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BVI confident it has met OECD requirements

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BVI Financial Services Commission headquarters in Road Town, Tortola

By MERRICK ANDREWS
Online News Editor


In light of the new legislative changes that came into effect on Jan. 1, 2023 relating to its financial services sector , the British Virgin Islands (BVI) government has requested a supplementary review be granted by the Organisation for Economic Co-operation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes that will more accurately reflect the BVI’s status.

“Following a supplementary review, the BVI is confident, that it has complied with the requirements that would get approval for a ‘largely compliant’ rating to be reinstated,” Premier and Minister of Finance, Premier Natalio Wheatley, told the House of Assembly sitting on Friday.

Starting off his presentation in the House, Premier Wheatley said the BVI has demonstrated its continued commitment to complying with evolving international standards on transparency and the fight against financial crime, with a set of new legislative changes that came into force on January 1, 2023.

He said these legislative updates, including amendments to the BVI Business Companies (Amendment) Act 2022, and BVI Business (Amendment) Regulations 2022, meet requirements set out by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes as part of its Peer Review Process.

He went on to explain that the OECD Peer Review assesses compliance with the international standard on transparency and exchange of information on request (EOIR) in addition to assessment of a jurisdiction’s legal and regulatory framework.

The OECD Peer Review on the BVI was launched in in December 2021 and covered a historic review spanning as far back as 2016 and ending in 2020 during the heart of the Covid-19 pandemic, Wheatley said.

He said having maintained a “largely compliant” rating since 2015, the BVI was moved to a “partially compliant” rating in November 2022 as the historic analysis focused on the review period and could not take into consideration important legislative developments in 2022 that would ensure the effective and efficient exchange of information.

He explained: “The OECD Peer Review rating is one of the criteria that determines the “EU List of Non-cooperative Jurisdictions for Tax Purposes” (EU List). The BVI is currently included on the EU’s state of play document known as “Annex II”, which includes jurisdictions that have committed to implementing reforms. Its purpose is to recognise ongoing constructive work in the field of taxation, and to encourage the positive approach taken by cooperative jurisdictions to implement tax good governance principles.

“The BVI has a long track record of adhering to international standards as set by the Organisation for Economic Co-operation and Development (OECD), EU and other recognised global standard-setting bodies.

“Therefore, Madam Speaker, we are hopeful that the legislative amendments that are now in force will mean the BVI is granted a supplementary review by the OECD Global Forum and will soon be reinstated to a ‘largely compliant rating’.

“In closing Madam Speaker, the BVI will remain a world-class international financial center committed to high international standards on transparency and regulation offering a premier business-friendly jurisdiction for international investment and trade and capital flows. I thank you, Madam Speaker,” Wheatley concluded.

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Julian Willock Refutes Defamatory Allegations in Guavaberry Media Report

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Mr. Julian Willock has issued a formal response to a recent article published by Ms. Cindy Rosan in Guavaberry Media on October 23, 2024. The article, titled “Lorna Smith Sacrificed for Julian Willock Run in 2027,” contains allegations suggesting that Premier Hon. Natalio D. Wheatley’s dismissal of Hon. Lorna G. Smith OBE was part of a strategy to advance Mr. Willock’s political ambitions. Mr. Willock strongly refutes these claims, describing them as false and without basis.

In his statement, Mr. Willock clarified that he had no involvement in, nor prior knowledge of, the Premier’s decision to dismiss Hon. Lorna G. Smith OBE. He emphasised his friendship with Mrs. Smith and pointed out that, as a member of the Virgin Islands Party (VIP) and its Third District Committee, he was not consulted or informed about the Premier’s actions.

“To suggest that this was done as a political favor or in support of my alleged candidacy is completely baseless,” Mr. Willock stated. “I have had no discussions with Premier Wheatley, Hon. Julian Fraser, or any of their associates regarding any such matter.”

Mr. Willock urged Ms. Rosan to adhere to responsible journalism by ensuring her publications are grounded in fact rather than speculation. He condemned the report as both defamatory and misleading, asserting that he has made efforts to avoid becoming entangled in what he described as Ms. Rosan’s “vicious attacks” against other Virgin Islanders.

In a final note, Mr. Willock issued a measured warning: “Karma is real. When digging a hole for others, be sure to dig two.”

He also reminded the public of District Three’s upcoming annual Job Fair, scheduled for Sunday, October 27, 2024, from 2:00 PM to 5:00 PM at Therapy Works in Hannah’s Bay, Tortola.

 

 

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Premier Wheatley’s Allegations of Insufficient COI Support Lack Merit: Says Smith

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Lorna Smith OBE, dismissed as Deputy Premier by Premier Dr. Natalio Wheatley on Wednesday morning, has strongly refuted his allegations of her insufficient support for the administration’s Commission of Inquiry (CoI) obligations, stating they lack merit.

“The Premier in his letter to me cited a lack of support in relation to COI obligations as one of the reasons for my removal. However, if you have followed my work since being sworn in as Minister, it is evident that the accusations hold no merit,” Smith said at her October 23 press conference, held just hours after Wheatley announced via social media that former Virgin Islands Party (VIP) member Julian Fraser had been sworn in as Deputy Premier.

The former Minister for Financial Services, Labour and Trade revealed that she was notified of her dismissal via a letter received around 8 a.m. while she was at work in her office.

Smith, who won the Territorial-At-Large seat with the National Democratic Party (NDP) in the April 2023 elections, previously switched allegiance to give the Virgin Islands Party a majority to form a government.

A composed former First Lady emphasised that her “record speaks for itself,” noting, “under my leadership, my ministry, along with its hard working team, has met all COI deadlines, fulfilling every obligation within the required timeframe.”

“The Premier’s reasoning is simply untrue, and I believe that it is imperative that he be honest with the people about his true motives rather than fabricating baseless claims.”

Wheatley in his public statement thanked Smith for her service, adding that “I do so with a heavy heart. She did not give me the confidence that she would remain with my administration for the duration of this term.”

The head of the territory added: “This is a necessary change to the composition of the government that provides my administration with political stability and a wealth of knowledge and experience which will serve us well over the course of the remainder of this House of Assembly, political stability is critical at this time to ensure we finalise completion of governance reforms, effectively address the recommendations of the mutual evaluation report.”

At the end of August, Governor David Pruce announced that the government had missed the deadline for implementing key reforms outlined in the 2021 Commission of Inquiry Report, which exposed widespread corruption within the administration.

The CoI was initiated by former Governor Augustus Jaspert in January 2021, and a year later, Commissioner Sir Gary Hickinbottom presented a comprehensive 900-page report detailing significant corruption and recommending a partial constitutional suspension to facilitate essential governance reforms.

But Premier Wheatley in August assured the territory that 45 of the 48 proposed reforms had been completed, promising that the remaining changes would be finalised within a week.

Tensions continue regarding the territory’s political future, as the United Kingdom has warned that failure to implement the reforms could lead to the retention of the Order in Council, potentially resulting in a two-year constitutional suspension.

The former Deputy Premier shared that “despite the difficult economic challenges we face, my focus has always been on strengthening our economy while supporting the government in meeting its obligations.”

She made it clear to Premier Wheatley upon switching sides that “I was here to serve the people of the Virgin Islands, not to serve political interests.

“The truth is I have never wavered in my commitment to the Virgin Islands and its people. When I made the decision to join the government, my singular focus was the continued development of our territory. I was transparent about my intentions then, and I remain steadfast in that mission now.”

“It is exactly what I have done up until this point,” Smith said, highlighting several key achievements during her tenure as Minister, including a successful response to the Caribbean Financial Action Task Force (CFATF) mutual evaluation report, the launch of the Financial Services Solution Programme, and the establishment of the First Tomorrow’s Leaders Internship Programme.

She also led a trade mission to Guyana and Asia and co-chaired the UK Overseas Territories Economic Dialogue, the first of its kind.

“My recent efforts, particularly our successful response to the CFATF mutual evaluation report, have been recognised both locally and internationally, and I am proud of what we have achieved together,” Smith said.

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Premier Slams Opposition Over “Misinformation” in No-Confidence Motion Debacle

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Premier of the Virgin Islands, the Honourable Natalio D. Wheatley, has condemned the Opposition’s handling of a No Confidence Motion, accusing them of “bungling” the process by failing to comply with the Standing Orders of the House of Assembly.

In his remarks to the public, Premier Wheatley took aim at the Opposition for spreading what he called “misinformation” and for directing “vicious comments” towards the Honourable Speaker of the House of Assembly, whom he insists was not at fault in this matter. “It is unfortunate that some persons have chosen to be selective with the facts,” Wheatley stated, “taking Virgin Islands politics to a dark place.”

The Premier reiterated that while every member of His Majesty’s Loyal Opposition has the constitutional right to challenge the Government, “persons cannot on one hand profess to be the vanguards of law and order, and truth and righteousness, and then flout the rules and regulations just because it is convenient to their agenda.”

He further called on the Opposition to apologise to the Speaker for “pre-empting her ruling, walking out of the House while she was delivering her ruling, and casting aspersions against her integrity.” According to Wheatley, “a higher standard of conduct is expected from those who aspire to lead the country.”

The controversy arose from the Opposition’s failure to adhere to the procedures for filing their Motion of No Confidence. The Premier emphasised that the Standing Orders, amended in 2016, clearly distinguish between Government Business and Private Members’ Business. He argued that the Opposition’s motion was categorised under Private Members’ Business, and that the Speaker’s ruling was correct. “A simple reading of the Standing Orders will show that the Opposition’s Motion was clearly Private Members’ Business, and the Honourable Speaker was correct in her ruling,” Wheatley asserted.

Premier Wheatley went on to accuse the Opposition of prioritising political gamesmanship over the completion of critical reforms, claiming that the timing of their Motion was intended to undermine the Government’s efforts to petition the UK for the lifting of the Order in Council. “The Opposition prioritises ‘brownie points’ over the completion of the recommendations and the removal of the threat to suspend our Constitution,” he charged.

As he concluded his statement, the Premier reaffirmed his administration’s commitment to serving the public, highlighting ongoing efforts to repair roads, address infrastructure challenges, and finalise the steps necessary to meet the Commission of Inquiry’s recommendations. “My Administration remains united and firmly committed to our responsibility,” Wheatley stated. “There is a lot that needs to be done instead of staging walkouts and press conferences.”

He closed by expressing his readiness to engage in debate when the Motion is properly brought forward, adding, “I look forward to responding to the Motion when it does come up for debate, assuming the Opposition complies with the Standing Orders of the House.”

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