BVI Finance This Week 20/3/20

Members Only News

25Mar

BVI Finance This Week 20/3/20

25 Mar, 2020 | View Counts (1139) |Return|

FRIDAY 20 MARCH, 2020

THE LATEST ON CORONAVIRUS PANDEMIC

Source via Al Jazeera: Local governments/World Health Organization

Last updated: March 20, 2020

As of today 20^th March 2020, the Novel Coronavirus (COVID-19) has affected more than 200,000 people globally in 160+ countries, resulting in the thousands of fatalities. Of those affected, 170 come from 23 countries and territories in the Caribbean, according to the Pan American Health Organisation (PAHO). There have been no confirmed cases of COVID-19 in the British Virgin Islands (BVI).

With the overwhelming increase in cases, the Government of the Virgin Islands has this week implemented a number of precautionary measures to ensure the safety of all who reside in the BVI. Some of these measures approved by Cabinet include:

As of yesterday 19^th March, all public and private schools, pre-schools, day care centres and extra-curricular activities are mandated to close for a period of 14 days in the first instance;
All social gatherings including both weddings and funerals are advised to restrict numbers to a limit of 30 people at a time, and a maximum of 10 people for those in vulnerable categories, for a period of 30 days;
All passengers who are not nationals, Belongers, Work Permit Holders or persons ordinarily resident in the BVI are prohibited, with effect from 19^th March, from entering the BVI by sea or air; and
Charges for water to residences has been suspended for a period of 30 days, with effect from 19^th March.

We urge you to keep monitoring the government’s webpage, solely dedicated to providing updates on COVID-19. Continue practising proper hygiene and if sick, you are asked to stay home. If you think you are showing possible symptoms, you are asked to contact the medical hotline at +1(284) 852-7650 and avoid visiting the doctor’s office.

TELECOMMUNICATIONS – COVID-19 AND WORKING REMOTELY IN THE BVI

The representatives from the Information Systems Security Association (ISSA) and BVI’s telecommunications providers Caribbean Cellular Telephone (CCT), Digicel and Flow were the featured speakers at BVI Finance’s Breakfast Forum on Wednesday 18^th March on Telecommunication: Covid-19 & Working Remotely in the BVI.

The panelists emphasized the importance of prioritizing security as people work at home or remotely away from their offices. While they noted that it was important for people to be pre-trained on security measures for working remotely, they outlined several steps that companies and individuals could still take to beef-up security. Most systems they outlined should have some sort of firewall, a system designed to prevent unauthorized access to or from a private network.

In terms of getting security systems, they encouraged people to use what they have and buy what they don’t have. However, they warned about being dazzled by free services and advised that people stick with known and trusted brands when purchasing security systems

CCT, Digicel and Flow all confirmed that they are offering special plans during the crisis and have suspended the long-term contracts for these specific plans to allow people to have remote access during the COVID-19 crisis. They said they would be doing all that they could to boost their systems to lessen congestion on the networks, but encouraged people to use the systems responsibly and only when necessary.

Read the full article, here.

SPOTLIGHT

BVI FSC ANNOUNCES AML/CFT POLICY AND 2020-2022 AML/CFT STRATEGY

The BVI Financial Services Commission (FSC) has published its formal antimoney laundering and counter-terrorist financing (AML/CFT) Policy and its 2020-2022 AML/CFT Strategy. Consistent with the commitment to advance the Territory’s continued recognition as a well-regulated international finance centre, and its efforts to prevent the misuse of BVI financial services products and services, the FSC has introduced these additional resources.

The AML/CFT Policy and Strategy are designed to ensure appropriate measures are taken where criminal activity is identified. The FSC will review the Policy and Strategy on an ongoing basis and will measure progress towards achieving the objectives as identified in the Strategy. As progress is made and international developments occur such as changes in FATF Standards, the FSC will take necessary measures to review and adjust the Strategic Objectives.

To read the full release, click here.

View AML/CFT Policy

View AML/CFT Strategy

BVI NORWICH PHARMACAL RELIEF: AN INTERNATIONAL PROBLEM RESOLVED

The BVI Commercial Court has just delivered a judgment that answers the question raised in the BVI as a result of two English decisions questioning the availability of Norwich Pharmacal relief for the purposes of overseas proceedings.

In the first written judgment on the issue delivered on 10 March 2020, Wallbank J declined to follow the recent English decisions and confirmed the availability of this relief in the BVI. Read more to see how Nicholas Burkill of Ogier examines this latest judgement from the BVI Commercial Court.

Weekend Reading Suggestions

MAKING A WILL WON'T KILL YOU

Many people tend to put off the preparation of a will to a future date, but there are numerous reasons to grab the bull by the horns, not least because having an up-to-date will often tends to give people peace of mind, knowing that their affairs are in order and that their loved ones will be taken care of.

Chris McKenzie of O’Neal Webster explores reasons why the preparation of a will should be considered sooner rather than later, here.

BRITISH VIRGIN ISLANDS: A LIQUIDATOR’S YEAR

In an article originally published in the March 2020 South Square Digest, Harneys Partners Andrew Thorp and Peter Ferrer review important insolvency law related developments in the British Virgin Islands over the last twelve months.

You can click on the image on the left or click here to read the article.

WHAT DO I NEED TO WORK FROM HOME DUE TO CORONAVIRUS

"What do I need to work at home during the coronavirus outbreak? At this rate, we might all be working from home for a year! How will the broadband providers cope? Do we need a plan B? - FranklySwiss"

Everyone will need their own customised solution, but there are two things to think about. First, will you be working at home for two weeks or four months or possibly forever? Second, who is paying for homeworking equipment and services: you or your employer?

Jack Schofield, the Guardian's computer editor, shares his views on how Covid-19 could cause a permanent shift towards home working and shares some tips on how best to set up a home office for short or long term if self-isolating.

You can learn more by clicking here.