In a bombshell announcement on June 10, 2020, the Board of Commissioners of the BVI Financial Services Commission (BVI FSC) announced that its long-time Managing Director and Chief Executive Officer (CEO) Dr Robert A. Mathavious will be retiring in December 2020. Photo: GIS/File

Dr Robert A. Mathavious assumed the post of Managing Director/Chief Executive Officer of the BVI Financial Services Commission (BVIFSC) n January 2002. Photo: VINO/File

According to a press release from BVI FSC, Dr Mathavious informed the Board he has made the decision to retire from the Commission, effective December 31, 2020.

It then went on to state that Dr Mathavious has played a pivotal role in charting the course of the development of the VI financial services industry for over 35 years.

It was in June 2015, during an exclusive interview with Virgin Islands News Online (VINO), that Dr Mathavious had dismissed talk of his retiring that year.

“The answer is no. I am not retiring this year,” he said when a reporter from this news site had approached him for a comment during a public event.

“Yes, I will be retiring soon but not this year,” Dr Mathavious had said.

The announcement comes at a time when the financial services industry has been severely affected by the global coronavirus pandemic.

Meanwhile, the press release further stated Dr Mathavious has had an illustrious 25-year career as a civil servant, during which he served as Deputy Financial Secretary (1980-1985), Financial Secretary (1985-1991) and Director of Financial Services (1993-2001).

In January 2002, he assumed the post of Managing Director/Chief Executive Officer of the Commission, a position he holds to date.

“Dr Mathavious, who holds a Bachelor of Science Degree in Economics from the University of the West Insides and a Masters of Business Administration from Georgetown University in the United States, is the Commission’s first, and only, MD/CEO, since this statutory body was created in 2001 with the enactment of the Financial Services Act.”

Stellar career

Dr Mathavious has enjoyed a stellar career as an administrator in the financial services industry of the Virgin Islands for nearly two decades, as highlighted in the press release.

As Managing Director/Chief Executive Officer of the FSC, Dr Mathavious has responsibility for establishing and maintaining a regulatory regime that is fully compliant with universally agreed international standards. He is also responsible for the administration and operation of the Commission, the regulation of the VI’s financial services industry and liaising with Government and private sector stakeholders in pursuit of these objectives.

Dr Mathavious has been the principal financial services negotiator for the VI, developing in the process widespread acclaim for dealing with the international initiatives. He is also a lead voice of the region on these matters.

Dr Mathavious, a robust defender of International Financial Centres (“IFCs”), has written extensively on the international financial services industry. His articles have appeared in numerous industry trade journals and magazines. He is a popular speaker/presenter at international and regional financial services workshops, particularly on regulatory and compliance issues, strategies for dealing with the international initiatives targeting international financial centres and anti-money laundering issues.

Visionary

Dr Mathavious, according to the press release, has provided advice to regional and other IFCs on strategies to keep IFCs from appearing on the OECD and FATF blacklists. He was selected to serve as Co-Chair representing NON-OECD countries of the AD Hoc Group on Accounts established under the OECD Global Tax Forum. “Dr Mathavious was instrumental in the formation of the International Trade and Investment Organisation (ITIO), a grouping of small offshore jurisdictions which united to counteract the OECD’s misguided Harmful Tax Competition Initiative and in the commissioning of the hallmark ‘Towards a Level Playing Field’, a report jointly issued by the ITIO and STEP as a critique and response to the OECD report.”

Noted as one of the architects of the VI’s success as a financial services centre, according the press release, Dr Mathavious was a visionary for the financial industry in the Virgin Islands. “He envisioned more income generating opportunities for the Virgin Islands and channeled his education, knowledge and experience in setting the foundation for the development of the financial industry in the Virgin Islands. His vision, innovation, creativity, pioneer’s spirit, and love for his native Virgin Islands and its people catapulted the BVI as an international reputation for excellent regulation, which is universally regarded as a preeminent financial centre.”

Member of several boards

Dr Mathavious holds membership in several professional boards, including the Financial Investigation Agency Board, the FATCA Negotiating Team for the Virgin Islands, Tax Information Exchange Agreement Negotiation Team for the Government of the Virgin Islands. He is a fellow of the Offshore Institute and received the Road Town Rotary Club’s Citizen of the Year award. In 2013, he was bestowed the degree of Doctor of Law, Honoris Causa from the University of the West Indies.

In addition, Dr Mathavious acted as Governor of the Virgin Islands on several occasions in the absence of the Governor from the Territory.

“The Commission acknowledges Dr Mathavious’ dedicated service to the Commission for almost 20 years and for his continued unselfish service to his beloved British Virgin Islands Community.”

The Commission said it has commenced the search for his replacement upon retirement. It further said interested persons are invited to visit FSC’s website at www.bvifsc.vg.