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PREMIER FAHIE REASSURES THAT FINANCIAL SERVICES INDUSTRY REMAINS OPEN FOR BUSINESS
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Earlier today, Premier and Minister of Finance Hon. Andrew A. Fahie made a statement emphasizing that the BVI’s financial services industry remains open for business. Premier Fahie thanked all persons in the industry, who he described as the ones “who keep the engine of the BVI’s financial services industry turning”. Highlights from Premier Fahie’s statement on financial services include:
- Cabinet has just approved the Financial Services (Exceptional Circumstances) Bill which will shortly be introduced into the House of Assembly. When passed, there will be a legislative mechanism that can be immediately called into action to make special and urgent provision for the temporary disruption in the local financial services industry to occur in an orderly fashion if the time comes when it is necessary for you to do so. The same law will allow you to relocate in BVI or elsewhere, and will also modify the application of certain regulatory obligations to you in the event that exceptional circumstances have been declared.
- As we continue to listen to you, we have heeded your concerns about the level of preparedness of our telecommunications infrastructure. While the borders are closed for 14 days, communications remains frequent and I have given the mandate to Telecommunications Regulatory Commission (TRC) for the broadband to be the level that is needed if it means bringing in another entity.
- More recently, I had the leaders of all the telecommunications providers speak to the financial services industry at a session hosted by BVI Finance a couple of weeks ago and every single one of them has assured us that they have strengthened their systems to minimise congestion on their networks in anticipation of the heightened use of people working remotely.
- BVI Finance is devising a number of strategies to engage with the industry to help communicate the BVI’s messages globally via various digital platforms. These will help the industry to remain proactive and on the front foot during this time of limited mobility and in-person interactions.
- At Cabinet, we agreed that apostilles are an essential service. As a Government, we will continue to provide that service under a controlled environment. The Deputy Governor’s Office endeavor to have these digitally provided and will let you know more about this in due course.
To read the full statement, please click here.
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LOCALLY & INTERNATIONALLY
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On 11th March, 2020 the World Health Organization (WHO) declared COVID-19, Coronavirus, a health pandemic. As of today 27th March, there are over 565,000 confirmed cases with approximately 25,410 deaths in over 200 countries, territories and areas.
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- On Wednesday 25th March, the government confirmed two cases of coronavirus in the BVI. According the Minister of Health and Social Development Hon. Carvin Malone: 27 persons were tested in total; 25 tested negative; 2 tested positive; 9 persons currently under investigation pending results, and 107 persons are self-quarantined due to risk factors.
- BVI issues mandatory curfew to control the spread of COVID-19. The mandatory curfew will begin from Friday 27th March at 8:00pm to Thursday, 2nd April on 6:00am. Persons defined as essential workers in section 3 of the Order are exempted from the curfew while they are on duty. View list of essential workers.
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- UK Prime Minister Boris Johnson has tested positive for coronavirus
- The United States now surpasses China, leading with more than 86,000 cases of coronavirus
- China has announced that that they will be banning entry to all foreigners, including non-nationals with valid visas and residence permits, from midnight tonight to curb the number of imported cases
- At the G20 Virtual Summit hosted by Saudi Arabia, the nations have pledged to put US$5 trillion into the global economy to try to combat the fallout from the coronavirus pandemic.
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FINANCIAL SERVICES UPDATES
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Coronavirus Impact Survey
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Industry practitioners are asked to complete this survey as a matter of urgency. The results of the survey are needed to ensure that the financial services industry’s voice is represented in policy decisions made by the Government of the Virgin Islands.
We ask that the survey be completed by Sunday 30th April 2020. For questions, click here.
Access survey, here.
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For emergency Apostille services only during the period of the curfew, special permission will be granted to firms. Firms should provide a list of the messengers with contact numbers (and notaries public where applicable) who will have to be on the roads to sherbert@gov.vg or krubaine@gov.vg by 3:00pm.
The period of time persons will be allowed on the roads will be limited to 8:30am to 1:30pm.
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The Gazette Unit has advised that all notices that were received by 3:00pm today, 27th March, will be published in the Gazette issues of 2nd and 9th April 2020 respectively, based on the publication schedule. After the 24-hour Curfew period, further information about our operations will be posted on the homepage of the Virgin Islands Official Gazette website, here.
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Court searches are available and will be available during the 24-hour curfew.
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International Tax Authority (ITA)
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Following the lift of the 24-hour curfew, the ITA expects to re-establish its operational frameworks and meet its international obligations. Confidentiality and data safeguards remain critical for the ITA’s functioning and strict security measures will continue to apply following the lift of the curfew if remote working is still required. Further updates will be provided as required.
With regards to the press release issued on 18th March, the ITA has provided further particulars that should be borne in mind with respect to Economic Substance. These updates can be viewed, here.
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BVI Financial Services Commission (FSC)
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Investment business licensees, mutual funds, and approved managers are being encouraged, where practical, to comply with the upcoming deadline of 31st March 2020 for the payment of annual licence fees. The FSC will not apply nor issue penalty fees for late submission until after 30th April 2020. View announcement, here.
Industry practitioners are asked to use the wire transfer instructions linked below to send all remittances electronically to the FSC including VIRRGIN deposits on account, payment of regulatory fees and any other amounts due. View instructions, here.
To provide the most efficient service, the FSC asks that industry practitioners use email rather than telephone for direct contact. Access list of emails, here.
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COVID-19 SELF CARE: TIPS FROM THE WORLD HEALTH ORGANIZATION
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Stress and anxiety go hand-in-hand with the bad news about COVID-19 from around the world. Hearing constant reports about the illness and death caused by coronavirus can be hard to take.
For starters, everyone needs to look after one's own basic needs to stay mentally healthy in a stressful time. "We can feel mentally better if we are as physically well as possible," Aiysha Malik, a psychologist with the World Health Organization, told the news conference.
Malik's tips for self-care include:
- Eat healthy foods
- Stay physically active
- Get regular sleep and rest
- Create a sense of structure and routine in daily life
Connect socially with friends and family, while maintaining physical distance
Malik recommended practicing hobbies that have brought you joy in the past, or relaxation techniques that have worked for you before. See other recommended practices here.
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