BVI in the eyes of the Financial Stability Board
BVI Financially Praised. The Financial Stability Board in its last evaluation regarding the progress and devotion of all the jurisdictions and countries in relation to the global regulatory standards rated the BVI (British Virgin Islands) as one of the highest levels jurisdictions financially.
By the Financial Stability Board’s yearly appraisal, the BVI showed a very strong and sufficient devotion to the worldwide information exchange agreement and cooperated very smoothly in the banking supervision area, the securities regulation as well as the insurance supervision too.
The BVI regarding the above evaluation stated that this ranking is simply another proof of the BVI’s independent regulator’s power. We, the BVI, have no tolerance when it comes to financial crime and we applaud the efforts of the regulator to secure the ongoing compliance of the BVI to international regulations.
The BVI Financial Services Commission has a very important part in decreasing financial crime. The FSC was set up in the year 2001 and is an autonomous regulatory authority which is in charge of the regulations, the administration of all financial services whether are provided in the BVI or from it.
The responsibility of the Financial Stability Board, which was set up in the year 2009, is to coordinate and guide globally the work of the national financial authorities and it aims to evolve and advance the exercise of effective regulatory, administrative and various other economic sector strategies. The chairman of the Financial Stability Board is Mark Carney and also Governor of the Bank of England.
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