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NEWS

BVI admits France had reasons for blacklisting


23/09/2013

France did not get enough information

BVI Premier Dr. D. Orlando Smith on Wednesday admitted that the British Virgin Islands had fallen short regarding information provided to French authorities, adding that measures have been taken to correct the “shortfalls” that resulted in the territory being blacklisted by France.

The admission, which was made during a press briefing, slightly shifted the position the “shocked” Premier Smith took last month shortly after learning that the BVI was among three countries blacklisted for not co-operating with France.

Premier Smith called another press conference today and announced his slightly adjusted position that the BVI indeed had fallen short.

“The BVI unfortunately fell short in the quality of information that was sent to the French authorities,” he told journalists.

Added the Premier: “We have already engaged the French Ministry of Finance and the competent authority to determine the steps that must be taken to correct our shortfalls, and expect to be able to reverse the label of being a non-cooperative territory in short order.”

In light of the shortfalls, Premier Smith who is also Minister of Finance disclosed that his ministry had taken steps to prevent a repeat.

“As Minister of Finance, I requested a restructuring of the ministry so that it could be more aligned with international standards. As a result, these issues encountered with the French Authority were corrected in the middle of 2013 with the establishment of the International Tax Authority.”

www.intaxinfo.com

Related jurisdictions:
British Virgin Islands
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