BVI Given Top Tier Rank By Financial Stability Board

Financial Stability Board (FSB) has recently ranked BVI as a top tier financial jurisdiction.

It has been stated in the FSB’s annual assessment that the BVI has demonstrated “sufficiently strong adherence” to internationally agreed information exchange and cooperation standards in the various areas like banking supervision, insurance supervision and securities regulation.

Orlando Smith, Premier and Minister of Finance of the BVI, said: “This rating is another testament to the strength of the BVI’s independent regulator. We (BVI) take a zero-tolerance approach to financial crime and I commend the work of the regulator in ensuring the continued compliance of the BVI to international standards.”

The FSB is chaired by Mark Carney, Governor of the Bank of England. The FSB has been established in 2009 to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. It brings together national authorities responsible for financial stability in significant international financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.

Sources: www.lowtax.net and www.financialstabilityboard.org