BVI Financial Services Commission Holds First Board Meeting

by Amanda Banks, Tax-News.com, London

11 June 2002

The recently appointed Chairman of the British Virgin Islands Financial Services Commission, Michael Riegels spoke last week following the FSC's first board meeting of the 'awesome responsibility' facing the newly formed body.

Speaking to the BVI Island Sun, Mr Riegels congratulated the government for establishing the regulatory body, and drew attention to the importance of the FSC's autonomous nature:

'On the face of it, it may not appear to be a very major decision, but knowledgeable persons have no difficulty in recognizing the importance and the significance of what was done,' he told the newspaper.

The FSC Chairman warned, however, that despite the best efforts of the government and the FSC to prevent money launderers from making use of the Islands' financial services sector, it is almost inevitable that mistakes will be made. 'But they will be honest mistakes,' he told the Island Sun, adding that: 'We're all on a giant learning curve.'

Meanwhile, Chief Minister and Minister of Finance, the Honourable Ralph T. O'Neal expressed the hope that stricter regulation will attract more revenue to the jurisdiction in the same way as it has for tightly regulated finance centres such as the Channel Islands.

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