Why pick on little VI for offshore financial leaks? - 3D Show caller
At least one caller on the 3D Show has attempted to downplay these concerns however, stating that other countries have done much worse and are perhaps not facing as much scrutiny as they need to.
The caller made his contention during the April 5, 2013 programme aired on a local radio station.
“Mr Wheatley,” the caller addressed the host, “I don’t know why they picking on small Tortola.”
According to the caller, there are ‘only’ 300,000-odd offshore companies registered within the Territory and he instead diverted attention to Europe’s Liechtenstein, The Isle of Man, Gibraltar and other similar places described as tax havens in the press.
“We can’t even compare [with those places],” he said, “yes, they’re trying to locate the $32 trillion dollars… but I don’t know why they’re picking on us.” The caller seemed to allude to reports that indicated that tax havens around the world hid as much as $32 trillion dollars for the rich.
He further stated that the Virgin Islands had already signed the Tax Information Exchange Agreement (TIEA) approximately four years ago.
The Virgin Islands signed one such agreement in 2008 with the UK but has signed several more with other countries since.
“The ten years that they brag about that they got things to prove, we know how it is,” the caller continued.
He reasoned that offshore accounts came to the Virgin Islands after circumstances changed in Panama with former leader, Manuel Noriega, who he described as an outlaw.
“Yes, they’ve said we’re still dealing with Japanese, Chinese… all kind of other European countries, we have them here registered,” the caller added before stating that there was nothing to hide.
“It’s something the whole world knows, but why pick on us?” he asked.
He noted that there were places that had millions of registered companies but authorities refused to even ‘jump on them’.
“Yes, we know first it was outlaws and drug lords hiding their money… but it had to get cleaned up, it had to get straightened up,” he added, “they put the grey paper, the white paper… what colour paper they’re going to look for next?”
He suggested the Territory was in the ‘clear’ because it knew there was no room for dealing with corruption but was still being picked on with talks about ten years of records indicating financial corruption.
“That’s ten years backward since the white list and grey list came up,” he said before abruptly taking his leave.
Notably, calls have also been made in the UK press for Prime Minister David Cameron to take action regarding the recent leaks in the press.
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22 Responses to “Why pick on little VI for offshore financial leaks? - 3D Show caller”
As long as the beneficiaries are black, the industry should be destroyed!
The BVI has complied with every international standard on these matters. IMF, IOSCO, you name it. We are always on the white list each time the judgments are published. Further, the FSC shut down one trust company who was not complying with the laws and are proactive in guarding this Territory. No matter who it is, a person who intends to commit fraud will always find a way to circumvent the law. Until Jesus comes, we can never eliminate crime from the world and fraudsters will live amongst us. So please do not panic. It is a sensationalised article trying to make offshore countries like the BVI look bad because in these economic times, it would be best for that money to stay at home.
The funny thing is that most of these people do not structure their wealth through BVI entities alone, there are usually entities within the entire structure that are US or UK or other onshore entities. But when the entire thing goes bust, only the offshore countries are singled out. No mention of the other entities in the structure that were incorporated or formed onshore. Big country against small country politics, but we will survive!!!
Meanwhile, we happy to help the rich hide their dollars from their home jurisdiction with all kind of clever laws designed to make it appear legal. Yes, it's 'legal' - because we design the laws to make it legal. Duh.
So the reason they picking on us is because we display a lack of morals, standards or principles that a lot of people around the world find very distasteful at times like this. We are mercenaries and traditionally, mercenaries are despised because they'll do anything for money.
Are you kidding me???? If hiding money is the problem the focus should be on the banks sweet heart, not BVI for simply providing corporate vehicles through which international business, investments, wealth management, family planning etc. can be facilitated. Do your homework before coming on here trying to sound all intelligent. Where is the data that shows these countries would be better off if BVI, Cayman etc. were out of the picture? There's none. That's as stupid as thinking that if all expats were to leave BVI it will mean more employment for BVIslanders. NO, it will mean economic suicide and the place will go under. Corporations having wealth overseas isn't the reason that those nations are teathering on the edge. If they were to kill BVI and Cayman jurisdictions for example, they would be surprised how many jobs would be lost and businesses closed onshore. That in itself tells me this is just populace and grandstanding for those who have no clue. They bark and talk about China day in, day out, who single-handedly took over all manufacturing and other jobs from these nations which is one of the reasons they're going under. All talk talk talk, nothing of substance. We will remain.