Local companies will be protected in FIA legislation- Premier Wheatley
Premier Wheatley introduced the Financial Investigation Agency (Amendment) Bill 2024 on Friday, October 25, 2024, during the Twentieth Sitting of the First Session of the Fifth House of Assembly where he laid out several objectives listed in the amendment.
One of the bill’s objectives states, “The FIA is required to use all relevant sources of information or data to identify the types and features of NPOs that may be at risk of being used for terrorism financing.”
Deputy Premier and Minister Environment, Natural Resources, Climate Change, Labour and Immigration Hon Julian Fraser RA (R3) and Opposition Leader Hon Ronnie W. Skelton (AL) both, in their contributions to the debate, called on priority to be given to protecting local companies.
“I will confirm that it does resonate with me and indeed I will also confirm that we must ensure that we do all what we can do to ensure that negative impact is mitigated against,” Premier Wheatley said.
Financial Services Industry important to VI economy
The sponsor of the bill, Premier Wheatley, said the Virgin Islands (VI) rely heavily on the financial services industry as it contributes millions to the economy. Financial services, he said, accounts for sixty percent of government revenue.
The industry, along with tourism, has also contributed to bettering the lives of the people, transforming the Territory from a small subsistence economy of fishers and farmers, and having to migrate for work.
Therefore, it is necessary to make amendments to legislation to comply with international standards, Dr Wheatley opined.
“Without a shadow of a doubt those benefits also come with a responsibility to be a responsible player in the global financial services industry,” Premier Wheatley added.
Risk-based approach being adopted
The Premier continued that a risk-based approach is being adopted, which he said is good news for the Territory.
“If we have entities here in the Virgin Islands who represent a lower risk then there should be a difference as it pertains to the rigorous requirements of compliance for those entities versus entities that represent a higher risk.”
This risk-based approach will not; however, exempt companies “simply because they’re local” but they may be required to have a “less stringent regime based on the fact that they have a low risk”.
This, Dr Wheatley stated, is important, adding the VI is a small jurisdiction with limited resources and so a risk-based approach would be favourable.
“What is necessary for us is to ensure that we have the mechanisms in place to properly evaluate risk...we have to be able to produce the proof that these entities represent a lower risk and we have to have the mechanisms in place where risk exists to be able to properly assess...identify that risk and...investigate suspicious activity reports...and where necessary have cooperation with agencies internally and externally and...properly respond to these suspicious activity reports and if necessary move on to prosecution if criminal activity is discovered,” Premier Wheatley added.
He said it is important that there are no loopholes in the system. “If we want to continue being a player in this global industry, it is also important for us to be sensitive to the impact it has on our people and when we go in international fora, we have to be able to make the case and champion the cause of the protection of entities which represent a lower risk especially in small island jurisdictions like ours.”
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12 Responses to “Local companies will be protected in FIA legislation- Premier Wheatley”
By the way,many of our people still find it necessary to migrate for work for several reasons.
Of course there will always be naysayers who are unable to offer workable alternatives.
The local businesses who operate should pay their annual license fees to avoid the accumulation of a lot of money.
A bunch of rambling idiotic pretend babble dies not hide the fact that the current dough dough of a Premier is inadequate in every way and the financial and social structure of the BVI is in shambles with no whisper of relief.
Guess what the taxes the USA & UK milk from its people are used to buy bombs for Isreal's genocide in the middle east. Who is really the terrorist? After the twin tower let's face the facts of the present. Anyone remember the weapons of mass destruction in Iraq that never existed and the lies told to start invading Iraq? That was terrorism.