British Virgin Islands

Saturday, Oct 24, 2020

Fahie Challenges Opposition: Bring Your Plans For Financial Services

Fahie Challenges Opposition: Bring Your Plans For Financial Services

Premier and Minister for Finance Hon. Andrew Fahie says he wants to work with the Opposition Leader, Hon. Marlon Penn to avoid the Territory's financial services industry being blacklisted.
The BVI Leader disclosed that government has gotten in front of the matter with the passage of a suite of legislation and he stated that the plan is to start 2020 off in prayer as the Territory readies for a series of evaluations.

The Premier made the disclosure during the debate of the BVI Business Companies (Amendment) Act, 2019, which featured amendments to the principle Act.

The main purpose of the legislation was to provide for provisions the registration of directors of BVI businesses. The Premier told the House that, that other pieces of legislation on the Order paper of the sitting were to ensure that the Territory remained compliant.

Hon. Fahie further told the House that once again the financial services goal post has shifted and the Territory is doing what it must to remain on the cutting edge.

Considering major matters are in the pipeline for the Territory’s main economic pillar, Hon. Fahie issued a challenge to the Opposition that they should bring any plan they have for discussion.

“I don’t want to preach any doom and gloom to the financial services because I believe in staying positive, but I also know that the only way to move forward is going to be diversifying the economy. I challenge the Opposition that is so caring, that were in the Government over the last 16 years to please bring me whatever plan they have so that we can move forward with it.”

The Premier explained that he will accept the Opposition’s request to meet and accept any good ideas put forward.

Hon. Fahie gave kudos to Hon. Penn who he said did work on some of the financial services bills that were before the House of Assembly.

“I thank him for the work that he’s done and we have continued to finish off the work.”

While noting that Hon. Penn saw what the industry needed a year ago, Hon. Fahie questioned why the previous administration did not pay attention to the now Leader of the Opposition’s proposals.

“Research shows that the Leader of the Opposition did some of those works… Some of those (bills) started in early 2018 and before…”

While directing his comments to Hon. Penn, the Premier said, “You did a lot of work back then.

The Premier added, "I could understand his dilemma because he saw the future but only he alone was seeing …and could not get it out …that is why I will bring you along to work with us, because one year and three months ago you went down the road seeing the future and it aint get your government to bring it to the future. Held up the future of the country for one year and three months.”

The Premier further lauded the legislation that were started by Hon. Penn and said that the Government will get them passed.

“Good things he had work on, solid things. We came in we recognized the effort, we did some adjustment…that was also in the plan that you were talking about Leader of the Opposition in the report. It’s part of the report, but if you saw that and you went to work on it and you were a Junior Minister at the time and they allowed you to work on it. What happened to the rest?"
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