British Virgin Islands Looks to Improve Financial Services Sector

By the Caribbean Journal staff

Looking to exploring ways to improve the British Virgin Islands’ financial services sector, Premier Dr Orlando Smith recently held a forum of key stakeholders to examine strategies for advancement.

Bolstering the sector is “critically important in steering a way forward for the territory,” according to Smith, who said he wanted to ensure the territory’s sector remain essential in international finance.

Smith also renewed what he called his government’s commitment to assuring the “independence and effective functioning” of the Financial Services Commission,.

“The continued good reputation of the VI must be paramount at all times, as this is critical to a sound and thriving financial services industry,” he said.

Smith said he wanted to instill a spirit of “VI-first,” in the industry’s sourcing and placing of business. While most of the firms in the territory’s industry belonged to global companies or organizations, he said there was still much that could be done in making the British Virgin Islands the “jurisdiction of choice” in terms of the products and services it provides.

The Premier proposed that the forum become a regular event.