updated 6:19 PM PDT, Sep 5, 2017
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Statement On TB Lettsome Airport Project Negotiations

The Government of the Virgin Islands is pleased with the progress being made in improving air access to the Territory. Government acknowledges the significant role of journalism to society, and continues to engage media professionals in relation to the proposed airport development.

In a GIS release: “Preferred Bidder Selected To Develop TB Lettsome Airport”, dated December 27, 2016, Government announced it selected ‘China Communications Construction Company (CCCC) as the preferred Bidder for the project.

The release further stated that “Negotiations will now get underway with the preferred Bidder with a view to concluding a contractual agreement within 3 months which delivers the right outcome for the people of this Territory”.

While Government continues negotiations with CCCC, it is important to note that is only once those negotiations have come to completion, that Government can make a decision to award a development agreement. No contract has been awarded.

The people of the Virgin Islands can rest assured that Government is considering what is best for the future of the Territory, and that negotiations are being held with those considerations as a top priority.

Government will continue to update the public on the progress being made on the development of the TB Lettsome International Airport, through the Department of Information and Public Relations.

For future updates on the airport development, please visit bvi.gov.vg/news and follow the Government of the Virgin Islands on Facebook, Twitter and YouTube.

 

NEW BENEFICIAL OWNERSHIP SECURED SEARCH SYSTEM UNVEILED TO INDUSTRY

British Virgin Islands, 2 February, 2017 – A new innovative technology platform, BOSSs (Beneficial Ownership Secure Search System), was unveiled to industry on Wednesday 1 February. The platform, which will go live in June, will allow BVI to share information with its treaty partners’ law enforcement agencies within 24 hours, and demonstrates the territories on-going commitment to ensuring its systems and processes remain market leading.

At the heart of the new platform is a searchable portal that provides BVI law enforcement authorities with direct and immediate access to verified beneficial ownership information on any BVI company.

The platform was presented to 85 attendees by Neil Smith, Financial Secretary at BVI Finance’s breakfast forum. Mr Smith was joined by BDO’s Deputy Managing Director, Ryan Geluk, and Technical Risk Services Manager, Guy-Paul Dubois, representatives of the company that developed the platform.

The BOSS platform meets all international standards as defined by the Financial Action Task Force (FATF) and demonstrates the territory’s ongoing commitment to providing the appropriate balance between privacy and transparency. It will operate in a similar way to the territories current exchange agreement with the UK Government, ensuring beneficial ownership information can be shared with treaty partners rapidly and efficiently.

Commenting Mr. Smith said, “Over the past 30 years the BVI has carefully built a market leading financial services proposition and a robust regulatory framework. We believe the implementation of BOSSs will strengthen this even further and cement our position as a leading international finance centre. This initiative clearly demonstrates BVI’s commitment to cooperating with international law enforcement agencies to help identify and tackle instances where our structures are being used inappropriately. We’re delighted that this will put the territory at the very forefront of best practice in regard to obtaining and managing beneficial ownership information.

 

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