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USA brands VI as one of many money laundering countries in the Caribbean!

- American report published last week by the US State Department in the 2016 International Narcotics Control Strategy Report (INCSR)
The Virgin Islands has been listed as one of some fourteen nations in the wider Caribbean that have been named by the United States as “major money laundering” countries in the 2016 International Narcotics Control Strategy Report (INCSR) released by the US State Department on Wednesday March 2, 2016. Photo: VINO
The feisty Leader of the Opposition, Hon Julian Fraser RA (R3) asked readers not to waste time reading the report coming from the 'world’s number one hypocrite-The United States of America.' Premier Dr The Hon D. Orlando Smith (right), when contacted by Virgin Islands News Online, said he would have to read the report before he can offer a comment. Photo: VINO/File
The feisty Leader of the Opposition, Hon Julian Fraser RA (R3) asked readers not to waste time reading the report coming from the 'world’s number one hypocrite-The United States of America.' Premier Dr The Hon D. Orlando Smith (right), when contacted by Virgin Islands News Online, said he would have to read the report before he can offer a comment. Photo: VINO/File
ROAD TOWN, Tortola, VI- The British Overseas Territory of the Virgin Islands is yet again under scrutiny from the power house to the North- the United States of America (USA).

The Virgin Islands has been listed as one of some fourteen nations in the wider Caribbean that have been named by the United States as “major money laundering” countries in the 2016 International Narcotics Control Strategy Report (INCSR) released by the US State Department on Wednesday March 2, 2016.

According to the US State Department’s definition, a major money laundering country is one “whose financial institutions engage in currency transactions involving significant amounts of proceeds from international narcotics trafficking."

VI maintains it is well regulated

The Virgin Islands (VI) remain a UK overseas territory, with its economy dependent on tourism and the offshore financial sector. The VI continues to advertise itself as a well-regulated, legitimate, sophisticated financial centre offering accounting, banking, and legal services; captive insurance; company incorporation; mutual funds administration; trust formation; and shipping registration.

According to an article in Caribbeannewsnow.com, as of September 2015, the banking sector in the VI has assets valued at $2.4 billion.

However, the information from the American International Narcotics Control Strategy Report (INCSR) claims that the VI financial institutions receive significant amounts of proceeds from international narcotics trafficking.

The VI is on the list with countries such as Haiti, Colombia, Costa Rica, Guatemala, St Maarten, Venezuela, and the Dominican Republic to name a few.

Local reaction to report

Leader of the Opposition Hon Julian Fraser RA (R3), one of the few politicians who understands the financial services sector, writing today March 7, 2016 on his Facebook page, blasted the report and labeled the United States as a “hypocrite.” Hon Fraser, a former Deputy Chief Minister under a Virgin Islands Party (VIP) Government, went on to say that the countries listed as ‘Money Laundering’ countries “were all created by the United States.”

The feisty Leader of the Opposition asked readers not to waste time reading the report coming from the “world’s number one hypocrite- The United States of America.”

Meanwhile, Premier Dr The Hon D. Orlando Smith, when contacted by Virgin Islands News Online, said he would have to read the report before he can offer a comment.

Efforts to reach Managing Director/Chief Executive Officer of the Financial Services Commission, Dr Robert A. Mathavious and Executive Director of BVI Finance Mr Julien N. Johnson for comments were unsuccessful.

Financial Sector in decline under NDP

Many in the local Financial Services Sector are calling for a shakeup at the Financial Services Commission. It is unclear, if this is a call for the longtime head Dr Robert A. Mathavious to be replaced.

Critics have also claimed that the National Democratic Party (NDP) Government of Premier Smith has not done enough to protect the sector from international media attacks and its inability to address the concerns of the international community and media while it tries to censor the local media.

Under the VIP there was a concerted effort to protect the Financial Services Industry, including signing of many Tax Information Exchange Agreements (TIEA), with the NDP signing less than 10 compared to the VIP signing over 21 while in office [2007-2011].

Furthermore, there has been a decline in Company Resignation from 2011 after the NDP took office.

39 Responses to “USA brands VI as one of many money laundering countries in the Caribbean!”

  • wize up (07/03/2016, 16:45) Like (11) Dislike (1) Reply
    that will not stop under this administration: the cruise project is not the only questionable matter floating around this territory (keep the faith)...
  • SMH (07/03/2016, 17:13) Like (6) Dislike (4) Reply
    Another ndp "success"
  • ccc (07/03/2016, 17:53) Like (1) Dislike (0) Reply
    Well sah
  • Politcal Observer (07/03/2016, 18:02) Like (32) Dislike (72) Reply
    Look the difference between Hon Frazer and Dr. Smith. This report out all over the net from last Wednesday Dr. Smith response is he does not know or have to read it.

    Mr. Frazer who out of power done read it and has a response. The NDP and Dr. Smith less they are on the way to destroying the Financial Services Sector it’s a SHAME!!

    Yet another example of why the people made a bIg Big mistake last election such incompetence and failure from Smith
    • @ Political Observer (07/03/2016, 18:19) Like (19) Dislike (35) Reply
      yu hit de nail on the head meh bouy NDP aint ready
    • ta ta (07/03/2016, 22:46) Like (6) Dislike (0) Reply
      Of course, no man is perfect and Mr. Fraser is no exception.
    • plenty (07/03/2016, 23:20) Like (1) Dislike (3) Reply
      What mdonu know about diplomacy. Premier is responsible for q country you always have to take the diplomatic approach!!! Pure ignorance.
      • @ plenty (08/03/2016, 21:52) Like (1) Dislike (0) Reply
        if we contiune with the NDP gang we need a 180 degree turn around in every facet, they have we country at the edge of the cliff.
  • Building Courage (07/03/2016, 18:09) Like (15) Dislike (7) Reply
    I agree there needs to be a shake up at FSC yall
    • Building Courage 1 (08/03/2016, ) Like (4) Dislike (0) Reply
      It is good to know that there is another individual "Building Courage 2" in the community. The more people who can speak out on "issues which affect us ALL" in our community without FEAR, sooner or later that energy will build momentum and that momentum will lead in to some form of collective action; hopefully we can prioritize and solve some of our pressing issues before we allow all of our troughs to run dry.
  • Observer 1 (07/03/2016, 18:43) Like (17) Dislike (33) Reply
    At least we know now the NDP is bad for the Financial Services Sector the VIP is better at the international stuff.

    Fraser needs to be our Premier Fast Fast Fast
  • Finance observer (07/03/2016, 19:08) Like (17) Dislike (1) Reply
    New guard required at FSC and BVI Finance. Need industry people with industry qualifications now, the world has changed.
    • facts man (07/03/2016, 20:14) Like (13) Dislike (0) Reply
      Because NDP has made everything political we never get the best and brightest to help us to grow
  • VG-1 (07/03/2016, 20:14) Like (11) Dislike (6) Reply
    The USA are just jealous of us that there Virgin Islands are not doing as well. They have bigger fish to talk about than to talk nonsense about our paradise.
  • DEA (07/03/2016, 20:31) Like (18) Dislike (6) Reply
    the extradition of 5 drug dealers wanted in florida and north carolina has been refuse few years ago.may be something to do with that?
    • Government house (07/03/2016, 21:22) Like (5) Dislike (1) Reply
      Soon coming for them we ain't done yet better believe it
      • Oh yeah (08/03/2016, 12:56) Like (0) Dislike (0) Reply
        It might take a while longer but we are coming for them. "Everything takes time".
  • John (07/03/2016, 20:34) Like (20) Dislike (1) Reply
    The USA is number 1 when it comes to laundering money on behalf of corrupt politicians from around the globe followed by the UK. Hypocritical as always. Same old.
  • Karli (07/03/2016, 21:30) Like (10) Dislike (1) Reply
    USA is the largest money laundering country in the world. Fisherman don't care if his fish stinks, he just goes around smelling others
  • cay (07/03/2016, 22:29) Like (6) Dislike (13) Reply
    Fraser speaking good infact the only one that can properly respresent us overseas
  • Eagle Eye (07/03/2016, 22:33) Like (5) Dislike (6) Reply
    Classy man. In an ideal world, Julian Fraser is exactly who I think we need to run the country.
  • from tola... (07/03/2016, 23:05) Like (9) Dislike (1) Reply
    yes, it is no surprise that under this government our BVI and people have been marginalized
  • rio (08/03/2016, 06:31) Like (14) Dislike (7) Reply
    Orlando is a p**k. Weak leader. You have to read an article to respond to such an allegation against your country. Do someting man.....Lead, Follow or get out the way.
  • Boo (08/03/2016, 07:31) Like (4) Dislike (0) Reply
    No mention of Delaware and Vegas?
  • Hope (08/03/2016, 07:54) Like (11) Dislike (1) Reply
    Leader of the Opposition Hon Julian Fraser RA (R3), one of the few politicians who understands the financial services sector, writing today March 7, 2016 on his Facebook page, blasted the report and labeled the United States as a “hypocrite.”

    Finally a fair statement by Julian Fraser, where he does not try to blame the NDP for the US writing such an agenda-driven report. There is yet hope for Hon Fraser.
  • usa (08/03/2016, 08:27) Like (9) Dislike (0) Reply
    The Biggest money laundering country in the world is the U.S.A!!!!!!!!!!!!!!!!!!!!!!!!!!! Strupessss. Always want to clean other people's eyes and leave their own
  • American (08/03/2016, 09:35) Like (2) Dislike (0) Reply
    US is Hitler in disguise, always going around bullying everyone else. Big bully and big baby. Just out to wreck
    what little good is left in the world. Threatening everyone over tuppence and tea. Wish it would drop dead.
    • usa (08/03/2016, 13:14) Like (1) Dislike (2) Reply
      First of all, erase your screen name. If we are what you say we are. Then don't step foot in the USA when you need services that you can't get in your Country. Don't come to the USA and purchase food items to take back to your Country in a cardboard box tied up with a rope. You here talking all this smack and you enjoy spending the USA currency. So if we are Hitler undercover, you are Hitler the 3rd with your fake a$$ self. Don't bite the hand that is feeding you.
  • Ha Ha (08/03/2016, 11:24) Like (7) Dislike (2) Reply
    Leader of the Opposition Hon Julian Fraser RA (R3), one of the few politicians who understands the financial services sector....... LMAO....

    Once again, for all you dummies blaming the government, I guess you all missed the part where Fraser said not to waste time reading the report, which means, he does not buy it either... Are you people really this dumb or you all just don't read??? You blaming NDP and touting Fraser, when the same Fraser is saying America is hypocritical..
  • Building Courage (08/03/2016, 12:37) Like (6) Dislike (0) Reply
    Great Britain is in dyer straights and is scrambling to locate funds anywhere possible; The U.S.A has a run-away debt and is expected to incur yet another recession within the next 3 years; The U.S. Virgin Islands is practically bankrupted. Do we really think our path is any different at the pace we find ourselves going without checks or balances?

    We created a lot of this “mess” in our Virgin Islands with political party affiliations; position appointments based solely on access and not on qualifications, experience, and proper attitudes (cronyism), victimization and discrimination, turning a blinded eye and or participating in corruption and other wrongdoings.

    If we do not stand-up for a Government of Inclusion and deal with our pressing issues and stop kicking the can down the road until it gets crushed, we will no sooner find ourselves wondering- “what happened!?”
  • Nice work of fiction (08/03/2016, 15:01) Like (1) Dislike (1) Reply
    This report was penned by John Grisham?
  • so funny (09/03/2016, 14:26) Like (0) Dislike (0) Reply
    Next time any of you open your wallet or purse and take money out to spend read what's marked on it thats not our currency be greatful for that rather than getting hot about the nonsense they talking about laundering we are laundering their money are we not so its their loose if you ask me
  • Liat 521 (09/03/2016, 19:59) Like (0) Dislike (0) Reply
    The US bullies every country
  • yellow (09/03/2016, 20:06) Like (0) Dislike (0) Reply
    The Americans only bully small, poor, corrupt, beggars such like the BVI. They will not in their wildest dreams do that to China or Russia.


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