Business
Port Purcell still in need of significant repairs: official
By MERRICK ANDREWS, Online News Editor
(JTV News) — Significant repairs and rebuilding are still ongoing at the hurricane-damaged British Virgin Islands cargo port, according to Chairperson of the BVI Ports Authority (BVIPA) Board of Directors, Roxane Ritter-Herbert.
She made the comment when the Board conducted its first official familiarization and inspection tour at Port Purcell on Saturday, February 4, a press release revealed.
“The tour was an eye opener from the standpoint of the significant repairs and rebuilding that are still outstanding from Hurricane Irma,” Ritter-Herbert was quoted as saying in the press release.
“Rehabilitating our Port facilities is a priority of this Board. Because our Ports play a significant role in the movement of passengers and goods, they are the gateways that connect us,” she added.
The tour also afforded Board members the opportunity to view and learn first hand, the operation of the Cargo Port,” the release stated.
In addition, members met with Port staff and discussed current operational challenges, ideas, and opportunities for improving Port services for its stakeholders and the public, the release said.
“The BVIPA Board of Directors will be conducting familiarization tours and inspections at
all its facilities across the Territory in the coming weeks.” the release concluded.
Business
BVI Bank Association Warns Merchants Against Card Transaction Violations
As the festive season brings increased consumer activity, the British Virgin Islands Bank Association (BVIBA) has issued a stern reminder to merchants across the territory regarding compliance with card transaction policies.
The association warns that imposing minimum spending requirements or charging additional fees for card payments is not only against their merchant agreements but also violates regulations established by major payment networks, VISA and Mastercard.
The advisory, issued on Wednesday, December 18, warns that merchants engaging in these practices are in breach of their contractual obligations with their respective financial institutions. “We request that all merchants immediately cease these practices to ensure compliance,” the statement read.
The BVIBA comprises several prominent financial institutions, including Bank of Asia (BVI) Limited, CIBC Caribbean, FirstBank PR, National Bank of the Virgin Islands, Popular, Republic Bank (BVI) Limited, and VP Bank (BVI) Limited.
For inquiries or guidance on compliance, the BVIBA advises merchants to contact their respective banks promptly.
Business
BVI Financial Investigation Agency and Jersey Financial Services Commission Sign Agreement to Strengthen Cooperation in Tackling Financial Crimes
The Financial Investigation Agency (FIA) of the British Virgin Islands (BVI) has recently strengthened ties with the Jersey Financial Services Commission (JFSC) through a Memorandum of Understanding (MoU) signed on 25 October. The agreement formalises a cooperative framework for consultation and information-sharing between the two regulatory bodies, enhancing their oversight in financial regulation.
The MoU signals a shared commitment by the BVI and Jersey to uphold rigorous financial standards and combat financial crimes. By sharing essential intelligence, the FIA and JFSC aim to bolster efforts to detect, prevent, and investigate crimes such as money laundering, terrorist financing, and proliferation financing.
Errol George, Director of the FIA BVI, expressed the importance of the partnership, stating, “The signing of this MoU establishes a framework for information exchange between the FIA BVI and JFSC, supporting compliance with the laws, regulations, and rules relating to the functions of our Authorities. I am indeed pleased with the progress we are making in the Territory to tackle financial crime.”
Through this agreement, both agencies will, upon request, provide critical information that strengthens regulatory practices across the Designated Non-Financial Businesses and Professions (DNFBP) sector. Shared data will include details on corporate structures, management standards, and organisational quality, all essential for effective supervision.
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