Caribbean on sustainable development, and the deputy premier reiterated the need for the inclusion of associate members in the proposed forum. He spoke about the importance of greater engagement between the organization and the British Virgin Islands as its associate member.

The Committee of the Whole is a subsidiary body of the organization, which gives an opportunity for representatives of member countries to meet between ECLAC official sessions.

GFCI Ranks BVI First among Offshore Jurisdictions

According to the recently published Global Financial Centres Index (GFCI), BVI offshore jurisdiction is on the 34th position – 13 positions higher than in the previous list. British Virgin Islands has the highest rank among its competitors, including Cayman Islands, Channel Islands, the Bahamas and Bermuda.

Executive director of BVI Finance, Kedrick Malone, commented on the GFCI results, saying: "… The result of the index clearly shows that the BVI is an internationally respected, established and pioneering financial centre…The BVI's position as the leading offshore financial centre is testament to the strength and high standards of our multi-faceted financial services sector, the professional in its rank and the regulatory regime that it operates within."

The Index is based on the existing information and online survey results taking into account more than hundred different factors, including regulations, workforce, and companies operating in the financial centre and providing financial services.

Revised Guidance Notes on FATCA Published by BVI

BVI jurisdiction has updated guidance notes concerning the international tax compliance requirements under its intergovernmental agreements with the US and the UK, drawing attention to the revised deadline of June 30, 2015, for financial institutions to report with respect to the 2014, for financial institutions to report under the US Foreign Account Tax Compliance Act (FATCA). The original version was issued in July 2015.

Also, it became known that the BVI Financial Account Reporting System (BVIFARS) will be available for use from April 15, 2015, when authorities will start to accept applications for enrolment from reporting financial institutions.