Cabinet makes plans to bring BVI IAC under direct control of gov’t

BVI International Arbitration Centre (BVI IAC). (Photo credit: BVI IAC)

Cabinet has made plans to have the BVI Arbitration Centre (BVI IAC) placed under the direct control of the Government of the Virgin Islands in the next three years.

Launched in late 2016, the BVI IAC was established to administer arbitrations under its own rules, with an aim to make the BVI IAC the regional centre of choice for the arbitration of disputes arising out of business activity and projects worldwide.

In a recently released decision document from Cabinet’s February 15 session, the executive body decided that the BVI Financial Services Commission (FSC) continue to be charged with oversight responsibilities associated with the operations of the BVI IAC.

Cabinet agreed to have the FSC maintain these responsibilities from September 18, 2022 to December 31, 2026.

For that 12 months before the end of that incubation period, Cabinet agreed for the Ministry of Finance to “direct that the FSC prepare and submit to the Government of the Virgin Islands, for onward transmission to the Cabinet, a paper outlining how the BVI IAC would be transitioned to and brought under direct Government oversight at the end of the incubation period, to ensure its continued functioning.”

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