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

VI may need to adjust economically to FS challenges – Hon Fahie

- urged that even though it might not be anyone’s fault, the NDP Government must deal with those issues before punitive measures take hold
Honourable Andrew A. Fahie (R1) said while some of the challenges facing offshore financial services could be overcomed, his main hope is that people are prepared for what is coming so that they can know how to adjust themselves economically and even socially. Photo: VINO/File
Representative of the First District Honourable Andrew A. Fahie said that the National Democratic Party (NDP) administration must deal with the challenges to the territory’s financial services (FS) architecture or face further measures as a result of added pressure internationally. Photo: VINO
Representative of the First District Honourable Andrew A. Fahie said that the National Democratic Party (NDP) administration must deal with the challenges to the territory’s financial services (FS) architecture or face further measures as a result of added pressure internationally. Photo: VINO
The [British] Virgin Islands was on June 17, 2015, placed on a financial services ‘blacklist’, along with 29 other small jurisdictions and international financial centres, by the European Union (EU). www.middleeastmonitor.com
The [British] Virgin Islands was on June 17, 2015, placed on a financial services ‘blacklist’, along with 29 other small jurisdictions and international financial centres, by the European Union (EU). www.middleeastmonitor.com
ROAD TOWN, Tortola, VI – Representative for the First District Honourable Andrew A. Fahie said the National Democratic Party (NDP) administration must deal with the challenges to the territory’s financial services (FS) architecture or face further measures as a result of added pressure internationally.

He was speaking to members of the media on the 'side-lines' of the First Sitting of the First Session of the Third House of Assembly at the Multi-Purpose Sports Complex yesterday June 23, 2015.

In addition to the France blacklist that came in August of 2013, the European Union recently placed a number of overseas territories of Britain, the United States and France, including the British Virgin Islands and the US Virgin Islands, on a list of 'non-cooperative' countries.

The EU Commission said the 30 nations were blacklisted because they were ‘not doing enough’ to crack down on tax avoidance by individuals and multinational companies. The listing was published on June 17, 2015 as the EU announced plans to combat corporate tax avoidance by companies.

Pierre Moscovici, the EU Economic Affairs Commissioner, said these “tax havens” cover the five continents and called on the affected countries to quickly adopt “agreed international standards” to fight against tax evasion. He also described the listed jurisdictions as the EU’s “top 30” non-cooperative nations, based on the fact that they all featured on at least 10 ‘blacklists’ of EU member states.

The blacklisted countries are: Anguilla, Antigua and Barbuda, Bahamas, Barbados, Belize, Bermuda, [British] Virgin Islands, Cayman Islands, Grenada, Montserrat, Panama, Saint-Vincent and the Grenadines, Saint Christopher and Nevis, Turks and Caicos Islands, U.S. Virgin Islands, Andorra, Guernsey, Liechtenstein, Monaco, Liberia, Mauritius, Seychelles, Brunei, Hong Kong, Maldives, Cook Islands, Nauru, Niue, Marshall Islands and Vanuatu.

VI Gov't surprised!

The Government of the VI in a press statement on Monday June 22, 2015 outlined all of the steps it was taking to ensure compliance internationally in the sector and expressed surprise at the EU’s action and asked what was the methodology used in arriving at its list.

“At the end of the day the elections are over and both sides have to put it away and come together for what’s best for the territory, because there are challenges ahead,” Hon Fahie said, referring to the pressures the financial services sector faces from outside the territory.

He noted that Premier Dr The Honourable D. Orlando Smith is always one to come to the people in a manner that gives hope, “but the reality is while I applaud that we have to prepare our people for the negotiations coming up, if we are not in compliance chances are that they will implement a few things which will create challenges to say the least.”

Honourable Fahie said that, while some of those challenges could be overcomed, his main hope is that people are prepared for what is coming so that they can know how to adjust themselves economically and even socially.

He said that some of these issues are not anyone’s fault at the end of the day and that they are due to international changes on the sector.

Respect District Reps

Turning to another vexing issue, Honourable Fahie said that with the elections being over, he hopes the days of Government circumventing District Representatives are over, especially when those representatives are not from the Government.

“I would hope that the games of trying to circumvent the District Representatives are over and we could get back to respecting District Representatives and not play any games of coming into the district without you as the District Representative,” said Honourable Fahie.

“It seems to me that the only time districts have any real meaning is during elections when you are trying to get votes out of them and most elected persons in the Government in the past have ignored this,” he said.

“Hopefully we have turned a new page and come into a more respectful mode. I know I can’t get all of the things that I want. I am just trying to get the things that the people need. While they have gotten their votes overwhelmingly I also have gotten mine overwhelmingly so it is a balance.”

Hon fahie said as the people voted in the NDP overwhelmingly he has to respect them and could only hope that they do right by the people.

“I have no doubt that all 13 of us want what is best for the Virgin Islands. We might have differences in methodology or political philosophy but I have no doubt that we all want what is best for the Virgin Islands,” said Honourable Fahie.

10 Responses to “VI may need to adjust economically to FS challenges – Hon Fahie ”

  • wize up (24/06/2015, 15:24) Like (5) Dislike (0) Reply
    as of 23 June 2015 the conversation should no longer be NDP or VIP; 13 persons were elected on 8 June 2015 and must now been seen as the government of the Virgin Islands: all 13 should put away party philosophy and work together for the common good of our people..when matters come up in the territory all 13 members should bring solutions: lets be more progressive as a territory..
  • open wide (24/06/2015, 15:28) Like (9) Dislike (6) Reply
    Dr smith is the worst minister of finance his head is always in the sand how could he be surprised?
    • Schups (24/06/2015, 16:20) Like (6) Dislike (7) Reply
      If you paying your mortgage every month and then you pick up a Beacon and see your name in there with property being auctioned for non-payment, wouldn't you be surprised? Stop talking foolishness. The BVI has complied as necessary with the EU and furthermore, our framework is far more robust than many of those same countries trying to blacklist us. Educate yourselves about the industry before talking nonsense. Financial Services is not and should not be politicized.
      • Really (24/06/2015, 17:52) Like (6) Dislike (2) Reply
        It's not surprising, it all depends on what information you value as important and unimportant. It's all there to the naked eyes. Getting involved with Fifa at a time when their reputation is at an all time low doesn't help either.
        • S. R. (24/06/2015, 22:56) Like (1) Dislike (2) Reply
          Only the VIP could protect our finacial services sector and that is a fact as under VIP they were never black listed
  • Never be Premier (24/06/2015, 16:54) Like (1) Dislike (8) Reply
    Say what you want-you Fahie- will never ever be Premier- and if the VIP really stupid- let me see them put you in as Chairman- Bam
  • lord-o (24/06/2015, 17:19) Like (5) Dislike (1) Reply
    More Tax for expats--Lord help us.. Health, Visa, electricity, Labour, but we will survive, we smart, spend-less at super markets, eat less at restaurants---So we have money to pay our high bills...Where is God?
  • Boo (24/06/2015, 18:40) Like (6) Dislike (0) Reply
    What about the promised third pillar of the economy
  • @ Boo (24/06/2015, 22:57) Like (8) Dislike (0) Reply
    KEEP DREAMING IT WILL BE THE AIRPORT UNDER THE SHORT SITED NDP
  • wize up (25/06/2015, 07:01) Like (4) Dislike (0) Reply
    as it relates to financial services:the BVI is simply a small territory in a vast global market: one should understand that a number of offshore companies are simply registered in our territory but actually conducts their daily business from another jurisdiction: these jurisdictions understands the volume of money that passes through the BVI and now making ever effort to disrupt this cash flow


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.