'NDP Govt doing nothing to fix Financial Services' – Hon Julian Fraser, RA
Financial Services (FS) which is the undisputed cash cow for the Government’s Treasury, being responsible for over 60% of the Territory’ revenue, has been taking a pounding both in negative publicity and stagnant growth since the middle of last year, Hon Fraser stated while speaking to residents from various corners of the Territory on August 27, 2014 at a community meeting held at the Valerie O. Thomas Community Centre, Sea Cows’ Bay, Tortola.
“In the period since we have seen the sector basically stagnated under the weight of negative press primarily from the Guardian Newspaper in London, and the International Consortium of Investigative Journalists (ICIJ), which takes credit for the assault on what they term as Tax Havens, seemingly singling out the British Virgin Islands,” said Hon Fraser.
He recalled that the French Government had gone to the extent of blacklisting the (British) Virgin Islands, something that has never happened in the 30 years history of the financial sector, which ironically was just celebrated this year.
Hon Fraser believes that the ICIJ’s evidence is compelling and is worth Government’s attention. “If our Financial Services are under attack, not only does the industry suffer, but our Treasury takes a direct hit.”
Hon Fraser said that it is an unfortunate situation that this strategy of the NDP Government which is not working in Tourism, is not working here either, because the French Blacklist is still in force since August 2013, despite this statement by Premier and Minister of Finance and Tourism Dr the Honourable D. Orlando Smith in November 2013, which said, “The Government has had discussions with France as far as the Blacklisting is concerned and France is now satisfied with the process which we have in place”.
“That statement left everyone believing that the French had assured the Premier that the blacklisting was to have been removed. The ICIJ seems more persistent in changing our business model than we are in fixing what’s wrong if anything with the sector. I believe that anything short of tackling this problem head on, including engaging our adversaries is a nonstarter, and it is past time for the Premier to show leadership in this regard,” said Hon Fraser.
He further stated that the ICIJ boasts of having files which came from two off-shore firms, Singapore based Portcullis TrustNet and Virgin Islands-based Commonwealth Trust Limited, that help clients create offshore companies, trusts and bank accounts.
“They further claim that the files are a part of a cache of 2.5 million leaked files they have so far sifted through with help from more than 50 reporting partners in Europe, North America, Asia and other regions.”
According to the same ICIJ, since last April, their stories have triggered official inquiries, high-profile resignations and policy changes around the world. That is not an organization that has quit in its DNA. “As I speak, stories are being written about the BVI, and they aren’t pretty,” said Hon Fraser adding, “Just like reporting the story doesn’t mean you endorse it, ignoring it doesn’t make it go away either. I choose to report it.”
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26 Responses to “'NDP Govt doing nothing to fix Financial Services' – Hon Julian Fraser, RA”
Oh, you forgot to mention that the NDP have remove cracks in our sidewalks.
only now.Every time we come with whatever requirement they insist they move the goal post.Does he
think the few Tieas they signed when they were in power fixed it no it did not.For a small community
we are doing well and not having to go to the imf to borrow money which does not go down well,plse
remember a number of these larger of countries that wants to blacklist us are also members of the imf.
Do your research and you would see all the countries that borrowed loans from the imf ,you would see
their stipulations and the chaos they has caused.
$50 million is now in the reserve fund, thanks NDP!
Lets vote in VIP again! STRUPESSSSSSSSSSSSSSSSSSSSSSSSS