Tuesday, April 12, 2016

BVI Faces Consequences of ‘Panama Papers’ Leak


BVI authorities said that the leak of confidential data from the Panama law firm Mossack Fonseca specializing in offshore financial services, which included about 11 million documents, prompted them to look for any breaches of financial regulations in the Caribbean territory. BVI-registered companies play the most important role in the leaked records, the same way as BVI takes its prominent place in the global offshore financial industry.

BVI financial regulating services have issued a statement where they say that they will ‘pursue a thorough investigation through the BVI's competent authorities, and further action will be taken, where necessary’.

Last year, there were 9,388 company incorporations in the BVI, down from 11,436 the previous year. The BVI is said to have ‘rigorous’ regulatory oversight of its financial sector and adhere to international standards.

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