Gov’t vows to continue defending financial services sector
Minister for Financial Services Lorna Smith has reiterated the government’s commitment to the financial services sector, saying leaders will defend the sector even as global threats loom.
The financial services sector is the main economic earner in the BVI, contributing nearly 70 per cent to the country’s Gross Domestic Product (total annual earnings).
Speaking at a recent forum for compliance officers in the financial services sector, Minister Smith said the international portrayal of the financial services industry has an impact on political perception. And she said the government remains steadfast in its commitment to defend the sector’s reputation and ensure its continued prosperity amidst evolving political landscapes.
Smith hailed the industry’s compliance officers and reminded them of their role in ensuring that the BVI’s financial services sector adheres to global regulations.
Smith explained that the British Virgin Islands has grappled with a number of unique hurdles. She added, “the BVI is navigating the current global economic landscape, characterised by challenges such as global conflicts, shifts away from globalisation, and lingering COVID-19 impacts, posed formidable tests”.
Smith said compliance officers are important for risk assessment, client due diligence, and regulatory adherence. She also encouraged the professionals to forge closer ties with regulatory authorities to fortify the sector against illicit activities.
The BVI has been placing an increased focus on compliance in its financial services industry as the world continues to urge offshore jurisdictions to clamp down on money laundering. There have also been calls for countries like the BVI to implement stronger measures to prevent wealthy people from hiding their wealth and avoiding tax in their home countries.
Amid the challenges, Minister Smith underscored the exponential growth of the BVI’s financial services sector. She said the BVI’s corporate registry has over 375,000 entities, collectively holding approximately $1.4 trillion in assets distributed globally.
She also emphasised that the jurisdiction stands as the second-largest domicile for hedge funds worldwide and a prominent hub for family, company, and individual trusts.
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SHE REFUSED HELP FROM THE OPPOSITION
Meanwhile, the assault on tourism continues. Why is this news?
Does she actually have anything meaningful to say or add? Streupes
The people are so disappointed in you. We thought you would have taken a page out of Lavity’s book and had a passion for making the people’s lives better.
is important in the global financial industry.
Unfortunately the BVI image of a drug/weapon smuggling and money laundering with complicit corruption by the government is destroying the BVI’s global image.
Defo need regulatory authorities to forge a better relationship with the private sector (aka clients) who wait 6 months for a reply but get fined thousands for not responding in 3-5days! ITA excepted, always quick to respond, but its daft that local companies filing with the Inland Revenue have to ALSO file with International Tax Authority!
What about defending the BVI against the imposition by the UK of a public register of beneficial ownership of BVI companies? This must not happen if the financial services sector is to survive. There has been a BVI High Court judgment as well as a European Court judgment that decided public registers infringe privacy laws.