BVI has received endorsements form two international bodies regarding its efforts to meet international standards on the regulation of its financial services sector.
The Financial Stability Board has announced that BVI is a jurisdiction that demonstrates "sufficiently strong adherence" to new global regulatory and supervisory standards on international cooperation and information exchange. BVI is one of 41 such jurisdictions recognised by the FSB.
The FSB announcement came shortly after the BVI was recognised by another leading international body, the Organisation of Economic Cooperation and Development (OECD), as being ready to move to the next phase in its Peer Review programme.
The OECD’s confirmation that the BVI is moving forward in meeting international standards follows an assessment of the BVI undertaken in April this year, and is a commentary on the BVI’s legal and regulatory framework, ensuring the jurisdiction has the capacity to implement its extensive network of Tax Information Exchange Agreements (TIEAs). The assessment judges that the BVI’s TIEAs meet the OECD standard of transparency and exchange of information.