Preparing for a legislative onslaught
With onshore jurisdictions seeking to tighten financial services regulation, jurisdictions like the BVI are worried about the impact new rules could have on them. BVI financial secretary Neil Smith discusses the options open for the territory in meeting the challenges.
The British Virgin Islands (BVI), with a population of under 25,000, relies heavily on financial services and tourism to fuel its economy. Both sectors are exposed to a prolonged global recession. Any measures that artificially restrict the flow of financial business to the BVI could be a severe blow to its economy.
BVI financial secretary Neil Smith is keeping a cool head as he ponders the government’s response to the global financial crisis. “The economy is already shrinking. What is not clear
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