Fraser blasts handling of financial services sector
Further, he said during an exclusive interview with Virgin Islands News Online that the Territory must participate more in the activities of the region if it wished to remain relevant.
“Everyone knows that we are under attack and we are not the only jurisdiction under attack," said Fraser, referring to the financial services sector.
“But because the bulk of our revenues come from financial services it might appear to us that we are the only ones under attack. But we're part of a global community and we must be adaptive to the changes that are taking place in the financial markets,” said Fraser.
He said that the developed world especially the United States, France and the United Kingdom are under pressure from the underdeveloped countries and their agents particularly in Africa, which feel that their aid funding is being severely restricted as a direct result of what they call underhanded money laundering and tax evasion through companies registered in countries highly regarded as tax havens, most often small dependent Territories such as ours. "The Virgin Islands being number one in companies registration, we often feel singled out", he said.
“For us to be in the good graces of those financial markets we have to find ourselves compliant with all the requirements,” said Hon Fraser.
“We can't have France making a request for information and not responding, waiting for us to become blacklisted…we cannot have the United States blacklisting us for the apparent or actual indulgence in nefarious activities. We cannot continue to have these things happening. And these things are happening because the watch that is supposed to be placed in the service for people who are responsible for responding to these requests is not there,” said Hon Fraser.
Regional matters are important
He said that the lax attitude of what is taking place internationally has to stop. “Since I started as a Minister in Government, as a politician, [I have seen] the erosion of the participation of the Virgin Islands in regional activities. We must become more relevant in the region,” he said.
“We must become a part of the OECS Heads of Government meetings, we need to be a part of those activities. I am not suggesting for a moment that we become a full member of the OECS, but that is not a necessity for us become a fully participant member active in whatever goes on in the area,” said Hon Fraser.
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42 Responses to “Fraser blasts handling of financial services sector”
I know Caribbean down-islanders who feel rejected by the BVI no matter how many years they lived and worked here. No rights, no respected, no chance because them ain' born here.
I know whites who feel like everyone hates them regardless of what they do. They feel like it's OK for BVIslanders and down-islanders to treat them like because they are paying for the sins of some other white people 200 years ago.
Everyone feels discriminated against. So what? Are they all right? All wrong?
I have a dream that one day people in the BVI will be respectful towards each other and move on as one.
By the way Ms time will tell, if you are so smart how come you are an employee, why not own your own firm? Piece of worthless nothing
VINO- Don't allow the blogging minister and his posse to mess up this response stream- trying to deceive people that the majority of people in the BVI not behind Fraser- it is obvious what Myron trying to do- but Myron and his cronies cannot stop Fraser- Myron you are an NDP stay in that corrupt circle- you behaving like a pu..y
And for the road you say he pave like glass, Carrot bay to canegarden Bay Asphalt resurfaced; Canegarden Bay to road town Asphalt rseurfaced; Brews Bay to Diamon Estate Resurfaced asphalt; Mountain to Huntums Ghut asphalt resurface, ALL THESE ASPHALT ROADS WAS PART OF THE SAME CONTRACT THAT THE SEA COW'S BAY ROAD WAS UNDER. YOUALL NEED TO STOP TELLING LIES ON FRASER.
And also a part of that contract with BVI Pavers, was a huge portion of road for asphalting in Virgin Gorda, ask NDP why them didnt do that.
Fresh new ideas, new blood, new game, not the same.