Registered Agents Are Optimistic About BVI Offshore Industry
Some positive developments have come as a result of the meeting of the Association of Registered Agents held last Wednesday to discuss the proposed amendments to the IBC Act. Mrs. Rosemarie Flax of Mossack Fonseca & Co. told The Islands Sun in an exclusive interview that she was very encouraged by the very keen interest shown by the Chief Minister, Hon. Ralph T. O’Neal and the Director of Financial Services, Mr. Robert Mathavious at a meeting held on Friday with Mr. Ramon Fonseca, Mr. Jaime Aleman and herself. At the meeting it was made clear that the BVI Government is doing everything possible to find a balance between the interest of the BVI and those of the OECD and the Financial Action Task Force. Mrs. Flax indicated that she was “very optimistic that adequate measures are being taken to guarantee that the BVI off-shore industry will continue to thrive in spite of the changing regulatory environment being put into place not only in the BVI but in other off-shore jurisdictions as well.” Mrs. Flax concluded by reiterating the importance of safeguarding the off-shore industry, particularly given the fact that it is the largest producer of revenue to the Government, and provides significant opportunity for BVIslanders in some of the highest paying jobs in the private sector.