The British Virgin Islands International Finance Centre (BVI IFC) has this week welcomed its inclusion for the first time in the Global Financial Centres Index recently published by the City of London.
The BVI entered the list of top centres in 27th place among 69 leading international
finance centres. The index is based on nearly 19,000 assessments from business
professionals worldwide.
Respondents also placed the BVI among the world’s most stable finance
centres, just behind jurisdictions such as Zurich, Hong Kong and the Isle of
Man.
This combines an assessment on the one hand of sensitivity to changes in people,
the business environment, market access, infrastructure and general competitiveness,
and on the other of consistency between different respondents’ views of
a centre.
The report stated that the regulatory environment is one of the most important
competitiveness factors for a financial centre, along with access to highly-skilled
personnel.
Robert Mathavious, MD/CEO of the British Virgin Islands Financial Services Commission
commented this week that:
“It is good to have the BVI’s status as a leading global finance
centre confirmed by practitioners from across the world."
He continued: “The BVI has adapted to the changing global environment and taken the
necessary measures to deter and confront financial crime. Our approach meets
international standards without damaging the competitiveness of the BVI financial
services industry."
And concluded: “We further enhanced our regulatory regime last month by publishing new
anti-money laundering legislation setting out procedures for identification,
recording and reporting of transactions, and by publishing a detailed anti-money
laundering and terrorist financing code of practice."
"The code will assist practitioners by serving as a practical tool for compliance with standards on anti-money laundering and combating terrorist financing. The aim is to ensure a climate of compliance that meets international obligations.”
London retained first place in the Index, despite recent concerns over the taxation of non-domiciles and the nationalisation of Northern Rock bank.
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