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BVI stands out in financial centres index
Published on March 22, 2014 Email To Friend    Print Version

ROAD TOWN, BVI -- The British Virgin Islands (BVI) has risen four places and been named a top five offshore finance centre in the 15th influential Global Financial Centres Index (GFCI).

Overall, the jurisdiction is ranked 44th in the world, ahead of 39 other financial centres.

The strong rise of the BVI in the GFCI 15 counters the trend for most offshore centres that have seen a decline in their position relative to other financial centres; several losing more than ten places.

Premier and minister of finance of the British Virgin Islands, Dr Orlando Smith, said, “This rating is testament to the comprehensive legislative and world class regime for financial services business that exists in the BVI today. In is no coincidence that his comes as we recognise the 30th anniversary of the piece of legislation – the BVI International Business Companies Act - that has set the standard that other centres have tried to emulate over the last 30 years.”

Smith added, “The strong performance of the BVI can also be attributed to the strength of our independent regulator. This has been acknowledged and endorsed by several independent supranational standard setters and underpins my government’s belief that good regulation is good for business.”

The GFCI is a twice-annual report which provides profiles, ratings and rankings for a growing list of global financial centres, drawing on two separate sources of data: instrumental factors and responses to an online survey. The GFCI was first published by Z/Yen Group in March 2007 and has subsequently been updated every six months; this particular issue is the 15th GFCI to be published.

Looking at the global trends, the GFCI15 report reveals that 29 financial centres climbed in the ranks, 47 centres declined and four centres experienced no change.
 
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