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

“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.