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Fmr PS Willock takes on hostile BBC journalist in defence of VI Financial Services
![A hostile BBC Radio host, Tom Hagler during the interview said the Financial Services industry in the VI was not transparent and that it was facilitating shell companies that allow investors to fund nuclear weapon programmes, including in North Korea. Former Permanent Secretary and news publisher Mr Julian Willock said residents in the VI are used to hearing what he would consider 'the unjustified attacks on the legitimate financial services sector,' and stated that the reality is that the [British] Virgin Islands is one of the most regulated financial services jurisdictions in the world. Photo: VINO/File](https://www.virginislandsnewsonline.com/cache/images/800x_f_fsc_01.jpg)
Former Permanent Secretary in the Ministry of Communications and Works, Julian Willock on April 5, 2016 took up an invitation by BBC Radio World Service to be interviewed regarding the financial services information leak and its implications for the Virgin Islands. The interview was aired around 11pm local time.
The huge leak of confidential documents has revealed how the rich and powerful use tax havens to hide their wealth. Eleven million documents were leaked from one of the world's most secretive companies, Panamanian law firm Mossack Fonseca, which has an office in the Virgin Islands.
The leak has caused much uproar in countries across the world, including in the United Kingdom where a call has been made by parliamentarians for the UK to cut loose Overseas Territories considered tax havens.
Hagler’s unjustified accusations
A hostile BBC World Service journalist, Tom Hagler during the interview said the Financial Services industry in the VI was not transparent and that it was facilitating shell companies that allow investors to fund nuclear weapon programmes, including in North Korea.
Mr Hagler went as far as to say that the new Peebles Hospital was funded by ‘dirty money’ and it was inconceivable that a small territory as the Virgin Islands could afford such a hospital with legitimate money.
VI used to ‘unjustified attacks’ on legitimate FS
Although claiming that the interview was about the call for Overseas Territories such as the Virgin Islands to be given their independence in the wake of the Panama Papers leak, Mr Hagler at first wanted to know what the media were making of the Panama Papers leak and its link to the Virgin Islands.
Mr Willock said residents in the VI are used to hearing what he would consider “the unjustified attacks on the legitimate financial services sector,” and stated that the reality is that the [British] Virgin Islands is one of the most regulated financial services jurisdictions in the world.
At this Mr Hagler asked whether it was legitimate to have hundreds of thousands of shell companies, “some of whom avoid sanctions, siphoning that money back to nuclear weapons programmes” such as in North Korea.
“The BVI continues to cooperate with all of the international organisations, whether for the Organisation for Economic Development or with the Financial Action Task Force. We have been in the financial services sector for well over 30 years, and we have a good history of when we see or find areas of non-compliance that it is actively and seriously investigated,” Mr Willock responded.
Mr Hagler, seemingly getting agitated, asked for examples where companies found to be non-compliant were investigated, saying there must be “thousands and thousands of those cases there.”
Mr Willock said he didn’t want to call any company’s name, even though the interviewer insisted for just one name.
“What the international community needs to know is that the British Virgin Islands plays by the international rules in terms of having a transparent and well-regulated jurisdiction and it is a legitimate business,” Mr Willock stated.
“It’s clearly not transparent is it because clearly some of these companies are trying to hide away funds. You wonder why more of these companies are not being rejected by the British Virgin Islands,” Mr Hagler stated.
He then wanted to know if all the companies named in the Panama Papers were legal.
Indicating that he hasn’t seen all of the companies listed in the Panama Report, Mr Willock said what he knows in his capacity as a Virgin Islander, someone who was a former Permanent Secretary, now a publisher of a newspaper and who has also studied keenly the offshore financial sector, is that he can say without a doubt that the VI is serious about regulating its financial services sector.
$100M Peebles Hospital questioned
Keen on getting his opinion across that the VI has been doing illegitimate business in the financial services sector, Mr Hagler was bold enough to state that Peebles Hospital was built with ‘dirty money’.
“You have got a hundred million dollar hospital in the Virgin Islands. Where does the money come from? No one can seriously believe that’s clean money. Such a tiny island, thirty thousand people and it has got a hundred million dollar hospital on it…Don’t you want to ask a question and find out how such a tiny place gets so much of the world’s money,” Mr Hagler asked.
Refusing to be led or intimidated, a firm Mr Willock reiterated that the VI continues to operate by the rules and is well regulated.
Mr Hagler then asked whether the laws should be changed or toughend up.
“I will say that our laws, and our regulations, and our acts are tougher than places like Germany, are tougher than places like Paris, tougher than places like Delaware in the United States and are tougher than London where you are, and that is the reality, that we continue to play our role, lawful role, and have a legitimate business where we assist capital flows and facilitate direct foreign investments around the world,” Mr Willock stated before Mr Hagler interjected, saying they had run out of time.
Meanwhile, only Opposition Leader Hon Julian Fraser RA (R3) has spoken on the Panama Papers leak and its implications for the VI. Hon Fraser was highly critical of Premier Dr The Hon D. Orlando Smith’s slothfulness in responding to yet concerted another attack on the financial services industry by international journalists and organisations, who’s agenda it is to destroy the industry.
Listen to full BBC World Service interview with Mr Julian Willock
http://www.virginislandsnewsonline.com/upload/resources/record20160405231308.mp3
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67 Responses to “Fmr PS Willock takes on hostile BBC journalist in defence of VI Financial Services”
Ok. Tell me how our social security funded hospital get into this fn racist, jealous and bias Mr. Hagler mouth. Thats their thinking.. ..Great Courage Mr. Willock. Respect.
Kudos to Julian Willock for standing up and defending our Territory. Tom Hagler is a f***ing racist punk.
What is really sad here is that Smith and all of his numerous highly paid heads of government agencies involved in the industry are all tongue-tied. Not a peep out of him or them. Here we have our most important pillars of the economy taking a massive broadside hit and after several days just an anonymous local government press release. Good God man get and defend the Territory! At least try to act like a leader!
Thank you Mr Willock!
Mr Hagler, keenly revealed the heart of this matter when he made reference to the hospital. How can these people be doing so well without the assist ofcrumbs from the Queen..Resentment and feasr of progress by the oppressed is a nightmare for the oppressors,always.
Thanks to the Divine for blessing us with the current Gov uner the leadership of Doc. This too shall pass. Just a wake up call and eye-opener for too many in this place still sleeping.
Would it matter to those in the U.K. who a seeking to rein in the BVI financial sector, and even talking about instituting direct rule, I doubt because they have the ultimate say. Nevertheless, you did your part.
It was also good that you explicitly stated the role from which you spoke as a private citizen so that no one concludes you were speaking for the government. Good for you.
The practice , is not illegal , simply because , its practitioners ( in high places ) have found it expedient , to not make it so
Willock we need you in the house of congress
I am so proud of my classmate and friend Mr Julian Willock thanks for standing in the gap between our country and that racist jealous fool Hagler who think what we have work so hard for is in his and many others around the world minds to much for a little nation of Black people.. I was face with that same mentality when I work in the Customs Department 87 to 90 when they brought Bailey and Stewart here from England .
Trinidad Express News Today:
http://www.trinidadexpress.com/20160406/news/spies-and-shadowy-allies-lurk-in-secret-thanks-to-firms-bag-of-tricks
What's happening on this issue around the world by the hour:
http://www.wistv.com/story/31653910/the-latest-panama-to-create-panel-to-boost-transparency
Who the h*ll is them dirty racist nasty English people like the bvi don't make money... Seriously.. Why he mad tho?? Bloody wanker!!!
This panama leak is causing devastating implications wide and far all around the world- Link below:
http://allafrica.com/stories/201604070075.html
Mr Willock is not one of my favorite person, but I applaud you for standing up to that sounded like bully Mr Hagler. His interview sounded very prejudicial as he referred to us as such a tiny Island. Its seems like we are too small to have something of a high standard. There need to more of that type of representation not just on behalf of the Government, but for the country and all its residents. KUDOS to you Willock.
http://www.freemalaysiatoday.com/category/nation/2016/04/07/pua-critics-of-1mdb-were-right-all-along/
Mr Willock did an excellent job. That is good ambassadorial job. However, he should have told Mr hagler that the government borrowed money from the Social Security Board to finance the hospital. The call for direct rule over the territory should not be taken lightly by the government. The Premier should be proactive like Mr Hughes from Anguilla and hold a massive demonstration in Road Town in front of the Governor house and send a clear message to the British government that we WILL NOT accept direct rule in the Virgin Islands. That will lead us to servitude.
http://deredactie.be/cm/vrtnieuws.english/News/1.2622632
around". as if it were a public display and thoroughfare. someone is sending people to the BVI to scout everyone
out and act as if everyone's privacy at home, is these foreigners business! you have to see it to believe it. maybe
their passports should be scrutinized or recorded with a red flag, cause some of this is NOT regular tourists. It
smells of something else. As far as Hagler, he's a stooge for a bigger purpose who also conveniently is an arrogant
jealous lowlife. Yeah he doesn't like seeing people having something in life.
I third the motion Julian Willock, OBE
I thirdthe motion Julian Willock, OBE
I third the motion Julian Willock, OBE
I third the motion Julian Willock, OBE
I third the motion Julian Willock, OBE
I third the motion Julian Willock, OBE
They are 'requiring' information about personal matters that are none of that banks business. Even if relatives
got money when another relative died. And none of them have anything to do with this bank anyway. They just
want to know every little thing about the customer who after just a year - closed the account. The Presidents office
in Toronto says they did no wrong, but the details are quite numerous. There is some kind of crap eminating from
Toronto that is both arrogant and destructive. Hope they're reduced to Canadian bacon.