BVI HOSTS 2ND CARIBBEAN DUE DILIGENCE SYMPOSIUM

The second Caribbean Practical Due Diligence Symposium opened at the Long Bay Beach Resort Wednesday under the theme “Managing Your Firm’s Risk”!

The October 9th-11th event was a follow up to the successful first symposium held in 1998 and was designed to meet the needs of private sector professional providers who must comply with anti-money laundering legislation and regulation.

The symposium was organized by the HLSCC and co-sponsored by the BVI Financial Services Commission, the Financial Services Institute at the HLSCC, the Offshore Institute and the Lohman Law Firm of Geneva, Switzerland.

Addressing the opening, Chief Minister and Minister of Finance the Honourable Ralph T. O’Neal spoke of the recent command changes made in the financial services sector, with Mr. Robert Mathavious as Chief Executive Officer and Mrs. Lorna Smith as Executive Director of the BVI Finance Centre. He said these changes were made in response to the demands of the international organizations to ensure “we keep in line”.

He said the meeting comes at a time, post 9/11, when due diligence is given a greater degree of prominence worldwide and all players have had to work hard to deal with the onslaught of the many initiatives threatening the financial services industry.

However Chief Minister O’Neal said, the one constant is where the industry and government can work together to achieve a better outcome. “The BVI government is second to none in its commitment to combat this nefarious act and an integral part is ensuring that practitioners are able to tackle the problem effectively.”

President of the H. Lavity Stoutt Community College (HLSCC) Dr. Charles Wheatley recognized the importance of being knowledgeable about one’s business. He said the College sees it as its responsibility for providing the opportunity for anyone who wishes to have as much access as possible to the relevant knowledge and skills to execute their duties as efficiently as possible.

Chairman of the Financial Services Commission Mr. Michael Riegels Q.C spoke of the recently enacted Financial Services Act, which establishes the Financial Services Commission as an autonomous regulatory authority responsible for the regulation, supervision and inspection of all financial services in and from within the BVI.

He said the act ensures that regulated entities are not used for criminal activity, but there is an obligation now as it relates to training and this symposium he said was vital to the risk management strategy.
According to Mr. Riegels, management and staff alike must believe in the need for compliance. He said all jurisdictions are at risk and the BVI is proud of its role as a premier international corporate domicile is safeguarding its integrity.

President of the Offshore Institute Samuel Lohman also addressed the opening ceremony. Mr. Denis. A. Kleinfeld, Principal of the Miami-based Kleinfeld Law Firm was the keynote speaker.