Hon Fraser proposes Ministry of Homeland Security
The report claims that "Exploitation of our offshore financial services, the unique share structure that does not require a statement of authorised capital, and the lack of mandatory filing of ownership information pose significant money laundering risks to the territory.”
According to Honourable Fraser, money laundering is the last thing any jurisdiction, particularly a financial centre like the Virgin Islands, wants to be labeled with. He was speaking on the VIP radio show ‘Let’s Talk’ last evening April 1, 2015 on ZBVI 780 AM.
The Report further went on to note among others, that "the BVI’s proximity to the US Virgin Islands and the use of the US Dollar for its currency pose additional risk factors for money laundering".
“This time the State Department has made a direct connection between our use of the US Dollar and money laundering, and that concerns me. My immediate question is why are they reminding us that we are using their currency?” asked Honourable Fraser.
He pointed out that another troubling revelation in the report is their claim that the VI, similar to other jurisdictions in the Eastern Caribbean, is a major target for drug traffickers who use the area as a gateway to the United States.
The Virgin Islands Party Chairman said the stakes are too high going forward as the VI has too much to lose, beginning with the VI's special immigration privileges; the visa waiver; cross border movement of horses; and most importantly, the use of the US Dollar as the VI's currency.
Ministries to restructure
Hon Fraser revealed that a Virgin Islands Party administration, in its plans for making an efficient and 21st Century Government, will have built-in mechanisms that will address the issues raised of concern to the US State Department.
“We believe that the current structure of Government, which is decades old, has run its course. So in order to ensure better efficiency and greater accountability many of the subjects in the various Ministries will experience transfer and restructure,” he said.
Honourable Fraser said the critical issue of security will be addressed by the establishment of a 7th Ministry: ‘The Ministry of Homeland Security’, where Customs, Immigration, Labour, Ports, and National Security will be [under one umbrella]. He said that the Maritime Academy which will also involve Coast Guard operations will also form a vital part of this Ministry's functions.
“These are all steps in the direction of eliminating the risks to the territory from money laundering, and drug trafficking as stated in the 2015 INCSR, released by the U S State Department,” he said.
See our earlier reports on the INCSR:
http://www.virginislandsnewsonline.com/en/news/vi-on-us-money-laundering-list-report
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23 Responses to “Hon Fraser proposes Ministry of Homeland Security”
YOU WILL STILL HAVE TO DEAL WITH IMMIGRATION. WHATS YOUR POINT IN THIS OVERSEAS TERRITORY?
A very smart idea but wait we need to see where this is going. for one this gives 1 minster authority over several departments and definitely not good. information sharing between these departments are already taking place, there is no need to place so much power under 1 ministry. for instance tackling illegal entry. I don't see how combining these department have anything to do with financial Services...definitely drugs but no money laundering/criminals are no longer shipping money in crates overseas..VI homeland security already taking care of that with their patrols. what we need is stronger enforcement with the banks, and trust companies and heavier penalties including possible jail time for rogue companies.Time and time again this is where all the bad sh**t happens.
The minister also talks about money laundering as if this is news too. Tax haven, Off shore, etc, are all schemes which attract the criminal element. I doubt that putting anti money laundering into a new department which also fights drugs is the way forward.
Instead, why not give additional funding to improve the Police Marine Units, and give teeth to the Financial Services Commission. We dont need more Directors driving fancy SUVs, just make what we have better.
The UK will play a big role in financing what enforcement against what they are heavily involved with? Please try to understand the matters at hand before spouting nonsense..... It is not as easy as 1,2,3. You need to follow the money! For starters, the money funding BVI's financial services isn't from local fishermen and farmers.