Elise Donovan to Become Interim Director of BVI London Office

The Director of the BVI House Asia Elise Donovan has been appointed by the Government as Interim Director of the BVI London Office. She will change in this post Benito Wheatley, and will be transitioning there from August 20 to December 31. After this period, she will return to the BVI to the post of Chief Executive Officer of BVI Finance, which will be left by Lorna Smith.

The duties of the Director of BVI London Office include advising the Premier on matters for implementation and making recommendations to ministries, international agencies, the private sector and other agencies. She will be also responsible for “strengthening BVI’s voice with Her Majesty’s Government and the Foreign and Commonwealth Office”; monitoring political, legislative and diplomatic developments in the UK and EU, and providing timely analysis of those affecting or potentially impacting the BVI. 

Meanwhile, the BVI Government has already started to search for new and permanent directors of the BVI House Asia and the BVI London Office.

BVI Delegation Participates in Global Tax Transparency Summit

The delegation from the British Virgin Islands represented the territory at the Global Tax Transparency Summit which was organised by the House of Commons Public Accounts Committee and held on December 9. The Summit brought together parliamentarians, business academics, campaigners and tax experts with the purpose to discuss tax transparency and tax avoidance.

The BVI delegation including BVI UK representative Benito Wheatley and BVI London Office deputy director Dr Sandra Besson attended plenary sessions and took part in a lunch roundtable on transparency. It was important for the BVI to be present at the event to make sure that main participants are aware of the positive role BVI plays in the world economy and its compliance with international standards on tax transparency.

BVI Finance Announced New Marketing and Business Strategy

BVI Finance updated its marketing and business development strategy for 2017 to 2020, and local financial services industry was informed of the BVI Finance's plans to develop the sector.

The BVI Finance Strategy update provided an insight on the marketing and business development initiatives, and the progress of BVI Finance in transition to BVI Finance Limited. 

Among officials which presented at the event devoted to the strategy update, there were interim executive director of BVI Finance Lorna Smith, permanent secretary in the Premier Office and chair of the BVI Finance interim board, Brodrick Penn, and BVI Finance's head of business development, Gary Hales who defined the main strategic aims of the organisation, and its key deliverables.

New Public-Private Organization Launched in BVI Financial Services

The new entity is to be launched in the beginning of 2017, which will take over from the existing BVI Finance the functions of supporting financial services promotion and business development in the British Virgin Islands. BVI Finance Limited is a new public/private initiative and part of government programme that has the purpose to strengthen the financial services industry.

BVI Finance Limited will have a fundamentally new corporate structure, and will be more flexible and autonomous as the marketing and promotional tool of the financial services industry. It will be responsible for promoting financial services as an industry to customers, intermediaries and regulators abroad, and for developing new business opportunities. The objectives of the new organization include co-ordinating efforts of all main private sector stakeholders within financial services.

British Virgin Islands Continues Developing Internet Infrastructure

The British Virgin Islands has established an internet exchange point; BVI-IX is an investment that would help the jurisdiction to strengthen its telecommunications infrastructure and encourage the development of local digital content. Now, the so called 'phase two' was initiated by BVI officials, by words of chief technical officer of the BVI Telecommunications Regulatory Commission.

BVI is working with the Caribbean Telecommunications Union, an inter-governmental telecommunications policy organisation, and US-based non-profit firm Packet Clearing House (PCH), to develop their IXP to the next level. 

During the coming months, technical training and workshops will be organized on network security, local content and electronic commerce, to help the local market realise possible benefits.

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. 

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.

BVI Government Signed Contract with LGS and Associates

The Government of the British Virgin Islands signed a contract worth US$100,000 with a financial industry consultancy firm LGS and Associates, which is headed by the financial industry expert Mrs. Lorna Smith. 

The information about the signing of the contract in December 2012 was confirmed by the Financial Secretary Mr. Neil Smith and by Mrs. Smith herself, who stated that the contract is not a new assignment since she has been providing services to the BVI governments, including under the Virgin Islands Party administration. 

Mrs. Smith recently attended the OECD Global Forum on Transparency and Exchange of Information. She also took part in the negotiations concerning tax treaties between OECD countries and OECS countries, all of which have been put on the OECD ‘white list’. She also takes the post of Chairperson of the Financial Services Business Development Committee, whose task is to maintain the image of the British Virgin Islands as a top international finance centre, identifying new and emerging markets and recommending legislation for introduction and support of new and existing products and services.

Mrs. Smith assisted in the BVI passing phase I review process on global transparency and exchange of information for tax purposes, and, in her own words, continues to work to ensure that the BVI moves phase II of the review process.

New Director of Tourism Appointed in BVI

Premier and Minister of Tourism of the British Virgin Islands Dr Orlando Smith announced the appointment of Sharon Flax-Mars as director of tourism for the British Virgin Islands Tourist Board. Flax-Mars has more than 25 years of experience in tourism and hospitality, during which she held a number of senior posts in the industry. She was also a member of the BVI Tourist Board across three administrations.

The Premier said in his comments on the appointment: “I am aware that it takes dedication, diligence, persistence, vision, effective planning, and the right hands on deck. In this regard, today I am pleased to announce that the BVI Tourist Board has retained the services of Mrs Sharon Flax-Mars who will serve as the director of tourism.” The new director of tourism also shared her first plans on the future of tourism in the British Virgin Islands, especially noting the aim to increase the number of visitors and show them the “unparalleled beauty and charm unlike any other islands in the Caribbean.”

BVI FSC Updated Public Statements Issued By FATF

The Financial Action Task Force (FATF) issued public statement reaffirming its blacklisting of Iran and the Democratic People’s Republic of Korea. The public statement reproduced in original form on the website of the British Virgin Islands Financial Services Commission was issued as an update for the previous FATF statements.

The updated statement also identified jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies that have not made sufficient progress in combating them: Bolivia, Cuba, Ecuador, Ethiopia, Indonesia, Kenya, Myanmar, Nigeria, Pakistan, Sao Tome and Principe, Sri Lanka, Syria, Tanzania, Thailand, Turkey, Vietnam, and Yemen.

In the currently listed public statement, the BVI FSC advised the general public of the Anti-Money Laundering Regulations and the Anti-Money Laundering and Terrorist Financing Code of Practice to note the concerns expressed by the FATF with respect to the named jurisdictions, when dealing with customers or transactions involving any of the jurisdictions identified by the FATF public statement.

There is also a separate statement issued on the same date and named “Improving Global AML/CFT Compliance: On-Going Process”, where the FATF organization updated statements on some countries that have committed to working with it to improve their AML/CFT frameworks. 

BVI Financial Investigation Agency Signed MOUs with Six Countries

The British Virgin Islands Financial Investigation Agency (BVI FIA) has signed six Memoranda of Understanding (MOU) with the Financial Intelligence Units of the following countries: Russia, Moldova, Macedonia, Poland, Australia and Montenegro. On behalf of the BVI FIA, the MOUs were signed by its Director Mr Errol George.

The MOUs were signed with the purpose to foster cooperation between the BVI FIA and the Financial Intelligence Units from other countries, which are all members of the Egmont Group of Financial Intelligence Units, with respect to the exchange of financial information and intelligence in support of the investigation and prosecution of persons suspected of money laundering and/or terrorism financing.

The Memoranda of Understanding were signed at the 19th Egmont Group's Plenary held in Yerevan, Armenia on July 11-15, 2011.

BVI FSC Announced Formation of SIBA Advisory Committee

The BVI FSC announced the formation of the Securities, Investment Business and Mutual Fund Advisory Committee (SIBA Advisory Committee). This is the statutory committee that has the responsibility to review the Securities and Investment Business Act, 2010, which was enacted in the House of Assembly in April, 2010 and came into force in May, 2010, and recommend changes to the regulatory regime that governs securities, investment business and mutual funds in the British Virgin Islands. The Chairman of the SIBA Advisory Committee is Mr. Ross Munro, Partner and Head of Investment Funds and Regulatory at Harneys law firm.

The FSC's Director, Investment Business, Brodrick Penn, commented on the formation of the SIBA Advisory Committee, saying that “The Commission is pleased to continue its partnership with the private sector through the formation of the new advisory committee, which will play a similar role to its predecessor; the Mutual Fund Advisory Committee. We are equally pleased to have a diverse range of professional expertise and personalities working together with the Commission to advise on matters relating to the development of the securities industry”.

Statement of Cooperation Signed by BVI FSC and US Banking Regulators

The British Virgin Islands Financial Services Commission entered into an arrangement with the US banking regulators – the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision. The purpose of the arrangement is to share supervisory information to enhance the regulation of the banking industry and to promote the functioning of banks and banking organizations in the US and in the British Virgin Islands.

Through the Statement of Cooperation, the US banking regulators and the Commission expressed their willingness to “cooperate on the basis of mutual trust and understanding in the supervision of cross-border establishments of banks and banking organizations incorporated in the United States and the British Virgin Islands”.

Talking about sharing of information, the authorities of both jurisdictions recognized that close communications between home and host supervisors “would be mutually advantageous”. It is stated in the document that “cooperation would include contact during the authorization process of a cross-border establishment, as well as its ongoing activities”.

Regulators of both jurisdictions are going to conduct meetings as often as appropriate to discuss issues concerning banking, and to make every effort to encourage continuous and informal contacts between the parties.

BVI Joins the Observance of Caribbean Statistics Day

The British Virgin Islands Government will observe Caribbean Statistics Day on October 15, along with other Caribbean Community (CARICOM) countries. This became the result of discussions during the 33rd Meeting of the Standing Committee of Caribbean Statisticians (SCCS), which was held in October last year and attended by representatives of CARICOM member countries’ statistical offices.

The themes of the Statistics Day will be Better Statistics, Better Management and Better development Outcomes. The Development Planning Unit (DPU), which is the Government agency responsible for acquiring and analyzing statistics, will coordinate the activities of the day. Ms. Patlian Johnson, the Acting Director of the Unit, explained the main idea of the observance of this day as highlighting “the role of statistics in decision making and in facilitating economic planning and analysis.”

Central activity of the Caribbean Statistics day in BVI will be a discussion focusing on the Importance of Statistics for the development of the territory. According to the Acting DPU director, the discussion board will include experts in the areas of statistics, economic development, finance and socio-economic research.

Two OECS meetings

The Ministry of Health and Social Development in the British Virgin Islands is preparing to host two separate meetings of Organisation of Eastern Caribbean States (OECS) which will take place this week.

The 22nd board meeting of the OECS Pharmaceutical Procurement Service (OECS/PPS) will be held on September 11. On this meeting, several papers are to be presented, which include the “OECS/PPS Budget for 2008-2009” and “Feasibility Study on the Pooled Procurement of Dialysis Fluids and Supplies.” The agenda of this meeting will also include a video presentation on counterfeit medicines, and a discussion on the strategies how to combat it. An opening ceremony for this meeting will be held on September 10, the delegates will be welcomed by Deputy Premier and Minister of Health and Social Development Hon. Dancia Penn.

The OECS/PPS is a formal group of nine Eastern Caribbean countries - Anguilla, Antigua and Barbuda, British Virgin Islands, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines. It was previously known as the Eastern Caribbean Drug Service, established under a project funded by the United States Agency for International Development (USAID) in 1986 with the purpose to maximise OECS government resources for the purchase of pharmaceuticals and medical supplies. The organisation is financially self-sufficient since 1989.

Another OECS meeting that will be hosted by the British Virgin Islands – the meeting of OECS Health Ministers, which will take place on Friday, September 12. The agenda for this meeting is not released yet.

New Intelligence Unit Launched in BVI

In the beginning of May, a joint intelligence unit was launched in the British Virgin Islands, by representatives of BVI law enforcement agencies BVI Police Commissioner Reynell Frazer, Chief Immigration Officer Dennis Jennings and Senior Customs Officer Leslie Lettsome.

The new joint intelligence unit will play an important role for the enforcement of its legislation, collating, evaluating and disseminating intelligence among the three agencies.

New Director Appointed to BVI Chamber of Commerce & Hotel Association

BVI Chamber of Commerce & Hotel Association (BVICCHA) has appointed Averil Henry as a new executive director replacing Christy Almeida.

Averil Henry has a master's degree in organization management and more than 20 years of work experience in this area. Most recently, she was organization development manager with the BVI Tourist Board. Now she is pursuing a doctoral degree in organization management.

For the last six years Henry worked with the board. In addition to her experience in the tourism industry, she was working as communications specialist with the Health Department, English teacher at BVI High School and information officer with the Department of Public Relations and Information.