Showing posts with label Offshore Banking. Show all posts
Showing posts with label Offshore Banking. Show all posts
Friday, April 19, 2013
BVI FSC Issued 29th Volume of Quarterly Statistical Bulletin
Twenty-ninth volume of Quarterly Statistical Bulletin was issued by the British Virgin Islands Financial Services Commission, providing statistics and information on the financial services activities in the territory in the fourth quarter of 2012. According to the statistics of the Registry of Corporate Affairs, 14,783 new companies were incorporated in BVI during this period, as compared to 16,251 companies in the third quarter of 2012, and 12,974 in the fourth quarter of 2011. Cumulative number of companies newly registered in the BVI was 459,005 as at 31 December 2012. In the fourth quarter of 2012, 36 Limited Partnerships and 21 Private Trust Companies were registered.
According to Banking and Fiduciary services statistics, total assets of BVI-registered commercial banks in the fourth quarter of 2012 were $2,472,3mln; deposits were $1,827mln; total shareholders’ equity $400,7mln; net interest income was $44,3mln.
In Investment Business sector, 6 new Investment Business Licences were granted in the reported period. In Mutual Funds sector, 27 new licences were issued, of which 19 are professional and 8 are private licences. The Bulletin includes year-by-year statistics, from the fourth quarter of 2009 to the fourth quarter of 2012, showing the dynamics of how cumulative number of Active Mutual Funds was changing in this period. From Q4 2009 to Q4 2012, the number of Active Public Funds decreased from 216 to 151; the number of private funds decreased from 816 to 577; and the number of professional funds fell from 1,905 to 1,590.
There were 23 Insolvency Practitioners in the British Virgin Islands by the end of the fourth quarter of 2012.
Also, in the fourth quarter of 2012 there were 55 Enforcement Matters in the sector of Legal and Enforcement and International Co-operation. Ongoing Supervision Matters Referred to LSC included 103 matters in Banking and Fiduciary Services, 259 in Investment Business, 139 in Insurance and 10 in Insolvency Services.
Article any source
Saturday, January 19, 2013
New Volume of Statistical Bulletin Issued by BVI FSC
This week, the Commission published the twenty-eighth volume of its Quarterly Statistical Bulletin, comprising statistics and analysis of BVI financial services industry for the third quarter of 2012. In the three month period, ended September 2012, 16,251 new companies and 20 limited partnerships were incorporated on the territory – more than in the second quarter of the year. As compared to the previous years, the number of company incorporations in the third quarter of 2012 was less than in the same quarter of 2011 (17,056), but more than in the years 2010 and 2009 (15,946 and 13,368, respectively). According to the Registry of Corporate Affairs, cumulative number of active business companies achieved 473,707 as at 30 September 2012, and cumulative number of limited partnerships achieved 496.
By the Banking and Fiduciary Services statistics, banking sector of the British Virgin Islands showed the following figures in the third quarter of 2012 (in thousands of US$): Cash items in the amount of $689,815, loans and advances in the amount of $1,600,974, total assets - $2,438,154, total shareholders’ equity - $449,670, net income - $31,235.
In the Investment Business, 3 new Investment Business licenses and 29 Mutual Funds licenses were granted in the reported period. Cumulative number of active mutual funds in Q3 2012 was 157 public funds (181 in Q3 2011), 591 private funds (718 in Q3 2011), and 1,610 professional funds (1,728 in Q3 2011).
In the sector of Legal and Enforcement and International Cooperation, 51 enforcement matters were registered in the reported period, and 31 formal requests for international cooperation, requiring the disclosure of non-public information. There were 14 enforcement actions, 12 of them – before the Enforcement Committee. Among the matters referred to the Licensing and Supervisory Committee in the third quarter of 2012, 79 related to Banking and Fiduciary Services, 332 related to Investment Business, 46 – to Insurance, and 7 – to Insolvency Services.
Article any source
Thursday, July 28, 2011
BVI FSC Issues Quarterly Statistical Bulletin
The British Virgin Islands Financial Services Commission has issued regular volume of Quarterly Statistical Bulletin, providing information on financial services activities in the jurisdiction in the first quarter of 2011.
According to the information published by the Registry of Corporate Affairs, in the reported period 19,010 Business companies were registered, a significant increase as compared to 14,267 companies registered in the fourth quarter of 2010, and to 16,596 companies registered in the first quarter of 2010. In fact, the number of companies registered in the reported period approached the level of the year 2008, when in Q1 20,752 companies were registered. Cumulative number of Business companies incorporated in the British Virgin Islands by the end of Q1 2011 was 456,146. Also, in the period that ended March 31, 2011, 25 new Limited Partnerships were registered, cumulative number of Limited Partnerships by the end of Q1 2011 was 521.
By the statistics of Banking and Fiduciary Services sector, in the first quarter of 2011 two Class I trusts licences were issued. Cumulatively, there were 223 currently licensed entities as at March 31, 2011.
The statistics of Banking Sector for commercial banks showed the following figures: total assets were US$2,408 mln, cash items were US$729,2, loans and advances made US$1,538 mln, total liabilities were US$2,011 mln.
According to the Investment business statistics, 57 mutual funds were registered in Q1 2011; of them 45 are professional funds and 12 are private funds. Cumulative number of mutual funds as of March 31, 2011 was 2673. The Investment business statistics has also shown that 90 mutual funds licences and 8 Investment business licences were cancelled.
In the Insurance industry, one licence was granted in Q1 2011, cumulative number of insurance and functionaries licences as at 31 March 2011 was 41. In the sphere of Legal and International co-operation there were 35 International Co-operation Matters, 32 of them were formal requests requiring disclosure of the non-public information.
In the first quarter period, there were 452 matters before the Licensing and Supervisory Committee, and one matter of on-site inspection.
Other statistical data, facts and figures can be found on the site of Financial Services Commission of the British Virgin Islands.
Article any source
According to the information published by the Registry of Corporate Affairs, in the reported period 19,010 Business companies were registered, a significant increase as compared to 14,267 companies registered in the fourth quarter of 2010, and to 16,596 companies registered in the first quarter of 2010. In fact, the number of companies registered in the reported period approached the level of the year 2008, when in Q1 20,752 companies were registered. Cumulative number of Business companies incorporated in the British Virgin Islands by the end of Q1 2011 was 456,146. Also, in the period that ended March 31, 2011, 25 new Limited Partnerships were registered, cumulative number of Limited Partnerships by the end of Q1 2011 was 521.
By the statistics of Banking and Fiduciary Services sector, in the first quarter of 2011 two Class I trusts licences were issued. Cumulatively, there were 223 currently licensed entities as at March 31, 2011.
The statistics of Banking Sector for commercial banks showed the following figures: total assets were US$2,408 mln, cash items were US$729,2, loans and advances made US$1,538 mln, total liabilities were US$2,011 mln.
According to the Investment business statistics, 57 mutual funds were registered in Q1 2011; of them 45 are professional funds and 12 are private funds. Cumulative number of mutual funds as of March 31, 2011 was 2673. The Investment business statistics has also shown that 90 mutual funds licences and 8 Investment business licences were cancelled.
In the Insurance industry, one licence was granted in Q1 2011, cumulative number of insurance and functionaries licences as at 31 March 2011 was 41. In the sphere of Legal and International co-operation there were 35 International Co-operation Matters, 32 of them were formal requests requiring disclosure of the non-public information.
In the first quarter period, there were 452 matters before the Licensing and Supervisory Committee, and one matter of on-site inspection.
Other statistical data, facts and figures can be found on the site of Financial Services Commission of the British Virgin Islands.
Article any source
Tuesday, June 7, 2011
BVI Premier Discusses Dormant Accounts with BVI Bank Association
The government of the British Virgin Islands continues its consultations on the proposed dormant accounts bill, which has already had its first reading in the House of Assembly of the British Virgin Islands on April 19, 2011.
On June 3, 2011, Premier and Minister of Finance Hon. Ralph T.O'Neal, OBE and Financial Secretary Mr. Neil Smith had a meeting and discussion on this matter with the members of the British Virgin Islands (BVI) Bank Association.
The Bill titled “Dormant Accounts Act, 2011” is aimed to provide a framework by which unclaimed assets are ceded to and managed by the Government of the British Virgin Islands. It will also include protocols for the management of accounts and will clearly outline procedures for the claimants.
Article any source
On June 3, 2011, Premier and Minister of Finance Hon. Ralph T.O'Neal, OBE and Financial Secretary Mr. Neil Smith had a meeting and discussion on this matter with the members of the British Virgin Islands (BVI) Bank Association.
The Bill titled “Dormant Accounts Act, 2011” is aimed to provide a framework by which unclaimed assets are ceded to and managed by the Government of the British Virgin Islands. It will also include protocols for the management of accounts and will clearly outline procedures for the claimants.
Article any source
Tuesday, April 12, 2011
Offshore Group of Banking Supervisors Extends its Role and Rebrands
The Offshore Group of Banking Supervisors has decided to rebrand itself the 'Group of International Finance Centre Supervisors’ (GIFCS). This decision followed the broadening of the role of the Group as a representative on behalf of numerous offshore financial centres in issues related to financial sector regulation standards. According to GIFCS chairman Colin Powell, the change has been made to reflect more accurately the current scope of the Group's activities.
Article any source
Powell also said, “When the OGBS was formed in 1980, through the initiative of the Basel Committee on Banking Supervision, its mandate was limited to banking supervision. With the passage of time the Group has been increasingly recognized by relevant international organizations as a representative body that is also making a valuable contribution to combating money laundering/terrorism financing, the regulation of trust and company service providers, and most recently the regulation of hedge funds.”
The GIFCS has observer status with the FATF on Money Laundering and Terrorist Financing, it also has a close working relationship with the Basel Committee. The Group plays active role in promoting compliance with international standards. In 2002 the Group of International Finance Centre Supervisors published a best practice paper of trust and company service providers. Recently it has produced a paper on hedge fund regulation, and has sought to establish a working relationship with
Beside the British Virgin Islands, the members of the GIFCS are Aruba, Bahamas, Barbados, Bermuda, Cayman Islands, Cook Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Labuan, Macau China, Mauritius, Panama, Samoa, Vanuatu and the Central Bank of Curacao and Saint Maarten. The new member jurisdictions are included in the Group if they meet certain conditions relating to their commitment to the relevant international standards.
Article any source
Wednesday, December 15, 2010
BVI FSC Published Twentieth Statistical Bulletin
The BVI Financial Services Commission has published the twentieth volume of Quarterly Statistical Bulletin, comprising financial statistics and analysis for the third quarter of 2010, the period ended at 30 September 2010. According to the statistics of the Registry of Corporate Affairs, publishing information on incorporations and registrations in the BVI jurisdiction, there were 15,946 business companies newly incorporated in the reported period. This is the growth in the number of registered companies, as compared to 12,815 companies registered in the second quarter of 2010, and to 13,368 companies registered in the third quarter of 2009. Cumulative number of companies incorporated in the British Virgin Islands at 30 September 2010 was 456,547.
According to the statistics published by Banking and Fiduciary Services Sector, in the third quarter of 2010 total assets of commercial banks were $2,189 million, loans and advances were $1,440,6 million, net income was $41,1 million.
In investment business sector, in Q3 2010 6 new licences were granted to functionaries (cumulative total number 577). 31 licences were granted to Mutual Funds (cumulative number 2951).
According to Legal and International Cooperation Statistics, there were 32 enforcement matters in the third quarter of 2010 (29 in the second quarter of 2010 and 39 in the third quarter of 2009).
In the third quarter of 2010, there were 464 matters before the Licensing and Supervisory Committee, 94 of them in Banking and Fiduciary Services sector, 293 in Investment Business sector, 75 in Insurance sector and 2 related to Insolvency services.
Article any source
According to the statistics published by Banking and Fiduciary Services Sector, in the third quarter of 2010 total assets of commercial banks were $2,189 million, loans and advances were $1,440,6 million, net income was $41,1 million.
In investment business sector, in Q3 2010 6 new licences were granted to functionaries (cumulative total number 577). 31 licences were granted to Mutual Funds (cumulative number 2951).
According to Legal and International Cooperation Statistics, there were 32 enforcement matters in the third quarter of 2010 (29 in the second quarter of 2010 and 39 in the third quarter of 2009).
In the third quarter of 2010, there were 464 matters before the Licensing and Supervisory Committee, 94 of them in Banking and Fiduciary Services sector, 293 in Investment Business sector, 75 in Insurance sector and 2 related to Insolvency services.
Article any source
Thursday, September 9, 2010
BVI FSC Issues Application Forms for Financial Services Business Provider's Licence
The BVI FSC has issued the information and guidelines for those who seek to apply for a licence or certificate as Financial Services Business Providers within the jurisdiction. The six documents published by the Commission include the Application Form that should be completed by an applicant to obtain the Licence or Certificate as a Financial Services Business Provider (Part 1 of the Document), and the forms which include additional information required in the case of a Banking or Fiduciary Business Licence Application (Part 2), in the case of an Insurance Licence Application (Part 3), for an Investment Business Licence, Recognition and Registration of Mutual Funds (Part 4).
Part 5 of the Document is for additional information, which is not specifically requested in an approved form for the type of authorization sought, but which an applicant may wish to provide for the consideration of an application or for any other reason. Part 6 (Declaration) and Part 1 should be completed by all applicants notwithstanding what type of Licence they apply for.
The order of completing the approved appplication forms, additional forms and attachments and their acceptance by the Commission is stated in the Application Guidelines. Every application must be accompanied by the requisite fee. All completed applications along with supporting documents should be addressed to the Financial Services Commission, and will be processed by appropriate divisions of the FSC which have responsibility for the subject matter of the application.
Article any source
Part 5 of the Document is for additional information, which is not specifically requested in an approved form for the type of authorization sought, but which an applicant may wish to provide for the consideration of an application or for any other reason. Part 6 (Declaration) and Part 1 should be completed by all applicants notwithstanding what type of Licence they apply for.
The order of completing the approved appplication forms, additional forms and attachments and their acceptance by the Commission is stated in the Application Guidelines. Every application must be accompanied by the requisite fee. All completed applications along with supporting documents should be addressed to the Financial Services Commission, and will be processed by appropriate divisions of the FSC which have responsibility for the subject matter of the application.
Article any source
Wednesday, August 5, 2009
BVI FSC Issues Anti-Money Laundering Code of Practice
In July, the BVI Financial Services Commission published a document relevant to the Anti-Money laundering legislation. The Anti-money Laundering and Terrorist Financing Code of Practice, 2008 is consolidated by the Financial Services Commission on 17 February, 2009, in accordance with section 27 (1) of the Proceeds of Criminal Conduct Act, 1997, and after consultations with the Anti-Money Laundering and Terrorist Financing Advisory Committee.
As it is set in the Code, the objective of the supplementary legislation document is to provide greater understanding and appreciation of “ the current legal, regulatory and enforcement regimes with respect to compliance with anti-money laundering and terrorist financing measures.” The provisions of the Code establish the proportionate duties of the Financial Investigation Agency and the FSC, establish the internal control systems and requirements to customer due diligence, provide information on shell banks and correspondent banking relationships, wire transfers, record keeping and employee training.
The Schedules of the document include: best practices for charities and other non-profit associations, the list of recognized jurisdictions, the types of suspicious activities, and the table of offences and administrative penalties.
The BVI, as one of the major financial services providers, has to ensure compliance with internationally established standards of regulation and enforcement relating to anti-money laundering and countering terrorism financing. The BVI is required to fully comply with the requirements of the 49 FATF Recommendations, and it fully observes the established standards of international organizations of which it has membership - International Organisation of Securities Commissions (IOSCO), International Association of Insurance Supervisors (IAIS), Offshore Group of Banking Supervisors (OGBS) and Egmont group. The Code is aimed at achieving good corporate governance and the promotion of international co-operation to ensure financial stability; the document is setting down minimum standards of compliance, which will assist to develop and implement systems that effectively combat abusing the legitimate tools of business transactions through criminal conduct.
The Code in fact supplements the provisions of the following documents: the Drug Trafficking Act, 1992, Proceeds of Criminal Conduct Act, 1997, Financial Investigation Agency Act, 2003, the Terrorism (United Nations and Other Measures (Overseas Territories) Order 2001, the Anti-terrorism (Financial and Other Measures) (Overseas Territories) Order 2002 and Antimoney Laundering Regulations, 2008.
Article any source
As it is set in the Code, the objective of the supplementary legislation document is to provide greater understanding and appreciation of “ the current legal, regulatory and enforcement regimes with respect to compliance with anti-money laundering and terrorist financing measures.” The provisions of the Code establish the proportionate duties of the Financial Investigation Agency and the FSC, establish the internal control systems and requirements to customer due diligence, provide information on shell banks and correspondent banking relationships, wire transfers, record keeping and employee training.
The Schedules of the document include: best practices for charities and other non-profit associations, the list of recognized jurisdictions, the types of suspicious activities, and the table of offences and administrative penalties.
The BVI, as one of the major financial services providers, has to ensure compliance with internationally established standards of regulation and enforcement relating to anti-money laundering and countering terrorism financing. The BVI is required to fully comply with the requirements of the 49 FATF Recommendations, and it fully observes the established standards of international organizations of which it has membership - International Organisation of Securities Commissions (IOSCO), International Association of Insurance Supervisors (IAIS), Offshore Group of Banking Supervisors (OGBS) and Egmont group. The Code is aimed at achieving good corporate governance and the promotion of international co-operation to ensure financial stability; the document is setting down minimum standards of compliance, which will assist to develop and implement systems that effectively combat abusing the legitimate tools of business transactions through criminal conduct.
The Code in fact supplements the provisions of the following documents: the Drug Trafficking Act, 1992, Proceeds of Criminal Conduct Act, 1997, Financial Investigation Agency Act, 2003, the Terrorism (United Nations and Other Measures (Overseas Territories) Order 2001, the Anti-terrorism (Financial and Other Measures) (Overseas Territories) Order 2002 and Antimoney Laundering Regulations, 2008.
Article any source
Tuesday, May 12, 2009
BVI FSC Issues Advisory Warning No. 4 of 2009
Yesterday, the British Virgin Islands Financial Services Commission has issued an advisory warning No.4 of the year 2009. By this document, the Commission informed that A.M.B Ltd., A.M.B. Amerbank Limited, AMERBANK LIMITED and Antilles Merchant Offshore Bank are not licensed to conduct banking or offshore banking business or any financial services business in or from within the territory of the British Virgin Islands. Also, the named entities are not incorporated or registered in the jurisdiction.
The Commission advised the public to exercise caution in conducting any transactions with these entities, and reminded that they should always be contacted to verify the regulated status of any company, trying to be registered or authorised for work in BVI.
The document is issued under Section 4 (1) (1) of the Financial Services Commission Act, 2001, and signed by Managing Director/CEO of the Commission Robert Mathavious.
Article any source
The Commission advised the public to exercise caution in conducting any transactions with these entities, and reminded that they should always be contacted to verify the regulated status of any company, trying to be registered or authorised for work in BVI.
The document is issued under Section 4 (1) (1) of the Financial Services Commission Act, 2001, and signed by Managing Director/CEO of the Commission Robert Mathavious.
Article any source
Friday, November 14, 2008
BVI FSC Publishes Statistical Bulletin for the Second Quarter of 2008
On 7 November 2008, the BVI Financial Services Commission published the eleventh volume of Quarterly Statistical Bulletin, covering the changes and progress in different sectors of British Virgin Islands financial services industry. In this volume, statistical and other information for the period as of June 30 2008 is cumulated, including figures from the Registry of Corporate Affairs, from Banking & Fiduciary services sector, Mutual Funds and Insurance industries.
In the second quarter 2008, there were 15,831 offshore companies registered in the British Virgin Islands – a little less than in the same period of 2007 with 17,803 new incorporations. However it is more than in any 2nd quarter of years 2003-2006. Below, you can see the chart showing the dynamics of BVI company formation in Q2 of the years 2003-2008.
The cumulative number of offshore companies registered in the BVI and actively working at June 30, 2008 was 445,865. There were 532 Limited Partnerships of the whole amount of companies having active status by June 30, 2008. There were 26 Limited Partnerships registered, compared to 28 registered in Qtr2 2007, and 32 in Qtr1 2008. Obviously less number of incorporations in the period from April to June 2008, if compared to the offshore company formation statistics for the year 2007, partially might be the result of global economic recession, however there could be also some offshore jurisdiction related issues.
Along with less companies incorporated, there were also less dissolutions fixed by the BVI FSC - 9,268 in the period from April to June.
Banking and Fiduciary statistics estimated by the Commission showed cumulative figures as of June 30 2008 that included 98 Class I Trusts, 2 Class II and 4 Class III Trusts, and 109 Restricted Class II Trusts registered.
According to the Investment Business Statistics for the period ended on June 30 2008, total number of managers and administrators newly registered in the jurisdiction has also reduced, as well as the total number of professional, private and public mutual funds. The Statistical Bulletin includes the dynamics of active mutual funds registrations in the similar periods of 2006, 2007 and 2008.
Article any source
In the second quarter 2008, there were 15,831 offshore companies registered in the British Virgin Islands – a little less than in the same period of 2007 with 17,803 new incorporations. However it is more than in any 2nd quarter of years 2003-2006. Below, you can see the chart showing the dynamics of BVI company formation in Q2 of the years 2003-2008.
| Year (Q2) | BVI offshore companies incorporated in Q2 (IBC and BC) |
| 2003 | 9,602 |
| 2004 | 13,118 |
| 2005 | 14,666 |
| 2006 | 15,517 |
| 2007 | 17,803 |
| 2008 | 15,831 |
The cumulative number of offshore companies registered in the BVI and actively working at June 30, 2008 was 445,865. There were 532 Limited Partnerships of the whole amount of companies having active status by June 30, 2008. There were 26 Limited Partnerships registered, compared to 28 registered in Qtr2 2007, and 32 in Qtr1 2008. Obviously less number of incorporations in the period from April to June 2008, if compared to the offshore company formation statistics for the year 2007, partially might be the result of global economic recession, however there could be also some offshore jurisdiction related issues.
Along with less companies incorporated, there were also less dissolutions fixed by the BVI FSC - 9,268 in the period from April to June.
Banking and Fiduciary statistics estimated by the Commission showed cumulative figures as of June 30 2008 that included 98 Class I Trusts, 2 Class II and 4 Class III Trusts, and 109 Restricted Class II Trusts registered.
According to the Investment Business Statistics for the period ended on June 30 2008, total number of managers and administrators newly registered in the jurisdiction has also reduced, as well as the total number of professional, private and public mutual funds. The Statistical Bulletin includes the dynamics of active mutual funds registrations in the similar periods of 2006, 2007 and 2008.
Article any source
Friday, August 8, 2008
BVI Financial system used by the US State Department to pay 5 million reward to anonymous offshore recipient
According to RIA news and Serbian newspaper Press, the US State Department paid $5 million as a reward to an anonymous, offshore recipient for assisting in the capture of former leader of Bosnian Serbs and the wartime Bosnian Serb president Radovan Karadzic. By the official reports, he was arrested in Belgrade on July 21 after more than 10 years on the run.
Payment number RW 20-036-008/2 was made on July 23, two days after the news of Karadzic's arrest was released, to an anonymous offshore account in the British Virgin Islands. According to Western diplomatic sources, the payment to the BVI account was made as a reward for information that allowed to catch the fugitive.
The money is said to be paid by the State Department's Rewards for Justice Program, which usually pays for information that helps prevent terrorist attacks. The Rewards for Justice Program earlier claimed that the reward had been paid for assistance in the killing of an Afghan militant leader.
The Serbian paper informed that the only such case close in time to the $5 mln payment to the unknown BVI company was the killing of Al Qaeda's main chemical and biological weapons expert Abu Khabab al Masri. However, the terrorist was killed at least four days after the reward was paid, but on the same day as Radovan Karadzic was caught, and this was confirmed by British secret agents.
Karadzic's attorney said he suspected the people who caught Karadzic three days before the official arrest could have received this reward to the BVI offshore account.
The arrest of the former Bosnian Serb leader was one of the conditions set by the European Union for Serbia's membership. Karadzic is the most prominent war crimes suspect to appear in the Hague since Serbian President Slobodan Milosevic.
Article any source
Payment number RW 20-036-008/2 was made on July 23, two days after the news of Karadzic's arrest was released, to an anonymous offshore account in the British Virgin Islands. According to Western diplomatic sources, the payment to the BVI account was made as a reward for information that allowed to catch the fugitive.
The money is said to be paid by the State Department's Rewards for Justice Program, which usually pays for information that helps prevent terrorist attacks. The Rewards for Justice Program earlier claimed that the reward had been paid for assistance in the killing of an Afghan militant leader.
The Serbian paper informed that the only such case close in time to the $5 mln payment to the unknown BVI company was the killing of Al Qaeda's main chemical and biological weapons expert Abu Khabab al Masri. However, the terrorist was killed at least four days after the reward was paid, but on the same day as Radovan Karadzic was caught, and this was confirmed by British secret agents.
Karadzic's attorney said he suspected the people who caught Karadzic three days before the official arrest could have received this reward to the BVI offshore account.
The arrest of the former Bosnian Serb leader was one of the conditions set by the European Union for Serbia's membership. Karadzic is the most prominent war crimes suspect to appear in the Hague since Serbian President Slobodan Milosevic.
Article any source
Thursday, May 29, 2008
Robert Mathavious Speaking on the BVI Regulatory Environment During his Visit to the Middle East
On May 22, the Financial Services Commission has published on its site the speeches of BVI FSC managing director and CEO Robert Mathavious when he presented the Regulatory Environment in the British Virgin Islands during his visits to Dubai and Qatar, to the business communities of these countries. The presentations had the purpose to deepen their understanding of BVI's approach to the regulation, and of the benefits this approach brings for offshore jurisdiction's customers.
The presentation included information on the BVI Financial Services Commission in the role of independent regulator, on the FSC's approach to the regulation, and on the other related items. Robert Mathavious specially pointed out that the BVI FSC is not any kind of governmental institution, but an independent regulatory body, the duties of which cover insurance, banking, trustee business, company management and mutual funds sectors, as well as administration of companies registration, limited partnerships and intellectual property, and any kinds of non-banking financial intermediary services.
The head of the Commission named the three building blocks in the regulation approach – pragmatism, consultation and investment. The main objectives within the FSC and within the financial industry in the BVI mentioned by Robert Mathavious were the effective and appropriate training and development of staff and the recognition of the importance of professional qualifications. Programmes and procedures to counter money laundering and terrorism financing were also among the Commission's priorities.
Another item touched upon in the presentation is the good reputation of the British Virgin Islands, which is achieved by the jurisdiction's active engagement in all international initiatives, and by “active and balanced response to meeting international concerns”.
In his speech, Robert Mathavious referred to the last months event that confirmed the status of the BVI as a leading and competitive global finance centre – the inclusion of the offshore jurisdiction in the Global Financial Centres Index published by the City of London. This index is based upon 19,000 assessments from business professionals worldwide, and the BVI was placed in the 27th place among 69 financial centres, just behind Gibraltar, the Cayman Islands and Dubai.
Article any source
The presentation included information on the BVI Financial Services Commission in the role of independent regulator, on the FSC's approach to the regulation, and on the other related items. Robert Mathavious specially pointed out that the BVI FSC is not any kind of governmental institution, but an independent regulatory body, the duties of which cover insurance, banking, trustee business, company management and mutual funds sectors, as well as administration of companies registration, limited partnerships and intellectual property, and any kinds of non-banking financial intermediary services.
The head of the Commission named the three building blocks in the regulation approach – pragmatism, consultation and investment. The main objectives within the FSC and within the financial industry in the BVI mentioned by Robert Mathavious were the effective and appropriate training and development of staff and the recognition of the importance of professional qualifications. Programmes and procedures to counter money laundering and terrorism financing were also among the Commission's priorities.
Another item touched upon in the presentation is the good reputation of the British Virgin Islands, which is achieved by the jurisdiction's active engagement in all international initiatives, and by “active and balanced response to meeting international concerns”.
In his speech, Robert Mathavious referred to the last months event that confirmed the status of the BVI as a leading and competitive global finance centre – the inclusion of the offshore jurisdiction in the Global Financial Centres Index published by the City of London. This index is based upon 19,000 assessments from business professionals worldwide, and the BVI was placed in the 27th place among 69 financial centres, just behind Gibraltar, the Cayman Islands and Dubai.
Article any source
Wednesday, February 7, 2007
3iC Group Licensed by the BVI FSC is Launching a US$100 million Shariah-compliant Public Fund
Another BVI Financial Services provider is making serious step towards Islamic countries by providing Shariah compliant investment services. As discussed previously Islamic countries are becoming more and more important market for offshore services providers, and British Virgin Islands have strong positions there.
On January 29, 2007 3iC Group has reported about the launch of Dubai Growth Fund (Enmaa') Class A shares. 3iC Group, the sponsor and manager of Enmaa', is an international investment firm licensed by the BVI Financial Services Commission with operations in the United States and Malaysia.
Enmaa' is a open-ended public shariah-compliant mutual fund with a total size of US$100,000,000, with the minimum investment amount per customer US$1000. It is the first among the three classes of shares, that is part of the AED 1 billion Dubai Growth Fund announced by the group last quarter. The fund primarily invests in high growth equities and pre-IPO opportunities in the Middle East and some international markets, following the Dow Jones Islamic Indexes criteria. Enmaa' is diversifying its investments across industries and markets, aiming to achieve 25% annual return on investment.
Emirates Islamic Bank PJSC is the receiving bank, which will also process subscriptions and redemptions for the Dubai Growth Fund. HSBC Bank Middle East is the custodian and administrator of the fund. The National Investor (TNI), which is leading asset manager in the UAE, will manage portfolio of Enmaa'.
Dr. Akram Yosri, managing partner of 3iC Group, has commented, “ This is a unique shariah-compliant fund as it is the first to involve that many world-class financial institutions and individuals under one flag to service all types of investors in the region”.
Mr. Faisal Aqil, General Manager of Retail Banking, Emirates Islamic Bank, has said, “We are pleased to extend our support to the launch of Enmaa which should help contribute to the regional economy and provide customers with an alternate Shariah compliant investment opportunity. As such, we are happy to be associated with this initiative."
Article any source
On January 29, 2007 3iC Group has reported about the launch of Dubai Growth Fund (Enmaa') Class A shares. 3iC Group, the sponsor and manager of Enmaa', is an international investment firm licensed by the BVI Financial Services Commission with operations in the United States and Malaysia.
Enmaa' is a open-ended public shariah-compliant mutual fund with a total size of US$100,000,000, with the minimum investment amount per customer US$1000. It is the first among the three classes of shares, that is part of the AED 1 billion Dubai Growth Fund announced by the group last quarter. The fund primarily invests in high growth equities and pre-IPO opportunities in the Middle East and some international markets, following the Dow Jones Islamic Indexes criteria. Enmaa' is diversifying its investments across industries and markets, aiming to achieve 25% annual return on investment.
Emirates Islamic Bank PJSC is the receiving bank, which will also process subscriptions and redemptions for the Dubai Growth Fund. HSBC Bank Middle East is the custodian and administrator of the fund. The National Investor (TNI), which is leading asset manager in the UAE, will manage portfolio of Enmaa'.
Dr. Akram Yosri, managing partner of 3iC Group, has commented, “ This is a unique shariah-compliant fund as it is the first to involve that many world-class financial institutions and individuals under one flag to service all types of investors in the region”.
Mr. Faisal Aqil, General Manager of Retail Banking, Emirates Islamic Bank, has said, “We are pleased to extend our support to the launch of Enmaa which should help contribute to the regional economy and provide customers with an alternate Shariah compliant investment opportunity. As such, we are happy to be associated with this initiative."
Article any source
Monday, May 29, 2006
BVI offshore services could gain more popularity in Arabian countries
We already know the Conyers Dill & Pearman - an international offshore law firm that specialises in company & commercial law, commercial litigation and private client matters, the introducer of concept of multi-jurisdictional offshore law. This is one of the biggest players in the British Virgin Islands and the firm advises on the laws of British Virgin Islands as well as Bermuda and Cayman Islands.
Till now, the company had presence in 7 jurisdictions worldwide - Anguilla, the Bermuda Islands, the British Virgin Islands, the Cayman Islands, Hong Kong, London and Singapore. Now this offshore law firm has announced the opening of operations from the Dubai International Financial Centre (DIFC). The official opening is proposed on July, 2006.
The DIFC is used to serve all the Arab world - Middle East, East, North Africa, the Caspian states and the Indian Subcontinent. This is a region of 1.8 billion people and its combined economy's GDP is worth US$ 1.5 trillion.
As we can imagine, the British Virgin Islands as well as the Bermuda and Cayman Islands are sources of offshore services. The Dubai office will obviously be a source for new customers, huge market for offshore law firm as well as the BVI, Bermuda and Cayman Islands offshore services.
The Dubai office of Conyers Dill & Pearman will advice on corporate and commercial law. The emphasis will be made on private equity, investment funds, project financings and securitizations. This will be the first law firm that will offer such comprehensive and multi-jurisdictional offshore advice in the above-mentioned region.
More and more offshore service providers start realizing the actual potential of the customers from the Arab world. More and more big shot start placing their offices in the UAE and other Arab countries. In 2002, UBS, the biggest bank in Switzerland, set up Islamic banking subsidiary in Bahrain for providing Sharia-compliant products. Now they have 65 employees of UBS bank in the United Arab Emirates, Bahrain, Egypt and Lebanon and in March of this year the biggest banking group announced that at the end of 2006 Islamic banking subsidiary would be transferred to UBS Wealth Management and Investment Banking divisions. Also, the Cayman headquartered Walkers, one of the closest rivals of Conyers in November 2005 announced the opening of the first fully transactional office for this offshore law firm in the Dubai International Finance Centre. Walkers has also offices in the British Virgin Islands, the Cayman Islands, Hong Kong and London.
Back to Conyers Dill & Pearman and the BVI. Many offshore specialists prognose that this move will be succesfull and will increase the business in Islamic world both to the offshore law firm and the British Virgin Islands - offshore jurisdiction which offshore products and services are offered to the customers of Conyers Dill & Pearman.
Article any source
Till now, the company had presence in 7 jurisdictions worldwide - Anguilla, the Bermuda Islands, the British Virgin Islands, the Cayman Islands, Hong Kong, London and Singapore. Now this offshore law firm has announced the opening of operations from the Dubai International Financial Centre (DIFC). The official opening is proposed on July, 2006.
The DIFC is used to serve all the Arab world - Middle East, East, North Africa, the Caspian states and the Indian Subcontinent. This is a region of 1.8 billion people and its combined economy's GDP is worth US$ 1.5 trillion.
As we can imagine, the British Virgin Islands as well as the Bermuda and Cayman Islands are sources of offshore services. The Dubai office will obviously be a source for new customers, huge market for offshore law firm as well as the BVI, Bermuda and Cayman Islands offshore services.
The Dubai office of Conyers Dill & Pearman will advice on corporate and commercial law. The emphasis will be made on private equity, investment funds, project financings and securitizations. This will be the first law firm that will offer such comprehensive and multi-jurisdictional offshore advice in the above-mentioned region.
More and more offshore service providers start realizing the actual potential of the customers from the Arab world. More and more big shot start placing their offices in the UAE and other Arab countries. In 2002, UBS, the biggest bank in Switzerland, set up Islamic banking subsidiary in Bahrain for providing Sharia-compliant products. Now they have 65 employees of UBS bank in the United Arab Emirates, Bahrain, Egypt and Lebanon and in March of this year the biggest banking group announced that at the end of 2006 Islamic banking subsidiary would be transferred to UBS Wealth Management and Investment Banking divisions. Also, the Cayman headquartered Walkers, one of the closest rivals of Conyers in November 2005 announced the opening of the first fully transactional office for this offshore law firm in the Dubai International Finance Centre. Walkers has also offices in the British Virgin Islands, the Cayman Islands, Hong Kong and London.
Back to Conyers Dill & Pearman and the BVI. Many offshore specialists prognose that this move will be succesfull and will increase the business in Islamic world both to the offshore law firm and the British Virgin Islands - offshore jurisdiction which offshore products and services are offered to the customers of Conyers Dill & Pearman.
Article any source
Subscribe to:
Posts (Atom)