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Public registers mean kissing FS goodbye – Concerned Citizen

- Said politics should not get in the way of dealing with issues of financial services
The state of the Financial Services and the recent statements about same by the United Kingdom (UK) Prime Minister David Cameron was seen through the eyes of a concerned citizen while at the community meeting held at the Valerie O. Thomas Community Centre in Sea Cows Bay on May 30, 2013. Photo: VINO
Third District Representative Hon. Julian Fraser, RA said there needs to be a clear understanding of what’s going on in the world of financial services. He said that any slackening of the financial services front can be devastating considering the “bigger picture of things.” Photo: VINO
Third District Representative Hon. Julian Fraser, RA said there needs to be a clear understanding of what’s going on in the world of financial services. He said that any slackening of the financial services front can be devastating considering the “bigger picture of things.” Photo: VINO
According to Hon. Fraser, the financial services sector has provided a humble income of a great number of women of the Virgin Islands. Photo: VINO
According to Hon. Fraser, the financial services sector has provided a humble income of a great number of women of the Virgin Islands. Photo: VINO
Some of the persons in attendance at the community meeting in Sea Cows Bay on May 30, 2013. Photo: VINO
Some of the persons in attendance at the community meeting in Sea Cows Bay on May 30, 2013. Photo: VINO
SEA COWS BAY, Tortola, VI – The state of the Financial Services and the recent statements about same by the United Kingdom (UK) Prime Minister David Cameron was seen through the eyes of a ‘grass-roots’ citizen while at the community meeting held at the Valerie O. Thomas Community Centre in Sea Cows Bay on May 30, 2013.

“This issue of beneficial ownership and I am going to be very clear, I don’t need my name to be called or mentioned because I want the message to get out and forget about me,” said the resident who is a familiar personality around the community.

In expressing his view, the resident said that if the issue of beneficial ownership becomes public it would be a very serious turn for the worse. “And he (Cameron) even mentioned that he wants to know who is behind the companies, more than likely he want to know who the directors are, the functionaries, meaning the directors,” said the concerned resident.

He said that there are a lot of companies that make a lot of monies from corporate directorships and nominee’s shareholdership among others.  “I am going to tell you plain and simple if we go down that road, and I think that a lot of people in the industry should be on an edge if they are not on an edge. If we go down that road of actually disclosing having public registers we can literally kiss the financial services industry goodbye. I am not here to apologise to anyone. Everyone who is in the know, knows if we go that route we are going to end up in some trouble,” said the resident.

He further explained that “the industry would not cease to exist if people are going to move from here because there are people that have here not for unscrupulous use but there are a lot of people from as far as South America that actually use the finance of the industry for privacy because their assets have been declared and they know they can be kidnapped, they can be held for ransom. It’s a larger issue I understand what they trying to do in capturing people who are using the vehicle for unscrupulous reasons.”

The resident cautioned that there is a need to be very careful that the issue of politics is not the issue but one of survival because if the industry goes down incorporation is not going to increase it’s going to decrease and significantly it’s going to have a rippling effect on the economy. “Because what’s going to happen, the revenue into government is going to fall, it means that people are going to be unemployed not only in the financial services industry but also in government and the list goes on.”

He said with no apologies that monies that are being collected by property owners will not come through tourism but rather through the financial services, which if not dealt with carefully, can have consequences and repercussions. “I really want us to leave from here and think about it really seriously.”

The meeting of the G8 is on June 15, 2013 in Northern Ireland and he said the whole issue of taxation will be a key topic. “We have not been brought in on the satellite but that has been going on for quite some time and I think it is my view, God forbid, it might only be a matter of time. This thing has been coming, it started with the immobilization of their shares, zero taxation. We are at a very serious stage of our development and our future as we should know it,” the concerned resident told the gathering.

Third District Representative Honourable Julian Fraser, RA supported the suggestion that beneficial ownership is one that would cause some level of damage. “And when Mr Cameron said that he wants his friend from the G8 to come on board I think he was talking about just that.”

Hon. Fraser said that it calls for a clear understanding of what’s going on in the world of financial services. He said that any slackening of the financial services front can be devastating considering the “bigger picture of things.”

He referred to the sector providing a humble income of a great number of women of the Virgin Islands. “It’s not a matter of chahooning and chumping at making you the people of Tortola feel good about us when the facts are different, there is a reality and we have to come to grips with it.”

The Member of the Opposition also said it is time that the government of the Virgin Islands level with the people. “It’s a ugly picture, the United Kingdom Government is protecting the citizens of the United Kingdom.” He argued that while the United Kingdom needs the Virgin Islands and will do everything to protect the VI, the exception comes when it comes to the point where their [UK] credibility goes on the line.

Hon. Fraser said he sees the solution in diversifying the economy but he stated emphatically that he is not claiming gloom and doom. “Believe me, that’s not what I am here doing.”

16 Responses to “Public registers mean kissing FS goodbye – Concerned Citizen”

  • Finance (04/06/2013, 14:11) Like (2) Dislike (1) Reply
    And if we decide to stick to our guns, go against everything and become blacklisted, what then? These people talk as if they know but they don't know a damn thing.
    • bookie (04/06/2013, 15:02) Like (4) Dislike (3) Reply
      mr. fraser is one of the few that understands the industry...Dr. Smith just not ready Ronnie should have kept Finance
      • Vinny (04/06/2013, 15:22) Like (1) Dislike (0) Reply

        this has nothing to do with ministry of finance jack^$#$.

        • @ Vinny (04/06/2013, 17:41) Like (4) Dislike (0) Reply

          The days of giving us these Glover Park/Barnes kind of answers, blogs and sh*t& we swallow them are over

          • Pan man (05/06/2013, 07:13) Like (0) Dislike (0) Reply
            wish we had them now to get an international independent review...at least they would be working for us and not the tax man!
    • Peng (05/06/2013, 07:07) Like (0) Dislike (0) Reply
      there is no" then what" always remember mother England are the ones governing policy for these Dependent territories, it means that first and foremost, the blacklist will extend, the US, and many of its allies and those that are bullied with be forced to blacklist us. UK will then step in and shut the whole operation down, then you can ask THEN WHAT............. little too late!

      Only alternative is seek independence and do our own lil operation, however we have to consider all the sanctions which will be imposed, including travel bans, etc.......soon we will be in the same boat as Cuba!
      as the song says "WHAT 2 DO!!!!
  • Bvi man (04/06/2013, 14:13) Like (3) Dislike (0) Reply
    "He argued that while the United Kingdom needs the Virgin Islands and will do everything to protect the VI, the exception comes when it comes to the point where their [UK] credibility goes on the line."

    LMAO! What the hell this man smoking? UK neeeeeds the BVI? LMAOOOOOOOOOOOOO!!!!!!!!!
    • @ Bvi man (05/06/2013, 22:54) Like (0) Dislike (0) Reply
      Get a life. uno too grudgeful, lef de man Frazer alone, he we next leader!!!!
  • eat cake (04/06/2013, 14:18) Like (0) Dislike (0) Reply
    If this goes what will we eat?
    • sayso (04/06/2013, 14:49) Like (1) Dislike (0) Reply
      We will eat fish and sugar apple because there is no planting and growing in our country so we can get food in time like these God for bid it that should happen
  • Fan (04/06/2013, 14:37) Like (2) Dislike (0) Reply
    fraser had a good meeting hope he keeps this up
    • USA student (05/06/2013, 13:40) Like (0) Dislike (0) Reply
      Fraser you jammi but ralph and the ndp not going anyway soon so keep hope alive
  • DON Q (04/06/2013, 19:42) Like (0) Dislike (1) Reply
    Vip no way ndp all the way!
  • like i said (05/06/2013, 10:34) Like (0) Dislike (0) Reply
    We have TIEAs signed wit different countries and BO information can be obtained for any investigative matters. Why should we have that information made public? Unless the PM knows that the other countries of the G8 would not want to have their Registries publish that information and is calling a bluff; that would be a smart move, the thing is even with all the red tape to support agreements who will make the first move, would the US be willing to embark on this with their Delaware companies who have a lot of flaws in their compliance procedures? most definately not. Food for thought though.
  • one eye (05/06/2013, 11:47) Like (0) Dislike (0) Reply
    Thank you. thank you, thank you. Mr. fraser you have become the voice of the people

  • Tola Man (08/06/2013, 00:03) Like (0) Dislike (0) Reply
    Ronnie already have his china shipment coming, so he really don't care what people think. Cline going run it till he is voted out of office. What great ministers we have representing us buddy, my grandmother say what happen in darkness comes to light..


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