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
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.
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
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”.
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.
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.”
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.
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.
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.
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.
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