Got TIPS or BREAKING NEWS? Please call 1-284-442-8000 direct/can also WhatsApp same number or Email ALL news;                               ads call 1-284-440-6666

Wheatley says no system fool proof; suggests breaches inevitable

Host of the Speak Out BVI radio show, Douglas Wheatley, suggested that no system is completely fool proof and suggested that breaches of the financial services sector (as in the recent ICIJ report instance) were inevitable. Photo: VINO/File
ROAD TOWN, Tortola, VI – Talk Show host Doug Wheatley, in offering an assessment and examination of the recent troubles affecting the Virgin Islands (VI) financial services sector, has expressed that no system that has ever been created is fool proof.

“As good as a system may be,” he offered, “someone may be able to circumvent [this] to get through that system somehow.”

He noted that this has happened the world over and almost from the beginning of time.

Wheatley was at the time speaking on his Speak Out BVI radio programme on April 16, 2013 on a local radio station and making reference to reported financial leaks that occurred recently within the financial system of the VI.

The host made reference to measures put in place by the United States following the terrorist incidents that occurred on 9/11 (September 11, 2001) and the fact that a terrorist incident occurred mere days ago in the city of Boston, Massachusetts.

“As good as system is, someone will be able to breach that system. The same is true for the financial services industry,” Wheatley stated.

He suggested that the Virgin Islands redouble its efforts and examine any weaknesses within its financial sector and strengthen this.

The host further suggested the implementation of a think tank which would be responsible for identifying future possible breaches in an effort at being proactive about the situation and staying ‘one ahead of the game’.

He maintained though, that regardless of how good a system is, “somebody will get through and your system will be breached.”

Offering additional advice, Wheatley suggested that due diligence continue within the financial services sector and noted that the VI has been at the ‘cutting edge’ as far as preventing illegal and illicit activities from taking place.

He also recommended that the Territory remain focused and steadfast and avoid the ‘blame game’ regarding the reported breach by the International Consortium of Investigative Journaists (ICIJ).

He also continued his call for diversification of the Territory's economic pillars in the interim and try to reduce any perceived over dependence on financial services.

7 Responses to “Wheatley says no system fool proof; suggests breaches inevitable”

  • Tired (17/04/2013, 08:23) Like (0) Dislike (1) Reply
    This is the most distressing news I have heard in a long he saying we must just accept these links because they will happen?
    • Think Positive (17/04/2013, 08:51) Like (1) Dislike (0) Reply
      No. He is saying that we should be proactive and put things in place because there is the possibility of breaches.
    • egg face (17/04/2013, 10:55) Like (0) Dislike (0) Reply
      where in the report it say so tired?
    • mary j (17/04/2013, 15:23) Like (0) Dislike (0) Reply
      Like Mr. Waste of time...the man is entitled to his opinion...democracy in progress.
  • critic (17/04/2013, 08:54) Like (1) Dislike (1) Reply
    I dont know how much we will accomplish with a conceited captain at the wheel
  • cow meat (17/04/2013, 13:56) Like (0) Dislike (0) Reply
    The public needs to know, why they picking on the BVI financial sector
    • @ cow meat (17/04/2013, 15:36) Like (0) Dislike (0) Reply
      Why do you idiots continue to blame other countries for your failed society?. Blame the NDP. Most foreigners don't even know the BVI exists, neither do they care.

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.