British Virgin Islands Looks to Strengthen Financial Services Sector

A new push

By the Caribbean Journal staff

The British Virgin Islands has launched a new push to strengthen the territory’s financial services sector.

The new BVI Forward Campaign “aims to build on the strength of the jurisdiction’s internationally renowned financial services sector by further improving the quality of the operating environment and developing a sustainable and exciting future for the industry by introducing new services,” the British Overseas Territory’s government said in a statement.

The campaign developed from a study of the territory’s financial services sector facilitated by global consultancy firm McKinsey & Company.

“The BVI Forward campaign is the engine that will drive the continuing evolution and innovation of financial services in the BVI to maintain the industry’s competitive advantage in the context of changing international regulatory landscape and growing competition,” the government said.

BVI Forward includes 10 specific initiatives, including plans to “Establish a dedicated Delivery Unit to coordinate and drive implementation; Revamp the International Finance Centre; Strengthen the Business Development Function; Engage the Population; Build BVIslander Capability; Pursue Tax Initiatives; Enhance Customer Service at the Financial Services Commission; Attract and Offer Value-Added Services; Reform Immigration and Labour and Invest in Infrastructure.”

“BVI Forward represents a new beginning of our drive to create a new financial services foundation to drive the future prosperity of the Virgin Islands,” said BVI Premier Dr Orlando Smith.