Governor endorses BVI as ‘responsible’ amid FinCen scandal
The Office of the Governor has expressed confidence in the BVI’s financial services industry amid the leaked FinCen Files — the latest global financial scandal which names the BVI as a jurisdiction which facilitates money laundering.
The FinCen Files contain more than 2,500 leaked documents that uncover how some of the world’s largest banks have allowed criminals to move ‘dirty money’ around the world.
Since the FinCen reports, BVI News asked the Governor’s Office whether the leaked documents have any new implications for the territory.
A response from the Governor’s Office said: “The British Overseas Territories have demonstrated that they are responsible jurisdictions and are committed to meeting international standards (set by The Organisation for Economic Co-operation and Development, The Financial Action Task Force and others) in transparency and anti-money laundering.
They have a proven track record of cooperating with the UK and other jurisdictions to tackle financial crime and contribute to the global fight against illicit finance,” the response further said.
BOSSs is ‘the boss’
The governor also expressed confidence in the BVI’s Beneficial Ownership Secure Search system (BOSSs), which shares beneficial ownership information with BVI and UK authorities but not the general public.
“All inhabited Overseas Territories have committed to make beneficial ownership information available publicly by 2023. In BVI, the world-leading BOSS system and Exchange of Notes Arrangements are also in place to enable the sharing of information to support criminal investigations,” The response said.
No response from Premier
BVI News also sought a comment on the FinCen Files from Premier Andrew Fahie. He did not respond.
The International Consortium of Investigative Journalists that is examining FinCen Files said banks had flagged “high-risk” jurisdictions in more than 620 reports. Of that number, some 20 percent of the documents involve a company linked to the BVI.
Amid the FinCen Files being made public, Premier Fahie had announced, in the House of Assembly, his commitment to implementing publicly accessible registers of company beneficial ownership for the British Virgin Islands.
This is something the UK and European Union are pressuring the BVI to do as it is believed naming owners of companies will help countries identify tax evaders and stop money laundering.
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The BVI always take care of business in this respect. Good going.
Kudos to the government.
Which government?
If the governor had said that Fahie and his Government was not responsible financially then the blogs would be endless on this article. A set of hypocrites.
Where is the training taking place for the Dec 1 opening for tourists. Please write an article or ask the Foy if the Dec 1 date is true. Tourists want to make reservations but nothing about entering protocol. Less than 60 days away and nothing.
We need an apology racism must go
@BVI News: This is really lazy journalism – expect better from BVI news outlets than copying the misinformed sensationlsim from the mainstream. You say “The FinCen Files …. uncover how some of the world’s largest banks have allowed criminals to move ‘dirty money’ around the world.”
What you should have said is that the FinCen files show how suspicious activity reporting and information sharing amongst competent authorities helps tackle unlawful financial activity. There is a world of difference.
Thanks bro!
De no white solution to this black struggle
The big banks are holding the accounts of the oligarchs, Mafia king pins and drug cartels. Then they arrange for offshore accounts to be opened in BVI and other OTs. So the big banks did no due diligence. The ball is in their court.
I thought this governor had left strupps…He lost his credibility after in my opinion his racist statement about slave owners names staying up around the BVI
Nope not so fast he still here making mischief and acting like some one elected him
After almost a month he still HAS not have the common decency to offer an apology to the people of the BVI for his offensive racist statements
Why do they want beneficial ownership to be public? That makes no sense keep it to law enforcement & relevant agencies, not for paparazzi kidnappers and all kinds of persons privy to a private business.
I dont get it.