BVI News

BVI remains on ‘white lists’ of two global economic superpowers despite COVID-19 setbacks

Despite suffering massive financial setbacks as a result of COVID-19, the British Virgin Islands continues to remain on the ‘white lists’ of fully cooperative tax jurisdictions for at least two major international economic organisations. 

Premier Andrew Fahie gave that indication while updating the public on the recent developments of the BVI’s financial services sector on Tuesday.

“In regard to international tax, the Virgin Islands remains on the white lists of the Organisation for Economic Cooperation and Development (OECD) and the European Union (EU).”

After years of difficulty, the BVI made it on to the EU’s ‘white list’ back in February.

BVI inline with international regulatory obligations

Fahie who is also the Minister of Finance stated that the BVI continues to meet the international regulatory obligations in the financial services industry, thanks largely to the Beneficial Ownership Secure Search system (BOSSs).

“Whilst many saw the EU’s Economic Substance initiative as a major threat, we have successfully negotiated the initial elements of that and are now implementing the data collection requirements it brings,” he stated.

“Utilising the Beneficial Ownership Secure Search system platform has enabled us to also rise to meet EU standards on data collection with an efficiency and effectiveness that some of our competitors may envy,” the Finance Minister added.

BOSSs information available to other authorities

Premier Fahie also said the information from BOSSs will also be available to other authorities in the Virgin Islands to ensure that they are able to meet their international obligations.

He, however, noted that the system will not be accessible by the public.

Letter to UK reiterating commitment

Meanwhile, Fahie said the BVI government had penned a letter to the government of the United Kingdom reiterating its commitment to exchange beneficial ownership information under the Exchange of Notes on Beneficial Ownership agreement signed in 2016.

He said that the UK’s National Crime Agency along with other law enforcement agencies have found the arrangement to be effective.

“We also took the opportunity in the letter to highlight that the BVI continues to meet and adhere to the highest international standards as a responsible, cooperative and quality financial centre. The Virgin Islands, in this regard, communicated that this jurisdiction has been deemed largely compliant by the Financial Action Task Force (FATF),” Fahie explained.

The Premier sees the aforementioned achievements as underscoring the BVI’s commitment to upholding the integrity of the global financial system and at the same time proving that the territory is a cooperative jurisdiction.

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13 Comments

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  1. What? says:

    If it is good, it is “white.”

    If it is bad, it is “Black.”

    The world, after centuries, is still governed by the racist thinking mentality of the “white race.”

    And yes, expressing these truths will be deemed racist, according to many, to point out such factual truths of human ills.

    Happy that the economy of the country is stable, and that is a good “Black” and “white” blessing.

    Like 5
    Dislike 13
    • It says:

      was 3 then 5, now its back to 2. Sad that people are not allowed to see their appreciation for or against a comment, because it is being manipulated by, well someone.

    • Agreed says:

      Agreed and Ill bet there are BLACK people who will not see this or refused to understand the psychology of using white and black in this way.

    • thumsjull says:

      I came on just for this naive thinking. Are white people white? are black people black?

      take a look at some piano key – is that the color of our skin. We are all shades of brown. Separating us into start contrasting colors that doesn’t reference our skin color was created by people who only seek to divide us.

      Looks like it worked on you.

      a “light brown” person

  2. @What says:

    You are a moron. How about if you run a business and your successful you are running in the black. If your failing then your in the red. Does that mean Indians have systemic racism against them. You are truly screwed up in the head and need very deep medical help. In the mean time sit down and STFU

    Like 14
    Dislike 2
    • Blind says:

      @ @What

      Really, and how many other examples can you point out where black is used positively vs negatively you are brains washed. Pale can easily be used to show something that is going wrong but black is often used, open your pale minds and see what it is.

      • Jeremy says:

        dark colors are used because the lack of light is scary for us as children. We are afraid of the dark. It is built into us because animals that used to eat us only came out in the dark.

        It is nothing to do with your skin colour. Only the truly paranoid believe that.

        Next you will be wanted children to not allowed to be afraid of the dark…because it is… RACIST! gasp

        when does this craziness end?

  3. Ha haaa says:

    The truth always hurts and brings out such responses, based entirely on denial and ignorance of facts. ETM=expand they mind with truths and facts.

    Like 4
    Dislike 3
  4. Premier says:

    Wasn’t it only a few weeks ago the premier was coming about the governor’s delay in presenting a report despite covid? This guy.

    Like 3
    Dislike 1
  5. Anonymous says:

    ALL the TROLLS you see in here are right under our noses. Anytime you see Anti-BVIslander, BVI anti Island people, Anti-Negro sentiments, and Anti-Black views who post truths and Anti-African and self-hate posts, know that they are trolls being paid by someone. They even appear to control the pros or cons features comments at site.

    Like 3
    Dislike 1
  6. Freedom? says:

    There seems to be a strong practice of anti intelligent, anti intellect streaming through news site comment section, this one included.

    One has always wondered why intelligent views/comments are seldom seeen. It is plain to see why now.

    There seems to be a very strong inclination to supress intelligent commentary and responses to them.

  7. On point says:

    The BVI is the most transparent jurisdiction in Financial Services because of the BOSS system. Good job BVI.

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