FSC has commenced investigation on Panama Papers allegations! - Premier Smith
Speaking at a press conference held in the Central Administration Complex the Premier, accompanied by Financial Secretary Neil M. Smith and Permanent Secretary in the Office of the Premier Broderick Penn, explained that the territory was being measured in its response and was treating the issue very seriously.
The Premier insisted that the Virgin Islands is among the most rigorously regulated jurisdictions when it comes to financial services.
“It has begun,” said the Premier when asked whether the investigation had started. However, he said the circumstances that the investigators encounter in the course of their probe will determine the length of time it takes to be completed.
He said the Financial Services Commission must conduct the investigation in a proper way to make sure all the laws of the VI are adhered to with a view to determine what action to be applied if necessary.
According to the Premier, he was shocked to hear about the leak of the information as a result of the hacking of a major regional law firm, Mossack Fonseca, and the private information of persons, most of whom had done nothing illegal, was exposed.
“Of course we recognise that even though the BVI is one of the most highly regulated jurisdictions and that most people who use the BVI as a financial centre do so for legal purposes, there will always be instances where somebody may use it for an illegal purpose,” the Premier said.
The leader of government business said the message of the VI being one of the most highly regulated where financial services are concerned is certainly out there. “The fact that someone hacks into the information of a company is something that is beyond our control but something which we don't welcome and that is why we have all of the regulatory measures in place to investigate and prosecute and that is why we have signed up to all of the regulatory laws by the international standard setting bodies to be able to identify, regulate and take whatever action is necessary,” said the Premier.
Robust response
The Premier said the territory has to mount a robust response and hence the initiation of the investigation. “We have to mount a robust response and we have done that...and will continue to do that,” he said.
Acting Permanent Secretary in the Premier's Office, Broderick Penn stressed that it is clear that the territory is well regarded for its regulatory strength in the sector and that the proof is in the pudding.
He noted that the VI complies with the highest international standards for tax purposes, for regulatory purposes among others. “We are compliant with FATF, we are compliant with the OECD. Both of those set standards for international exchange for tax purposes,” he said.
Financial Secretary Neil M. Smith said the Regulator must go about his job of doing the investigation carefully to ascertain whether there are issues that Mossack Fonseca missed. Noting that he did not want to prejudice the investigations, he said that it is preferable for the FSC to conclude their investigations and then announce their findings.
International press gives wrong impression of VI
The Financial Secretary said the few instances of persons using the jurisdiction to commit financial crimes and evade taxes are blown up by the international media to paint the VI negatively.
“What ICIJ does is it taints jurisdictions like the BVI and give people the impression that they are only used for illegitimate purposes. It is unfair. It is not true and they highlight exceptional circumstances and make it seem like the norm,” he said.
According to Smith, there seems to be an issue where people may feel that the territory is too small to be commanding such economic power as to be able to build a $100 million hospital. He said he believed some of the people writing negatively about the VI and its financial services sector need to be educated on the realities of the territory.
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26 Responses to “FSC has commenced investigation on Panama Papers allegations! - Premier Smith”
law company doin busness an have lot o docamants
most docamants fine but few showiin polaticans lyin
newspaper pretend o be shock bout polaticans lyin
every person who name in docamats asumm guilty even if dem dun nuttin wrong
person workin o panama law company bribed by lot o cash
de end
Thank you "reality". Finally someone with logical thinking on here. People are so god damn stupid messon. Talking a wack of sh*t..
The BVI response of announcing an investigation is a smoke screen, which no doubt will take years to clear. What can they be investigating, we all know the under resourced FSC is toothless, and in the pocket of the very industry it is supposed to Police.(How many prosecutions have there been for money laundering for example). One day when offshore banking is not so advantageous, then the BVI will have to find the $300 million from elsewhere or the economy will suffer.
The government need to wake up and see the BVI as part of the international picture and stop the blinkered mentality.