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The British Virgin Islands Government has received a report that it commissioned on finding a new direction for the financial services industry, the recommendations from which will now be implemented.
The BVI engaged consulting firm McKinsey and Company to develop a pragmatic new strategy and implementation plan as a direct response to the challenges threatening the industry, including international regulatory pressures and growing competition.
Confirming that the BVI will implement the recommendations, the island's Prime Minister reaffirmed his commitment to the financial services industry, which accounts for 60 percent of Government revenue. He also stressed the importance of the territory complying with evolving international standards, such as the Foreign Account Tax Compliance Act (FATCA), to safeguard the reputation of the territory.
The Government has also announced that it will now set up the Financial Services Implementation Unit to implement the ten most urgent recommendations (of the forty contained in the report).Those recommendations are:
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