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BVI FSC Appoints New Policy Director

by Amanda Banks,, London

03 July 2007

The BVI Financial Services Commission (FSC) has announced that the former Attorney General of the British Virgin Islands, Cherno Jallow QC, has agreed to take up a new position as Director of Policy, Research and Statistics within the Commission.

As Head of the Policy, Research and Statistics Division of the Commission, Mr Jallow will be a key member of the Senior Management Team providing technical support, advice and overall support to the Commission, and will assist the Managing Director in the development and implementation of the Commission’s strategies and objectives.

The BVI FSC said that Mr Jallow will provide vital input in the formulation of policies and legislation to ensure that the Commission continues to balance the application of relevant international regulatory standards with the sustainable international competitiveness and development of the BVI’s key economic driver, the Financial Services Sector. His remit will include responsibility for the coordination and execution of the Commission’s public sector - private sector consultative mechanisms, to ensure that industry views are factored into the development of policies and proposed legislation; coordination of the Commission’s AML/CFT programmes and initiatives; and coordination of the Commission’s response to international initiatives targeting the OFCs (offshore finance centres) in general and the BVI in particular.

Welcoming the appointment, Robert Mathavious, the Commission’s MD/CEO, stated that:

“The Commission is overjoyed to have secured the services of such a distinguished and high quality individual of proven track record for this critical Senior Management post."

“Over many years, Mr Jallow has been a tower of strength in dealing with the international challenges confronting the BVI’s financial services sector. His support has been crucial to the Commission in seeing that the requisite legislation are in place to maintain the BVI as a top echelon finance centre. The BVI’s continuing success is in no small part due to his hard work."

“Having Mr Jallow on our Senior Management team will be a real fillip to ensuring that the Commission is fully and professionally staffed to fulfil its statutory and regulatory mandates."

“His indefatigable work ethic and ability to continually produce outstanding results both domestically and internationally is legendary. His international experience, rigorous approach, commitment to quality and openness to new ideas will help take the Commission from strength to strength. Being able to call on his immense talents for the next 3 years will be a bonanza for both the Commission and the BVI."

Commenting on his appointment, Mr Jallow stated:

“Having worked alongside the Commission in my former capacity for a number of years, I am delighted to have the opportunity to leap the fence and make a full time contribution to its work."

“I am looking forward in the short term to helping ensure that the BVI is fully prepared for its assessment by the International Monetary Fund and helping the Commission to become an even more effective and efficient world class regulator.”

Prior to his appointment with the FSC, Cherno Jallow, a national of Gambia, served as Attorney General of the BVI from 1999 to 2007. Prior to that, he served as Parliamentary Counsel in the Attorney General’s Chambers from 1995-1999.

The post of Director of Policy, Research and Statistics Division has been vacant since May 2006, when Mark McKenzie’s contract expired.

The Policy, Research and Statistics Division functions as the strategic intelligence unit of the Commission, responsible for monitoring international regulatory and legislative developments, researching topics related to the financial industry, and producing industry statistics. This Division is also involved in AML/CFT, International Cooperation and negotiation matters, as well as in the development of regulatory policies and consultation with the BVI financial services industry on policy legislation.

Jallow will also be expected to provide technical advice and support to the Government on behalf of the Commission on matters pertaining to Financial Services sector in general, and in the negotiation of Tax Information Exchange Agreements (TIEA), and will continue to serve on the Judicial Reform Steering Committee.

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