BVI Has World Class Financial Regulation, Says FSC Chief
The British Virgin Islands has created a world class regulatory regime that demands
rigorous standards of integrity and financial management from all
licensees, the head of the BVI Financial Services Commission told a recent conference
in the United States.
Addressing an FSC roadshow in Miami, Robert Mathavious, Managing Director and
Chief Executive Officer of the BVI regulator related how the FSC has worked hard to build bridges
between the government and the private sector to ensure the right environment
is created for legitimate business. "The BVI has shifted from regulation to supervision, focusing more on
internal controls and risk management systems. We are now moving from over-reliance
on off-site inspection of documentary evidence towards on-site compliance inspections,"
he explained. Mr Mathavious went on to tell the delegates that the FSC has set up a number
of consultative committees, with significant private sector membership, which
are playing an increasingly large part in the shaping of policy and law in the
jurisdiction, and emphasised how the FSC is an independent body separate from
government. "We are not a law unto ourselves. An autonomous Board of Commissioners
supervises us. And we must provide annual accounts, work plans and periodical
management reports to the BVI Legislative and Executive Councils for review
and debate," he stressed. The conference was attended by more than 100 participants from across the Caribbean
and Latin America.
A comprehensive report describing the regulatory regime in most key offshore jurisdictions, with an emphasis on the survival of banking secrecy is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/
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