Got TIPS or BREAKING NEWS? Please call 1-284-442-8000 direct/can also WhatsApp same number or Email ALL news to:newsvino@outlook.com;                               ads call 1-284-440-6666

No division in legislature on FATCA- Premier

- says continued challenges down the road for VI in Financial Services
Premier Dr The Hon. D. Orlando Smith has said there is no division in the legislature where the Territory’s response to FATCA issues is concerned. Photo: VINO
Third District Representative Hon. Julian Fraser, RA had charged that the Premier was selling out the privacy of VI citizens to the United States in his attempts to facilitate reporting obligations under FATCA. Photo: VINO/File
Third District Representative Hon. Julian Fraser, RA had charged that the Premier was selling out the privacy of VI citizens to the United States in his attempts to facilitate reporting obligations under FATCA. Photo: VINO/File
Dr Smith also felt that further challenges lay down the road for the Territory’s Financial Services and indicated that this has been the case since the inception of the sector in the VI. Photo: VINO
Dr Smith also felt that further challenges lay down the road for the Territory’s Financial Services and indicated that this has been the case since the inception of the sector in the VI. Photo: VINO
ROAD TOWN, Tortola, VI – Premier Dr The Hon. D. Orlando Smith has said there is no division in the legislature where the Territory’s response to FATCA issues is concerned.

In response to challenges brought by Third District Representative Hon. Julian Fraser, RA on the FATCA issue, Dr Smith said at a press conference on August 30, 2013, “[Hon. Fraser is] not in government”. He added that the legislature functions by majority, even when there is a vote being taken on any matter in the legislative council.

Hon. Fraser had charged that the Premier was selling out the privacy of VI citizens to the United States in his attempts to facilitate reporting obligations under FATCA.

Premier Smith said in a statement in response to Hon. Fraser’s charges recently that the government’s role with FACTA is to facilitate reporting obligations of the US citizens residing in the VI and also to reduce costs associated with direct reporting to the US government.

In response to a question suggesting that the Third District Representative was unaware of the facts before the Premier’s response, Dr Smith said, “I think that is a good way to put it.”

According to the Premier, there is no trade off between himself and the Third District Representative as he merely made a statement which was followed by a fuller statement explaining his point of view.

Premier Smith restated that from this month, there will be a public education programme conducted by government to inform the residents of the Virgin Islands of the full extent of what is required by FATCA.

“The reality is that the Financial Services is a very competitive Sector and we do what we have to do in order to facilitate the sector and that is one thing which we think is very useful to continue to promote the jurisdiction as a jurisdiction of choice, which is important as there are many other areas or countries that are also involved in Financial Services,” the Premier stated.

More challenges ahead for financial services

Dr Smith also felt that further challenges lay down the road for the Territory’s Financial Services and indicated that this has been the case since the inception of the sector in the VI.

“Since the inception of the Financial Services Sector here in the BVI, there has been continual challenges put up by new initiatives by the OECD countries by the FATF and other regulatory bodies and it is a constant progression of new initiatives put up by them or new challenges. We have always addressed those challenges and addressed those initiatives and the BVI has continued to have a very sustainable Financial Services Sector,” Dr Smith stated.

He added, “The BVI will continue to address the challenges that come and I’m sure that we will be able to continue to have a sector that continues to provide as it has for the BVI. The challenges of course will continue and they’ll get greater but we will have to do what we will have to do, look at the challenges and make adjustments where necessary to our model to be able to perform in the sector.”

12 Responses to “No division in legislature on FATCA- Premier”

  • Cartman (04/09/2013, 08:52) Like (3) Dislike (1) Reply
    we no longer trust orlando so its go through one ear and coming out throug the other
  • ooooo (04/09/2013, 08:52) Like (1) Dislike (0) Reply
    is this the truth?
  • Sell out (04/09/2013, 09:16) Like (5) Dislike (1) Reply
    The NDP continues to sell out their own people in every facet then come with fancy speeches & marketing to try to convince us & suggest otherwise. These guys are dangerous & scary because they themselves have a challenge in telling the truth anymore.
    • ta ta (04/09/2013, 12:03) Like (0) Dislike (1) Reply
      I don’t normally agree with you VIP like sell out but this issue I agree
  • Ah saw (04/09/2013, 09:51) Like (7) Dislike (0) Reply
    I find the now Premier to be a great disappointment. I find him to be a deceiver. He has me seriously concern how he is leading.
  • No joke (04/09/2013, 09:55) Like (5) Dislike (1) Reply
    People I think that the stability of the Premier needs to be examined because I have doubts that he is mentally stable and this is not a joke.
  • qc (04/09/2013, 11:23) Like (4) Dislike (0) Reply
    NDP Dismal Record at play again?
  • @@@@@@ (04/09/2013, 15:08) Like (0) Dislike (0) Reply
    and the VIP say dem aint know ah ting bout tis?
    • JACK BE STILL (05/09/2013, 01:03) Like (0) Dislike (0) Reply
      we also want to hear more about the real big issues like the failing agricultural sector and the declining economy
  • vip to ndp (04/09/2013, 15:34) Like (2) Dislike (0) Reply
    if he wants the opposition at least Fraser and Fahie to sing Kum by ya with them at least provide the information
  • . (04/09/2013, 15:44) Like (0) Dislike (0) Reply

    king li@rd

  • whatever (05/09/2013, 13:29) Like (0) Dislike (0) Reply
    The success of of the BVI depends on a myriad of external factors over which we have no control. Too much optimism can lead to an expectation of fairy tale endings. It's hard to make predictions, especially about the future!


Create a comment


Create a comment

Disclaimer: Virgin Islands News Online (VINO) welcomes your thoughts, feedback, views, bloggs and opinions. However, by posting a blogg you are agreeing to post comments or bloggs that are relevant to the topic, and that are not defamatory, liable, obscene, racist, abusive, sexist, anti-Semitic, threatening, hateful or an invasion of privacy. Violators may be excluded permanently from making contributions. Please view our declaimer above this article. We thank you in advance for complying with VINO's policy.

Follow Us On

Disclaimer: All comments posted on Virgin Islands News Online (VINO) are the sole views and opinions of the commentators and or bloggers and do not in anyway represent the views and opinions of the Board of Directors, Management and Staff of Virgin Islands News Online and its parent company.