Roundtable with financial services stakeholders in UK

PRESS RELEASE – During his visit to the UK last week, Premier and Minister for Finance Dr the Honourable D Orlando Smith (OBE) hosted a roundtable with UK representatives of BVI’s financial services industry to provide updates on the government’s work to further the industry’s sustainable development.

During the roundtable, the premier discussed a variety of topics including BVI’s progress on Brexit negotiations, the status of the Capital Economics report on BVI’s value to the global economy, and implications of the Criminal Finances Bill which is currently going through the UK parliament.

Representatives of the BVI industry in London were also given a demonstration of the innovative Beneficial Ownership Secure Search System (BOSSs) by Financial Secretary Neil Smith and Ryan Geluk – Deputy Managing Director at leading global accountancy and business advisory firm BDO.

BOSSs is a sophisticated search platform that meets international standards, as defined by the Financial Action Task Force (FATF).

It ensures beneficial ownership information can be quickly and securely shared between BVI and UK law enforcement.

The platform is set to be launched in June.

Commenting on the meeting, Premier Smith said: “I was very pleased to have had the opportunity to meet with UK representatives of BVI’s financial services industry, as it is further proof of my government’s commitment to maintaining an ongoing dialogue and encouraging deeper relationships between public and private sector.

“The Capital Economics study, which has drawn on data from the private sector, will not only provide essential research and facts and figures to help promote the jurisdiction, but will also help to illustrate the valuable role BVI plays in the global financial system.”

The BVI government delegation attending the round-table also included Permanent Secretary in the Premier’s Office Mr Brodrick Penn; Director of BVI London Office Mr Benito Wheatley; Interim Executive Director of BVI Finance Mrs Lorna Smith (OBE), and BVI Finance’s Head of Business Development Mr Gary Hales.