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Harneys partner discusses BVI financial services sector’s vital role in global economy

Publication Date:
27 April 2016

Following the Panama Papers leak and subsequent international media attention, Harneys Partner Philip Graham discussed the importance of the BVI financial services sector on the global economy in a special session of local radio programme Speak Out BVI. Philip is a Member of Team BVI and was one of several guests who appeared on the broadcast, which aired on 26 April 2016 and discussed various areas around its regulatory regime. 

BVI 'ticking the right boxes'

“If you look at the OECD (Organisation for Economic Cooperation and Development) and at the FATF (Financial Action Task Force) recommendations, these are global bodies which have investigated the BVI and have said yes the BVI is prime for business, the BVI is set up appropriately from a regulatory perspective and is conducting itself correctly,” Philip said.

He said the appraisals from all of the independent bodies, the signing up by the territory of tax agreements with other countries around the world, one can see that the VI is constantly “ticking the right boxes” at the right time and is continuing to do that.

Graham said the financial services that the VI provides are not only legitimate but necessary in the global economy. “If it were not for the BVI doing what we do the global economy would suffer significantly,” he said.

While he said that there was a lot of negative press regarding the territory coming after the Panama Papers leak, there was some positive press also.

“What we offer is absolutely critical, beneficial and necessary and everyone should be proud of it frankly,” he said.

Increasing FS awareness

On Saturday 30 April 2016 a similar BVI Forward panel engaged with teenagers on the popular show, Teen Talk which also airs on ZBVI Radio from 10:00 am.

“The BVI Forward education and awareness campaign will also include bi-weekly newspaper columns, public services announcements on radio and television and regular social media updates on Facebook, Twitter, LinkedIn and YouTube,” a release from BVI Forward said.

It said that additionally, all of the information disseminated during the campaign will be available on the BVI Forward website, www.bviforward.vg. “The ultimate goal of the BVI Forward outreach is to increase awareness among the BVI population and develop a greater understanding of financial services, its importance of to the BVI economy and its impact on the daily lives of residents,” the release said.

This writeup was originally published on Virgin Islands News Online.