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by pltm
(PLTM) - Hon. Vincent Wheatley, Representative for the 9th District stressed the importance of observing global best practices and standards towards the development of the Territory.
He was at the time speaking in the House of Assembly during the debate of the Non-Profit Organisation (Amendment) Act, 2022, on Tuesday September 20.
“The BVI, even though a very small country, we are an international player, particularly in the area of financial services...if we are going to be competitive, then we have to be compliant,” Hon. Wheatley said.
The proposed amendment would require management of organizations to ensure that training is provided in the areas of anti-money laundering, terrorist financing and other criminal financial offences.
He also raised concerns about small business ventures being disadvantaged in attempting to meet these global standards. He explained that the amended Bill is seeking to address this issue where small organizations will be protected while ensuring that compliance measures are implemented.
Similarly, the debate prompted the Leader of the Opposition and District 3 Representative Hon. Julian Fraser to raise the question about what differences exist between commercial businesses and non-profit organizations, since they are required to adhere by the same principles.
“What is the difference between these non-profit organizations and the major corporations that are under financial services? Is it the volume of money ? That must be the only thing because there seem to be monitored for the same nefarious activities,” he questioned.
He continued by asking “Isn’t it necessary for us to do a reassessment of where this authorization, and authority for non-profit organizations lie?”
He discussed that if the various Ministries continue to act as the authorization bodies, serious consideration about whether they will be adequately equipped to function in these capacities must be taken into account.
Hon. Fraser further expressed his concerns about the absence of clear definitions about what constitutes a non-profit organization and the need for compliance.
“I know in the real world, which is the larger countries, non-Profits can become huge. But the BVI is a part of the real world,” he said.
