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'EU blacklist is old news'- Premier Smith

- brushed off Hon Fraser's concern & defended the territory's efforts of compliance on several fronts
Premier and Minister of Finance Dr the Honourable D. Orlando Smith today June 23, 2015 brushed aside the concerns of Honourable Julian Fraser RA who pointed out that shortly after the National Democratic Party’s (NDP) overwhelming victory, the European Union placed a number of territories inclusive of the British Virgin Islands and the US Virgin Islands. Photo: VINO
Hon Fraser made the comment while speaking at the First Sitting of the First Session of the Third House of Assembly yesterday June 23, 2015 and held at the Multipurpose Sports Complex. Photo: VINO
Hon Fraser made the comment while speaking at the First Sitting of the First Session of the Third House of Assembly yesterday June 23, 2015 and held at the Multipurpose Sports Complex. Photo: VINO
A section of the audience during yesterday's sitting. Photo: VINO
A section of the audience during yesterday's sitting. Photo: VINO
ROAD TOWN, Tortola, VI - Premier and Minister of Finance Dr The Honourable D. Orlando Smith yesterday June 23, 2015 brushed aside the concerns of Honourable Julian Fraser RA (R1)who pointed out that shortly after the National Democratic Party’s (NDP) overwhelming victory, the European Union placed a number of territories, including the British Virgin Islands, on a blacklist.

He was speaking at the First Sitting of the First Session of the Third House of Assembly held at the Multi-Purpose Sports Complex in Road Town yesterday June 23, 2015.

Honourable Fraser during his presentation in the House today said, “Given the result of these elections, everything seemed alright or so we thought, until days after we were to learn of the closing of the [Biras Creek] Resort thus leaving 73 people unemployed. Shortly after that we were to learn of our territory being blacklisted by the EU,” he said.

However, Premier Smith hit back by saying that the territory has taken many steps to ensure that it remains competitive and does not lose its place on the international scene with regards to financial services.

“The Honourable member for the Third District made mention of the territory being blacklisted by the EU but this is old news,” he said and noted that all the EU did was place all the countries that were blacklisted by countries in Europe over the years on a list.

He then went on to speak about how the territory has been compliant in many areas.

Still on France blacklist

The VI has since 2013 been placed on a financial services blacklist by France, for which the NDP blamed the former Virgin Islands Party administration which had left office in November 2011.

Persons have the view that the Premier might have brushed off the statement by Honourable Fraser because of the fact that the blacklisting happened under the watch of the NDP in Government.

The Government had crafted a detailed response to the blacklisting, expressing its disappointment with the decision and puzzling what standard was used to arrive at the listing of countries, which includes many other British Overseas Territories.

“The Government of the British Virgin Islands (BVI) is disappointed with the European Commission’s decision to publish a communiqué and an accompanying annex that seems to suggest that the BVI is a non-cooperative tax jurisdiction,” the response said.

“The BVI has a long track-record of meeting the highest international standards in international cooperation, regulation and transparency, and continues to do so today.

“These efforts have been recognised by the governments of several G8 and G20 countries, and the BVI has met the standards set by international organisations such as the International Monetary Fund (IMF), Financial Action Task Force (FATF) and the Organisation for Economic Co-operation and Development (OECD).”

“The BVI continues to be a constructive and cooperative partner on Transparency and Information Exchange and demonstrates this by having an active role in the OECD's Global Forum which is the largest tax body in the world, as well as sitting on the 30 member Peer Review Group,” said the statement.

17 Responses to “'EU blacklist is old news'- Premier Smith”

  • Well Sah (24/06/2015, 09:51) Like (21) Dislike (5) Reply
    Is he going senile or his head is stuck in the sand?
  • vip (24/06/2015, 09:54) Like (15) Dislike (10) Reply
    This is the second time that the NDP caused us to be blacklisted.
  • .......... (24/06/2015, 11:02) Like (11) Dislike (8) Reply
    Another 4 years of ndp the sector will be dead
    • black list buddy (24/06/2015, 15:49) Like (1) Dislike (5) Reply
      people stop educate yourself as to the state of the worlds especially th EUs economy. they are in a financial crisis an their financial insrtitutions are going overseas. they want to tax them but they aint home . where are they? In the B.V.I. and other Caribbean ano other overseas countries. The EUs are inventing new taxes and new tax methods to tax these institutions but nobodys home. the thing now is that our regulations and laws are so tight that they cont touch these institutions so easily.The result is more institutions are moving out. their policy is rush and introduce more laws and regulations and throw them at us and demand compliance before our leaders con intelligently analyse them.hense their biggest tool of intimidation is a so call black list which they know con only make the islands more attractive to the fraudulent institutions out therean more business for the governments that dare. U.K. andU.S.A> didn't black list these islands. tell the E.U. to stop this intent of intimidation.
  • wize up (24/06/2015, 11:28) Like (19) Dislike (35) Reply
    Fraser acting like BVI just got blacklisted: our territory been blacklisted during the VIP terms in office so the member for the 3rd need to calm down: can he at anytime offer solutions rather than just being a super critic: hon Fraser you are also a member of government so for goodness sake please bring solutions, all you doing is trying to make the ruling party look bad and that approach bit VIP in the @$$ the last election, try something new now please, be part of the solution to the problems that facing our country; we have issues no need to keep pointing those issues out without bringing your solutions to the house of assembly
  • bvi (24/06/2015, 13:40) Like (0) Dislike (5) Reply

    Wize Up! you just spoil my day with your BS comment, is your head stuck in your @$$? the BVI was never blacked listed under the NDP, STOP YOUR IGNORANCE.

    • wize up (24/06/2015, 15:04) Like (0) Dislike (0) Reply
      @BVI; please check your facts: I rather have my head up my own @$$: news flash for you(take your head from other people's @$$).....
  • Real Talk (24/06/2015, 13:48) Like (7) Dislike (1) Reply
    The BVI is now black listed by EUROPE not just FRANCE, the whole of EUROPE place the BVI on the black list, what this mean is that the BVI can no longer do business with EUROPE. This mean that a CHUNK of income has been taken out of the FINANCIAL SERVICE PIE. Don't be fool, if FRANCE was happy with the efforts of the BVI administration, the BVI would have been remove from FRANCE black list, the fact that the BVI remain on the list speak for it self. In addition to that a number of countries in EUROPE has express disappointment in the handling of financials by the NDP government, hence the EU BLACK LIST.
  • :) (24/06/2015, 14:16) Like (5) Dislike (1) Reply
    'EU blacklist is old news'.........well sah, the BVI Financial Services Industry will very soon, likewise, be 'old news.' When are you going to stop fooling people into thinking that everything is ok and that this is going to last forever?
    • one eye (24/06/2015, 23:02) Like (1) Dislike (1) Reply
      the poor people got brain washed they will hear the news real soon yall!
    • ABC (25/06/2015, 13:04) Like (2) Dislike (0) Reply
      Don't blame the man, some times the scrip does not arrive on time and he has to speak off the cuff.
  • Yute (24/06/2015, 15:32) Like (6) Dislike (2) Reply
    The people voted ndp it means the finicial services sector under the ndp will be dead soon
  • qc (24/06/2015, 23:02) Like (4) Dislike (1) Reply
    i still maintain NDP must go!
    • watcher (25/06/2015, 22:06) Like (0) Dislike (0) Reply
      as long as they control the major districts of tortola they aint going anywhere, it's you tola people fault but then again ndp is the embodiment of a tortolian, arrogant and boasting with little facts to back them up


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