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by pltm
(PLTM) - Opposition Leader, Hon. Andrew Fahie has come to the defense of the financial services industry, expressing that the BVI is more regulated than the larger countries who continue to label the Territory as a tax haven.
"As a matter of fact, the truth be told, our financial services is more well regulated than most of those who continue to come down on us in terms of looking in a negative light," Hon. Fahie recently said in the House of Assembly.
"Because when you analyze some of the countries that are getting down and calling us money laundering haven, and all kinds of negative names without coming and investigate it."
The Opposition Leader said that that the BVI's regulatory laws are a clear example of how serious governments after governments take regulation seriously.
"It is clear that we are better regulated than most of those larger countries and we have more things in place as much as possible to make sure that wrong doings will not happen.”
He said, “And if it does happen, it will be detected at an early rate because you can never ensure that nothing negative will happen, but if the systems are in place when it happens, that is the important part.”
Hon. Fahie rejected the claim that there is a level playing field in financial services.
"We often hear these things about an even playing field; they say level, but being in math and science I use even. But I have never seen either a level or even playing field in nothing I have ever done in my life. Because what we see from the bigger countries is 'do as I say but not as I do'.”
He also commended successive governments in the BVI for their commitment to the sector.
"I want to say that from government to government, what is well established in this Territory is the support for financial services. All governments past and present have made sure that whatever needs to be done to keep the industry vibrant and transparent to keep it in good stead, has been done and continues to be done,” Hon. Fahie commented.
The Opposition Leader said that while they have to continue to support the industry, they also have to find innovative ways to create other industries to fill the gap where financial services may full short in terms of revenues.
“We have to start to get other realities going because you cannot escape all the challenges of the financial services, a portion of it is going to end up a challenge to keep.”
He continued, “We now have to be vigilant and forward thinking in ways of getting the revenues which are going to be lost from the financial services eventually.”
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