NDP: Investors may move elsewhere after BVI grey-listing
Opposition member Marlon Penn has warned that the BVI risks losing vital investors to competing jurisdictions after international watchdogs greylisted the territory.
Speaking on NDP Radio, Penn expressed deep concern over the implications of the Financial Action Task Force (FATF) grey-listing, calling it a first for the BVI’s financial services industry. He described it as a serious blow to investor confidence in the territory’s global business offerings.
“BVI will be under tremendous scrutiny now in terms of anything that’s done with a BVI product,” Penn explained. “It means that investors might opt to not deal with the scrutiny.”
He pointed out that rival jurisdictions are already taking advantage of the BVI’s grey-listing to promote themselves as more stable options. “Our competitors are going to jump on it… trying to find a way to capitalise on our shortcomings now, and to take some of that business,” he stated.
Penn called for a united national response, urging government and industry to work together to restore the BVI’s reputation. “It’s time now for the House and the industry to develop a roadmap and a strategy for us getting off of this grey list,” he stated.
The FATF’s move follows a recent assessment by the International Monetary Fund, which identified areas needing reform. While some legislative steps have already been taken in the House of Assembly, Penn warned that more decisive action is needed to preserve the industry that contributes roughly 60 per cent of the territory’s budget.
“If we lose 10 per cent of the $200 million we’re getting now for financial services, that’s about $20 million. We can’t afford that right now,” he argued.
The grey-listing comes as the BVI is already grappling with economic pressure, including public concerns over the recent collapse of the Bank of Asia and stagnant infrastructure development.
The National Democratic Party has called for greater transparency and stronger governance in response to the crisis. “We have to be open and transparent with the industry and the government, and with the public… to ensure that the investor confidence remains in the BVI product,” Penn said.
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What nonsense is this guy talking. Even if you think this is so as a leader you don’t say it. Marlon tries to pretend that he has knowledge on everything and very often he is wrong or things are not properly thought out. He is trying to show leadership but he is not ready for that.
@Do 32, you are right. I haven’t read the entirety of this report but I would be surprised if he didn’t suggest putting together a “task force”. That seemed to be his new phrase…lol!
I trying hard here to sound relevant as the alliance 3 intelligent young men, but are you saying I don’t cut it. I go let Ronnie try, wait who is the leader me or Ronnie, can’t have him outshine me. Those suggestions by Myron and his alliance team resonates with the people, the internal audit is management mistakes cover up and control about the Asia bank $5 million .
What an asinine thing to say. Don’t put that out in the atmosphere. I am disappointed but not surprised.
Investors already gone elsewhere. VI is an investment desert and will remain so as it continues to discourage investment at every turn.
All you ever need to think about is how the Government cheated the investors of Prospect Reef joined with corrupt cryto currency company, and their constant contract giveaways to Airline companies, solar companies or anyone offering a quick buck to key individuals before walking away with the taxpayers money.
Marlon knows better than to put things out in the media that can be detrimental to the VI. Even if you think something will score political points, perhaps dont share it when looking at the bigger picture. He is also wrong. Greylist is nothing new to any country that does offshore financial services. Cayman just went through it. It is a normal part of the process. Nothing damning about it. Cayman actually saw their industry grow significantly all while it was graylisted. Talk that possibility versus negativity all the time like Pop Stevens or Heritage or Cindy with nothing positive to say.
Saying a negative, but doing nothing to reverse it is as useless as attempting to drain the ocean.
Our problem is there are to many salaried thinkers who display no tangible results.
Marlon tries to sound intelligent but always makes a mess. He went to Asia with Natalio and Lorna claiming that he knows financial services. If he knew anything about financial services he would never had made that statement. Working in the IT department at the FSC does not make you an expert on Financial Services. That was a reckless statement.
Look who you all put for leader
Andrew
Leave Smurf alone
It is obvious that Marlon try his best to compete with Ronnie on their radio program. Only you want yourself to be Premier. Let Ronnie lead the party and you try to get a ministry. Let somebody with better leadership skills be the deputy leader. It ain’t you at all.
What more investors they need when they have their glorious, indigenous patriots headed by the great CSC? If I was an investor, I would have pulled out from time I hear them talk about who mother from Antigua. Not because of grey list. A darn clown show.
Not speaking the truth to the public is going to change the circumstances
Ayo people like to shove things under the rug and look the other way
That is why we are on the GRAY list
See where Andrew is !!!
Is because all ayo as family like to defend and justify wrong doing
Third pillar
Drug Bust
Murders on the loose dont say anything
This would be the BVI demise
We like to say the Maker do not like ugly but we hiding up ugly
Stop killing the messenger and look at the message