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BVI FSC Statement on Recent Media Reports Concerning BVI Licensees - Press Release No. 2 of 2016

Press Release No. 2 of 2016

11 April, 2016

PRESS RELEASE

British Virgin Islands Financial Services Commission Statement on Recent Media Reports Concerning BVI Licensees

Tortola, British Virgin Islands – 11 April, 2016 – The British Virgin Islands Financial Services Commission (FSC) is fully aware of and concerned by the issues that have surfaced by the International Consortium of Investigative Journalists’ (ICIJ) recent investigative reporting and the compliance implications for BVI licensees.  As regulators, our main priority is to ensure BVI licensees are well regulated and adhere to our regulatory standards.  As soon as we became aware of these issues we initiated our investigative processes.  We require and promote the highest standard of conduct among our licensees and we will fully evaluate the allegations before us and determine if actions are needed to address any contravention of our laws.  The financial services sector in the British Virgin Islands is consistently acknowledged to be well regulated and our legislative and regulatory practices meet benchmarked international best practice standards.  We adhere to relevant initiatives of the Organization for Economic Co-Operation and Development (OECD), the Financial Action Task Force (FATF) and other international standard setting organizations.  We are firmly committed to the full and effective implementation of internationally established standards concerning combating money laundering and all other forms of financial crime and we will continue to assist foreign authorities around the world through our mutual legal assistance processes to continue to comply with established legal obligations.

  

For further information, please contact:

Corporate Communications

BVI Financial Services Commission

Pasea Estate, Tortola, British Virgin Islands

Tel:     (284) 494-4190

Fax:     (284) 494-5016

Email: corpcomm@bvifsc.vg

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Contact Information

British Virgin Islands Financial Services Commission


Pasea Estate
P.O. Box 418
Road Town, Tortola, VG 1110
British Virgin Islands

Tel: 284-494-1324 or 284-494-4190 GMT – 4:00
Fax: 284-494-5016
Hours: Monday-Friday 8:30a.m. - 4:30p.m.
commissioner@bvifsc.vg