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BVI premier assures financial services sector is well regulated

Premier and Minister for Finance in the British Virgin Islands, Ralph O’Neal has given an assurance that the government will continue to ensure that the financial services sector in the territory is well regulated.

Delivering the 2008 budget estimates, the Finance Minister said this sector has done well over the years notwithstanding having able to weather many onslaughts to the regulatory regime that governs it.

Mr O’Neal said government will continue to ensure that this sector is well regulated, through pertinent and properly crafted laws, by ensuring that the regulator is well resourced and by making sure the territory remains abreast of international developments that many have an eventual impact on its success.

The premier said government has already approved a strategy for the regulator to apply in 2008.

He said this roadmap is expected to keep the territory ahead of the curve and continue to ensure that this vital part of the territory’s revenue base remains strong.

According to the premier, government is committed to ensuring that the territory’s regulatory regime is robust and adequately addresses the various issues that are currently being faced.

To this end, he said, there are provisions in place to prevent money laundering, terrorism financing, proceeds from criminal activity and for the first time, legislation to regulate the manner in which money is handled and distributed in the territory.

The premier however said that these provisions are aimed at minimizing disruptions to businesses in the territory that are seeking to effect legitimate transactions, and ensuring that the territory’s regulatory regime is compliant with international anti money laundering and anti terrorism financing standards.

Source: CaribbeanNetNews

admin wrote on March 19, 2008 5:00 PM from British Virgin Islands

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