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'NDP Govt doing nothing to fix Financial Services' – Hon Julian Fraser, RA

“Our Government’s attitude towards this development with the Financial Services is exactly the same as with Tourism, which is to do nothing and hope for it to correct itself. It’s the old ostrich syndrome,” said Chairman of the Virgin Islands Party (VIP) Honourable Julian Fraser, RA. Photo: VINO
Financial Services (FS) which is the undisputed cash cow for the Government’s Treasury, being responsible for over 60% of the Territory’ revenue, has been taking a pounding both in negative publicity and stagnant growth since the middle of last year, Hon Fraser stated while speaking to residents from various corners of the Territory on August 27, 2014 at a community meeting held at the Valerie O. Thomas Community Centre, Sea Cows’ Bay, Tortola. Photo: VINO/File
Financial Services (FS) which is the undisputed cash cow for the Government’s Treasury, being responsible for over 60% of the Territory’ revenue, has been taking a pounding both in negative publicity and stagnant growth since the middle of last year, Hon Fraser stated while speaking to residents from various corners of the Territory on August 27, 2014 at a community meeting held at the Valerie O. Thomas Community Centre, Sea Cows’ Bay, Tortola. Photo: VINO/File
Hon Fraser greeting residents at the community meeting last Wednesday August 27, 2014. Photo: VINO
Hon Fraser greeting residents at the community meeting last Wednesday August 27, 2014. Photo: VINO
SEA COWS’ BAY, Tortola, VI – “Our Government’s attitude towards this development with the Financial Services is exactly the same as with Tourism, which is to do nothing and hope for it to correct itself. It’s the old ostrich syndrome,” said Chairman of the Virgin Islands Party (VIP) Honourable Julian Fraser, RA (R3).

Financial Services (FS) which is the undisputed cash cow for the Government’s Treasury, being responsible for over 60% of the Territory’ revenue, has been taking a pounding both in negative publicity and stagnant growth since the middle of last year, Hon Fraser stated while speaking to residents from various corners of the Territory on August 27, 2014 at a community meeting held at the Valerie O. Thomas Community Centre, Sea Cows’ Bay, Tortola.

“In the period since we have seen the sector basically stagnated under the weight of negative press primarily from the Guardian Newspaper in London, and the International Consortium of Investigative Journalists (ICIJ), which takes credit for the assault on what they term as Tax Havens, seemingly singling out the British Virgin Islands,” said Hon Fraser.

He recalled that the French Government had gone to the extent of blacklisting the (British) Virgin Islands, something that has never happened in the 30 years history of the financial sector, which ironically was just celebrated this year.

Hon Fraser believes that the ICIJ’s evidence is compelling and is worth Government’s attention. “If our Financial Services are under attack, not only does the industry suffer, but our Treasury takes a direct hit.”

Hon Fraser said that it is an unfortunate situation that this strategy of the NDP Government which is not working in Tourism, is not working here either, because the French Blacklist is still in force since August 2013, despite this statement by Premier and Minister of Finance and Tourism Dr the Honourable D. Orlando Smith in November 2013, which said, “The Government has had discussions with France as far as the Blacklisting is concerned and France is now satisfied with the process which we have in place”.

“That statement left everyone believing that the French had assured the Premier that the blacklisting was to have been removed. The ICIJ seems more persistent in changing our business model than we are in fixing what’s wrong if anything with the sector. I believe that anything short of tackling this problem head on, including engaging our adversaries is a nonstarter, and it is past time for the Premier to show leadership in this regard,” said Hon Fraser.

He further stated that the ICIJ boasts of having files which came from two off-shore firms, Singapore based Portcullis TrustNet and Virgin Islands-based Commonwealth Trust Limited, that help clients create offshore companies, trusts and bank accounts.

“They further claim that the files are a part of a cache of 2.5 million leaked files they have so far sifted through with help from more than 50 reporting partners in Europe, North America, Asia and other regions.”

According to the same ICIJ, since last April, their stories have triggered official inquiries, high-profile resignations and policy changes around the world. That is not an organization that has quit in its DNA. “As I speak, stories are being written about the BVI, and they aren’t pretty,” said Hon Fraser adding, “Just like reporting the story doesn’t mean you endorse it, ignoring it doesn’t make it go away either. I choose to report it.”

26 Responses to “'NDP Govt doing nothing to fix Financial Services' – Hon Julian Fraser, RA”

  • VG (03/09/2014, 09:23) Like (16) Dislike (2) Reply
    What a you Hon Fraser trying all of a sudden you have interest in this Beautyifull territory in a whole an just not 3rd do u think we're foolish well were not what you a saying about the sitting Government is the same things the was said about VIP administration come change the mood an attitude we just might consider you but any how we don't vote premier
  • chad (03/09/2014, 09:33) Like (70) Dislike (3) Reply
    I can't believe he really said that with a straight face. The government did nothing? Hmmm!! The last time I checked, the government pushed back globally against the negativity, UK has made statements and consultants hired in this regard. ICIJ are no different to certain local sites who pretend to be interested in journalism but have their own agenda. Fraser is preaching to his crowd. What did he and his government do during the recession? Spend a bunch of money all over and couldn't complete one single meaningful project. I know this won't be posted but facts are facts.
    • @ wow (04/09/2014, 01:17) Like (0) Dislike (3) Reply
      Please tell them for me that NDP spin doctors are out.... crime is on the decrease...Hahaha. Thats a classic one. That is a stock attacking line in every Government, whether it is true or not. I suppose it has a nice resonance to it.

      Oh, you forgot to mention that the NDP have remove cracks in our sidewalks.
      • chad (04/09/2014, 11:10) Like (3) Dislike (0) Reply
        Are you going to dispute the details of my post or just the usual hogwash to distract people. The only spin is in your head. Anybody wanting to research the claims I made can do so easily. You have nothing to add to the I debate.
  • crazy (03/09/2014, 09:34) Like (10) Dislike (36) Reply
    I hope when Hon. Fraser party get in power they will do more to fix the Financial Services and all other issues in the Territory.
    • pat (03/09/2014, 12:00) Like (29) Dislike (0) Reply
      Fraser is not qualified to oversee the bigger picture. This is deep and intertwined. A hissy fit won't fix it right now.
  • true tolian (03/09/2014, 09:47) Like (47) Dislike (5) Reply
    why don't someone give Fraser an dose of hush.our financial services has always been under attack not
    only now.Every time we come with whatever requirement they insist they move the goal post.Does he
    think the few Tieas they signed when they were in power fixed it no it did not.For a small community
    we are doing well and not having to go to the imf to borrow money which does not go down well,plse
    remember a number of these larger of countries that wants to blacklist us are also members of the imf.
    Do your research and you would see all the countries that borrowed loans from the imf ,you would see
    their stipulations and the chaos they has caused.
  • rewrsdffds (03/09/2014, 09:48) Like (20) Dislike (4) Reply
    So when will he tell us how him and VIP will fix financial services. How can government fix financial services? Lmao!
    • Vote VIP All The Way (03/09/2014, 10:46) Like (5) Dislike (28) Reply
      Wait until our manifesto comes out and in there you will get all the goodies.
    • Wait! (04/09/2014, 07:20) Like (0) Dislike (3) Reply
      YOur ambush psychology wear off. Find another tag line. tell us how NDP fixing it.
  • People (03/09/2014, 10:24) Like (23) Dislike (16) Reply
    Our financial services is under attack far more than the NDP is telling us. Also because of the NDP France has black listed us. Getting a Fraser might be popular but the NDP & FSC hiding the real truth & not adequately dealing with it will get us all in trouble in the not too distant future.
  • sea weed (03/09/2014, 11:40) Like (4) Dislike (33) Reply
    Fraser is the man to fix the bvi
  • Worker (03/09/2014, 11:53) Like (24) Dislike (0) Reply
    You sound silly
  • Kudos (03/09/2014, 13:20) Like (0) Dislike (0) Reply
    How can you not do 'nothing'? That is not possible!!!!!
  • xxxxxxxx (03/09/2014, 13:52) Like (2) Dislike (21) Reply
    Jump high jump low Fraser will be the next premier
  • rattie (03/09/2014, 14:03) Like (2) Dislike (7) Reply
    NDP trying to hoodwink and bamboozle we again you mean the last thing left the financial services they going destroy it? Suckteeth
  • Accountant (03/09/2014, 14:45) Like (20) Dislike (4) Reply
    $0 was in the reserve fund, thanks VIP!

    $50 million is now in the reserve fund, thanks NDP!

    Lets vote in VIP again! STRUPESSSSSSSSSSSSSSSSSSSSSSSSS
    • @ Accountant (03/09/2014, 17:38) Like (2) Dislike (23) Reply
      If anyone so foolish to vote the NDP back in, the UK will tek over over the BVI
      • fco (04/09/2014, 00:59) Like (0) Dislike (4) Reply
        I am not a fan of Fraser but right now he is the best man to lead the BVI from the NDP mess and corruption
    • but! (03/09/2014, 22:24) Like (0) Dislike (3) Reply
      The bank took several houses and countless businesses went under while we banked the 50 million.
  • Hanky Panky (03/09/2014, 19:27) Like (1) Dislike (0) Reply
    I do agree that the financial services is under attack and the recently introduced FATCA is also having its effect felt with Britain and the EU lining up with their own version. Now lets here solutions instead of pointing fingers or we all will suffer one by one
  • vip (04/09/2014, 01:00) Like (0) Dislike (3) Reply
    FRASER FRASER FRASER FRASER FRASER ALL THE WAY
    • Got Yah! (08/09/2014, 02:45) Like (0) Dislike (0) Reply
      All the way to insignificance and extinction after the next election.
  • in the news (04/09/2014, 01:12) Like (0) Dislike (2) Reply
    I am begging you Julien Frazer to let the NDP know that their economic reform is not designed to stimulate growth and that the poor people cannot survive another round of NDP taxation
  • BOL (04/09/2014, 01:24) Like (0) Dislike (2) Reply
    Mr. Fraser when you become the next Minister of Finance let it be known that all economic plans for we BVI must be to get rid of poverty in such a small nation.
  • Plank (04/09/2014, 08:04) Like (1) Dislike (1) Reply
    No Government can save our financial service industry, the big dogs are after us, with rules and regulations to ensure our failure, "We are doing too good". They know that. Do anyone remember West indies cricket back in the 70s and 80s? We were dominating that sport beating the world, then what happened?, The big dogs start the attack, putting rules and regulations in place to kill us, to ensure we fail. Now we are almost dead at Cricket, You see where I am going? (The big dogs may appear to be genuine, don't be fooled, they are not)


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