Tuesday, March 01, 2016

UK and BVI Delegations Meet to Discuss Common Strategies against Financial Crimes


On February 25-26, senior representatives from the Foreign and Commonwealth Office (FCO), the National Crime Agency and Serious Fraud Office (SFO) visited the British Virgin Islands, being invited by premier and minister of finance Dr Orlando Smith to engage in further discussions on strengthening legal framework to fight cross-border financial crimes in the UK and BVI.

The UK delegation included director of the FCO’s Overseas Territories Directorate, Dr Peter Hayes; FCO’s senior policy adviser, economic and financial services, Russell Phillips; and the NCA’s head of bribery, corruption and sanctions, Andy Lewis. The BVI delegation consisted of the premier and representatives from the ministry of finance, Attorney General’s Chambers, Financial Investigation Agency, Financial Services Commission and International Tax Authority.

Discussions focused on how law enforcement agencies can further build upon their relationship to provide an effective beneficial ownership regime. During the meeting, the UK delegation learned about the ongoing reform processes in the British Virgin Islands to strengthen the territory’s international cooperation. The strategies were discussed to engage in ongoing dialogue to build confidence and cooperation against cross border criminal activities.

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