Robert Mathavious, CEO of the British Virgin Islands' Financial Services Commission (FSC) last week warned of challenges ahead for the jurisdiction's financial services sector, but predicted that they will be successfully overcome if the BVI government, the finance centre, and the regulatory body all work together.
Speaking to the local media, Mr Mathavious drew attention to the intense - and sometimes negative - attention which has been focused on offshore and low tax jurisdictions over the last few years. However, he added that:
'The one ray of sunshine in the midst of all this antagonism is that sufficient numbers of important opinion-formers and policy makers still understand there is a useful role to be performed by well regulated OFCs who operate in accordance with internationally accepted standards.'
Despite the fact that the Islands have escaped censure from international bodies such as the Organisation for Economic Cooperation and Development and the Financial Action Task Force, however, the FSC chief warned against complacency, explaining that BVI must continue to demonstrate to the world that it is a well-regulated and stable jurisdiction.
He also stated that although the territory has reached certain understandings with the multilateral groups, it needs to ensure that a level playing field is maintained for offshore and onshore territories alike.
With this in mind, Mr Mathavious went on to condemn the OECD's 2001 Misuse of Corporate Vehicles For Illicit Purposes report, arguing that it lumps together and attacks various offshore structures (including companies, trusts, foundations, and limited partnerships), whilst remaining strangely silent with regard to their onshore counterparts.
A comprehensive report on the future of offshore following various international initiatives, including the OECD and FATF tax competition and money laundering drives, is available in the Tax-News Reports Shop at http://www.tax-news.com/reportshop/
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