Financial Crime World

British Virgin Islands Toughen Banking Regulations to Combat Financial Crime

Strengthening the Island’s Financial Services Sector

The British Virgin Islands (BVI) have taken significant steps to tighten their banking regulations in a bid to prevent financial crime and protect the integrity of the island’s financial services sector.

Established Regulator: BVI Financial Services Commission

The BVI Financial Services Commission (FSC) is responsible for regulating and supervising all financial services, including insurance, banking, and mutual funds. Established in 2001, the commission has recently expanded its responsibilities to:

  • Promote public understanding of the financial system
  • Police the perimeter of regulated activity
  • Reduce financial crime
  • Prevent market abuse

New Responsibilities for FSC

In addition to its existing responsibilities, the FSC now oversees:

  • Registration of Companies: The commission is responsible for registering companies, limited partnerships, and intellectual property.
  • Asia Representative Office: The FSC has launched an Asia representative office in Hong Kong to support business development in the Asia Pacific Region.

Leadership and Expertise

The FSC’s leadership team brings extensive experience and expertise to their roles:

  • Chairman: Robin Gaul: A seasoned accountant with a strong background in the public sector, Gaul qualified as an accountant in the UK in 1967.
  • Managing Director/Chief Executive Officer: Robert Mathavious: With over 25 years of experience as a civil servant, Mathavious has worked tirelessly to ensure the island’s financial system remains robust and secure.

Increased Transparency and Accountability

The new regulations are designed to increase transparency and accountability within the financial services sector. The FSC is committed to ensuring that the island’s financial system remains secure and reputable.

International Cooperation

The BVI’s efforts to combat financial crime are part of its commitment to international cooperation:

  • Agreements with Other Countries: The island nation has signed agreements with several countries to share information and best practices in the prevention of money laundering and other financial crimes.
  • Enhancing Reputation: The FSC’s initiatives are expected to enhance the reputation of the BVI as a reputable financial center, while protecting the interests of local businesses and residents.