Premier and Minister for Finance Dr. the Hon. D. Orlando Smith called on Legislators in the House of Assembly to remain vigilant and committed to safeguard the reputation of the BVI as it relates to the fight against money laundering and terrorist financing.
Premier Smith told the House of Assembly that the BVI has cultivated a reputation of being a well-regulated jurisdiction where certain illegal activities cannot thrive: “One of the things that the financial services commission is that we are well regulated.”
“Mr. [Robert] Mathavious (Managing Director/CEO of the Financial Services Commission) from time to time will say we don’t welcome people who wish to get into nefarious activities, and that is an important message that we have been sending to everybody; that we do not welcome nefarious activities,” Hon. Smith announced during the sitting on 12 May.
The BVI Leader urged his fellow legislators to take note of the war against terrorism that is being waged internationally, and he announced that the BVI must do its part: “Madame Speaker that is the concern of the international community the international standard setters because they are concerned about things such as. Money laundering, about terrorist financing, financing of the proliferation of weapons of mass destruction.”
In further noting the point, Hon. Smith said: “We see Madame Speaker what happens around the world when it comes to wars and the methods of funding that they use and the fact that the terrorism that is going on around the world right now and the question is how are they being financed. We must also be aware of these things.”
“That is why we must do our part Madame Speaker here in the British Virgin Islands we must do our part to assist what is happening internationally and make sure that our financial services industry continues to be well regulated because this is what will sell. This is what will make sure that we continue to be attractive to persons who wish to use the financial services or what we do here in the BVI in a proper way. We have a responsibility here as legislators,” Hon. Smith added.
- Source: BVIHotpress.com