Business
EU to add BVI, 3 others to list of tax havens: report
By MERRICK ANDREWS, Online News Editor
(JTV News) — A draft document has shown that the British Virgin Islands (BVI) and three other countries are expected to be added to the European Union (EU) list of tax havens on Tuesday, February 14, according to a Reuters news agency report.
Russia, Costa Rica, and the Marshall Islands are the other countries mentioned in the Reuters report.
According to Reuters, the EU takes into account who is on its list of non-cooperative jurisdictions for tax purposes in its foreign policy decisions when considering development cooperation and other economic relations with third countries.
“The Russian Federation has a harmful preferential tax regime (International Holding Companies) and has not resolved this issue,” the draft conclusions prepared for the EU finance ministers’ meeting was quoted as stating in the Reuters report.
“Marshall Islands facilitates offshore structures and arrangements aimed at attracting profits without real economic substance by failing to take all necessary actions to ensure the effective implementation of substance requirements,” they said.
“Costa Rica has a harmful foreign source income exemption regime, and has not resolved this issue yet,” they said.
The EU list, set up in 2017 after revelations of widespread tax evasion and avoidance schemes, now includes 16 countries: American Samoa, Anguilla, the Bahamas, British Virgin Islands, Costa Rica, Fiji, Guam, Marshall Islands, Palau, Panama, Russian Federation, Samoa, Trinidad and Tobago, Turk and Caicos Islands, the U.S. Virgin Islands and Vanuatu, Reuters reports.
Those on the blacklist face reputational damages, higher scrutiny in their financial transactions and risk losing EU funds, the Reuters report added.
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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