British Virgin Islands

Monday, Sep 28, 2020

Crucial Meeting As Financial Services Faces Revenue Decline

Crucial Meeting As Financial Services Faces Revenue Decline

As the Financial Services industry continues to face declining revenue, the Government plans to engage members of the Financial Services Industry to help provide solutions on how Government’s support services and policies can be improved to better support the industry.
Premier and Minister of Finance, Hon. Andrew Fahie said the Government through its Solutions Forum platform will be continuing its promise to meet with all stakeholders in the various sectors to collaborate and find solutions that will drive their success.

“We are a Government of inclusion and these forums are testament to Government’s commitment of good governance, transparency and accountability through engaging with industry stakeholders,” the Premier stated.

Financial Secretary, Glenroy Forbes has told legislaters that the industry had saw a $30M revenue loss and that the decline in revenue is expected to continue unless something can be done to arrest it.

Premier Fahie has indicated that financial services is the main driver of Government revenue and major contributor to the economy.

"In order to strengthen economic substance it requires continued public-private collaborations. Together, we will discuss how to ease doing business together, improve our infrastructure to complement international standards and industry changes,” the Premier stated.

The meeting is also taking place at a time when the Territory landed on France's 'blacklist' of non-cooperative jurisdictions.

Acting Premier, Honourable Carvin Malone, Ministers, Permanent Secretaries, Chair and Heads of Statutory Agencies, Heads of Departments and other technical officers will be present to facilitate resolution to issues presented by the Financial Services Industry.

Through collaboration, the Government will seek to find solutions on how best to conduct consultation on legislation affecting the industry; how to improve the existing infrastructure which it regulates; how to streamline its services to improve efficiency when conducing transactions and applications; and how to improve the BVI as an International Business Centre.
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