Bring Laws To Protect Locals

No Image Found!
Melissa Edwards/BVI Platinum News

(PLTM) - The National Democratic Party (NDP) administration is being urged to stop the lip service, and bring forward legislation to help protect local companies from the imminent negative effects of financial services laws, which are being forced upon the BVI by the United Kingdom (UK).

Opposition Member, Hon. Julian Fraser, said that many of the laws and regulations being put in place are mainly to target non-resident offshore companies, and the investment of offshore funds. However, he said that local companies, especially small companies, are being affected.

"This is speaking to the core of our local companies; our local companies have nothing to do with money laundering, special purpose vehicles that the foreigners, offshore companies come here to register their companies for. I want to see our local companies here in the BVI liberated from these onerous regulations," Hon. Fraser said.

He said that in most cases, no one ever knows the owners of those foreign companies.

"Our local companies, I guarantee you can find the owners by walking down the street, but these regulations are not for us, but we still have to feel the brunt."

Hon. Fraser stressed, "So I want to see legislation come to cover our local companies. We need to be withdrawn from that sector."

Premier and Finance Minister, Hon. Dr. D. Orlando Smith agreed with the Opposition Member and said that government plans to move in that direction.

"This Government will continue to review how it might further help to grow this sector, including reviewing legislation which could detract from this," Premier Smith said.

Reader Opinion
Please note that the opinions posted are the opinions of its author and does not in any way reflect the views of the management, staff, parent company or sponsors of Virgin Islands Platinum News.
There are no comments to show at this time.
Cruise Schedule
IN PORT - TODAY ( 28 March )
We have no cruise ship in port on this day!
IN PORT - TOMORROW ( 29 March )
We have no cruise ship in port on this day!