EXCLUSIVE: Who to Blame for France blacklisting of VI? - Gov John S. Duncan
![By the last year of the Virgin Islands Party Administration [2007-2011] they had signed a record 22 Tax Information Exchange Agreements. Here was the last one signed with the Czech Republic. Former Deputy Premier Dancia Penn QC signed the 22nd TIEA on June 13, 2011 in Prague with First Deputy Minister Mr Ladislav Mincic. Photo BVIFC](https://www.virginislandsnewsonline.com/cache/images/800x_3_350x_2_245_PHOTO_BVI_SIGNS_22ND_TIEA_WITH_GOVERNMENT_OF_THE_CZECH_REPUBLIC.JPG)
Further, he said he believes that the blacklist by France of the Territory's financial services was unfair.
He was speaking with this news site on November 20, 2014 during an exclusive interview.
"I hope the French will lift the blacklist by the end of this year," he said. "I think BVI in my personal view has been unfairly cited. I think we are a well regulated Territory," he said.
"The French blacklist, when it came about, indicated there was a problem in the way we were implementing some of the international regulations in terms of us being in response," he said.
"The French blacklist is as much about the French internal politics as it is whether BVI was properly carrying out its functions," he said.
He said that he was pleased to see that the government took action to deal with it.
"But equally it is a manifestation of a wider issue about offshore financial services. As I heard at a meeting recently many governments across the world are suffering economically so they are looking everywhere for money that they can extract from the system and one of the areas that other governments are looking for is possible tax evasion," he said.
"What we do is often described as financial services but in fact it is not financial services. It is business services for the global economy. It is incorporation and the judicial side sits behind that so that if there are problems in these companies acting globally they can resolve them," he said.
"This is absolutely key to the good functioning of the global economy. We play a really important role in that functioning of the global economy," he said.
He noted that financial services are only part of what the Territory does. "We are not a banking centre. I've been stressing to a number of important players in this area that they should talk about business services because that is what we do. It is important that the global community understands the role that the BVI plays," he said.
He said part of the important role that the Territory plays include going to the Arab fora for asset recovery and handling requests from African countries where some governments with corrupt politicians have been stashing money away through front companies.
The record on who is best on the Financial Services sector
The Virgin Islands Party (VIP) and the National Democratic Party (NDP) have been trading blame as to which government was responsible for the blacklist being imposed by France.
The Opposition VIP which started much of the modern financial services industry in the Virgin Islands has accused the ruling NDP of not doing enough to protect the sector and said the blacklisting by France in 2013 under their watch was yet another example of incompetence and lack of understanding of the sector.
When told about the NDP claim that it was the VIP which caused the Territory to be blacklisted by France, VIP Boss Julian Fraser RA (R3) had this response on his party’s radio show recently: “Again, this thing is getting more and more ridiculous. Maybe it is desperation more than anything else. You are telling me, and I have to listen to this, that the VIP is responsible for the French blacklisting the Virgin Islands? Now France put the Virgin Islands on its blacklist in August 2013. That’s two years after the Virgin Islands Party left office.”
Hon Fraser continued: “Also keeping in mind that the VIP was the only party to sign tax information exchange agreements, over two administrations from 1999 to 2003 and 2007 to 2011, while the NDP signed none in their first administration from 2003 to 2007 and signed none in their second administration from 2011 to the time the French blacklisted us in 2013. The French detected this careless and irresponsible approach that the NDP Government had towards our financial services and they took action. They made 43 requests for information from our Government and I think they got something like 21. What do you expect? And they could look to blame us?”
However, the NDP fired back claiming that the issues raised by France came up during the 2007 to 2011 administration of the VIP.
The VIP has stated, which is a fact, that during the 2003-2007 NDP Administration they signed not one TIEA to protect the sector. Once the VIP returned to power in 2007-2011 they signed some 22 TIEA - a record number - another tool to protect the sector and comply with all international standards.
With the return to power of the NDP in 2011 they have signed a mere 3 TIEA and critics of the NDP have now concluded that the VIP is better able and experienced to protect the financial services sector and comply with international regulations.
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26 Responses to “EXCLUSIVE: Who to Blame for France blacklisting of VI? - Gov John S. Duncan”
Go get a job yo hungry self! That is why you like the green team, you love hand outs you PAID BLOGGER!
The reason people like you are always running around saying we need a new party is because of your ignorance. Case in point is the foolish statement you made here about "Virgjn Islands beong Blacklisted before NDP came into office". What ignorance! When the French blacklisted us in August 2013.
Stop spreading NDP lies. If they going to pay you to blog, they could at least give you the facts
Win with lies
facts say it alll
http://www.taxjustice.net/2014/12/05/dear-minister-schauble-dont-block-public-registries/