US Virgin Islands No Longer on EU’s High-Risk Jurisdiction List, Says Governor Bryan
In a major breakthrough, the United States Virgin Islands has been officially removed from the European Commission’s blacklist of high-risk jurisdictions posing significant threats to the European Union’s financial system.
Background
The US Virgin Islands was placed on the list along with Puerto Rico, Guam, and American Samoa in February, sparking widespread concerns about the impact on foreign investment and banking confidence. The territory had been working closely with the US Treasury Department and legal team in Washington to persuade EU members to reverse the declaration.
Governor’s Statement
“We are pleased that the Department of Treasury, at our request, undertook aggressive actions to get EU members to reverse the blacklisting,” said Governor Albert Bryan Jr. “We have worked tirelessly to address concerns over anti-money laundering and countering the financing of terror regimes, and this decision is a significant victory for our government and business community.”
Criticism and Concerns
The European Commission’s decision to place the US Virgin Islands on the list was met with criticism from local authorities and business leaders. “Blacklisting the territory hampers our efforts to keep and attract foreign investment and erodes confidence in our banking system,” Bryan noted.
EU Council Meeting
The removal of the US Virgin Islands from the list comes after 27 out of 28 EU member states objected to the list during a Council Meeting last week in Brussels, Belgium. This significant victory is seen as a major boost for the territory’s government and business community.
Implications and Opportunities
With this development, the US Virgin Islands can now focus on promoting its financial services sector and attracting foreign investment without the stigma of being labeled a high-risk jurisdiction. The removal from the list is expected to:
- Boost confidence in the territory’s banking system
- Facilitate greater cooperation with international partners
- Open up new opportunities for foreign investment and economic growth
Overall, this decision marks an important milestone for the US Virgin Islands, and we look forward to seeing the positive impact it will have on the territory’s financial sector.