Tuesday, August 12 – The Government of the Virgin Islands has moved to expand and diversify its financial service industry, as well as to protect and strengthen the Territory’s reputation as a well-regulated, leading financial services jurisdiction.
In its latest efforts the Government has engaged the services of global management consultants – McKinsey & Company – to undertake a Financial Services Management Consultancy which will help to chart a new direction in the financial services industry.
The project team, which is comprised of experts in financial regulation, asset management and wealth planning, will engage in a nine week consultancy starting from August 12 until mid-November. The team will consult with several committees made up of public sector representatives, a wide cross section of domestic private sector practitioners and other BVI international practitioners in Latin America, Europe and Asia.
The consultancy will be undertaken in three phases and has a number of objectives. Among others, the team will review BVI’s existing legal and business environment to identify the health, quality, and productivity of the financial services industry. The team will also review other work previously undertaken by the Government of the Virgin Islands and advise on the suitability of these recommendations.
Additionally, the project team will advise and assist the Government of the Virgin Islands with managing, rebuilding and strengthening its systems and practices relative to its financial services industry, as well as advise on measures to better protect the international reputation of the Territory.
Finally, the project team will develop a strategic framework and implementation plan to diversify the existing financial services model, and build a new dynamic and innovative financial services model, which will seek to create greater substance and value-added activities in the British Virgin Islands.
Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith OBE stated, “Over the past two years I have led a number of initiatives which sought to critically look at our financial services industry and determine how we should position ourselves for the future.
Premier Smith added, “Throughout that period the industry has been subject to a number of shocks which threaten the viability of what is our most important economic pillar. I am therefore pleased to have commissioned this latest engagement.”
The Premier noted that the selected consultancy firm, who offers a wealth of expertise and experience in the financial services sector, will help the Territory to reposition the financial services industry, having previously done similar assignments for other leading financial services jurisdictions.
“I look forward to receiving the final implementation plan and the Territory being able to move forward strategically as a global financial services leader, with a stronger and more diversified financial services industry,” Premier Smith stated.
It is anticipated that this financial management consultancy will help to reposition the Virgin Islands to better protect, diversify and strengthen its financial services, as well as help to advance the long term sustainability of the Virgin Islands.
For more information on Government initiatives continue to visit the Government website wwww.bvi.gov.vg, or follow us on Facebook, Twitter and YouTube at BVI Government.
To date, the Territory hosts one of the largest registries of international companies in the world. The industry plays a pivotal role in world trade, finance and commerce. The British Virgin Islands offers a diversified range of financial services products, and is globally recognised in the company formation business. This has translated into the financial services industry being one of the main economic pillars in the Territory and the largest source of Government revenue, accounting for approximately 65 percent.
• The financial services industry also injects significant capital into the wider economy and provides countless jobs for BVIslanders and residents.
• The Virgin Islands’ financial services products are used worldwide for wealth planning, asset holding, structuring and joint ventures among others.