Premier and Minister of Finance Dr. the Hon. D. Orlando Smith offered a bit of good and bad news about the Territory’s Financial Services sector to Legislators during his remarks in the House of Assembly on 6 June.
As it relates to the good news the Premier announced that the bumpy patch experienced by the financial services sector is expected to clear a year from now. The bad news, however, is that there are more hurdles to jump.
While speaking in the Private Members Business segment of the House of Assembly Hon. Smith informed the elected Representatives that more trying times are ahead for brand BVI that is just recovering from situations such as the Panama Papers scandal.
Like many other jurisdictions the Territory is also holding steadfast in the face of the recent Beneficial Ownership requirements. While refraining from mentioning any of the immediate concerns, the Premier hinted that paradise is on the horizon, but he noted that the journey will be marred by more negative press and external pressure for the BVI.
Nonetheless, in mentioning his confidence that the sector is on firm footing Premier Smith lauded the BVI Finance brand and noted that it is a private/public partnership that entails Government and the industry practitioners working zealously to guard the brand that is making the difference: “The industry is becoming more involved in what we do as a government helping to defend both the industry and also to promote and help to develop more structures to the benefit of that industry,” the Premier announced.