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JOHN SAMUEL APPOINTED DIRECTOR OF VI SHIPPING REGISTRY
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John Samuel has been appointed Director of the Virgin Islands Shipping Registry (VISR) for a period of one-year, effective 1st July 2020.
As Director, Samuel will serve as Chief Advisor to the Government on matters relating to the VISR and will lead the department, providing guidance and support to ensure all survey related matters are dealt with and meet the established industry standards. He will also develop and present a reform strategy for the modernisation of the department in line with successful industry models and will streamline and improve its internal processes, as well as the public/private sector interface necessary for continued effectiveness.
Permanent Secretary in the Premier’s Office, Dr. Carolyn O’Neal-Morton said she welcomes John Samuel, who has the experience and expertise needed in moving the VISR forward in the ‘New Regular’, living and working with COVID-19. She added: “The Government of the Virgin Islands continues to place great emphasis on introducing, amending, and updating the necessary pieces of maritime legislation to ensure that the Territory maintains its Category One shipping status to continue registering large ships under the International Maritime Conventions.”
John Samuel succeeded Captain Raman Bala, who will now serve as the Director of Technical Operations. BVI Finance extends congratulations to John and well wishes to Captain Bala as he takes on his new role. We look forward to continuing our excellent working relationship with the VISR, with John Samuel at the helm of the ship!
Read the full announcement, here.
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HARNEYS ADVISES GREENLAND GLOBAL INVESTMENT LIMITED ON ITS US$500 MILLION ISSUANCE OF LISTED NOTES
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Pictured: Ellie Crespi, Partner, Corporate, Banking & Finance, Harneys
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Pictured: Melissa Thomas, Associate, Banking & Finance, Harneys
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Harneys acted as BVI counsel in respect of Greenland Global Investment Limited’s issuance of US$500 million 6.25 per cent notes, due 2022, issued under its US$8 billion Guaranteed Medium-Term Note Programme, and listed on the Hong Kong Stock Exchange.
Greenland Global Investment Limited is the first real estate-focused conglomerate that was recognised as “Fortune Global 500” company in history. The Harneys team was led by Partner Ellie Crespi, with support from Associate Melissa Thomas.
Commenting, Crespi said: “We are delighted to have assisted Greenland Global Investment Limited on its MTN programme and standalone issuance, they are a longstanding and valued client of ours. The bond market has been particularly active over the last six months, and we anticipate that this will continue into the latter part of 2020.”
Harneys acted on instructions from Millbank, who were also acting on the issuer side. Linklaters Hong Kong advised the managers.
We extend our congratulations to Ellie and Melissa on their latest accomplishment! You can read more on the news, here.
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FIA AND FSC ISSUE ADVISORY ON PONZI AND PYRAMID SCHEMES
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The BVI Financial Investigation Agency (FIA) and the BVI Financial Services Commission (FSC) have issued advisories to the general public, warning against Pyramid Schemes and other related investment scams which are being promoted from and within the British Virgin Islands.
In this current environment, with persons possibly experiencing greater financial difficulties due to the ongoing pandemic and other factors, it is exceedingly important that the public be mindful of the risk associated in such activities. According to the FIA, virtually all Ponzi and Pyramid Schemes have the same characteristics, the following elements can serve as red flags to potential participants:
- above-market or guaranteed return
- appearance of illegitimacy or impeccable reputation
- marketing and exclusivity
- participant greed (going to the extreme to gain more money)
Both organisations are asking persons to report suspicious activity. You can view the advisories from the FIA and FSC, below.
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FATF APPOINTS NEW PRESIDENT
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Pictured: Dr. Marcus Pleyer, FATF President 2020-2022
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For the second time since the inception of the Financial Action Task Force (FATF), Germany will hold the presidency role of the organisation. Dr. Marcus Pleyer of Germany assumed the position of President of the FATF on 1st July 2020. He succeeded Xiangmin Liu of the People's Republic of China.
Pleyer serves as Deputy Director General in Germany’s Federal Ministry of Finance with responsibilities for policy development and international engagement pertaining International Financial Markets (including FSB, G7, G20 matters), Anti- Money Laundering and Counter-Terrorism Financing (AML/CFT), Financial Sanctions Policy, Digital Finance including Payment Services and Cyber Security and national and international development banks.
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Dr. Pleyer presented his objectives for the first two-year Plenary period (July 2020 - June 2022) to the June 2020 Virtual Plenary. During the German Plenary years, the FATF will prioritise work in the following areas:
- Digital Transformation of AML/CFT
- Financing of ethnically or racially motivated terrorism
- Money laundering and migrant smuggling
- Environmental crime
- Illicit arms trafficking
During the Germany Presidency, the FATF will continue to deliver its core work of identifying risks, setting standards, evaluating and holding countries to account for effective action. View more on the FATF presidency, here.
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BVI FINANCE SUPPORTS #BLACKOUTFRIDAY
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COVID-19: HOW WILL SPORTS AND LIVE ENTERTAINMENT FIND A NEW NORMAL?
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In almost every difficult period of our lifetime, sports and entertainment has been part of the healing process, from Whitney Houston’s national anthem during the Gulf War, to President Bush’s World Series first pitch after 9/11, to the NHL’s Las Vegas Golden Knights helping the city recover from the 2017 shooting. But with COVID-19, sports and entertainment are on the sidelines with us.
In this article, a KMPG Contributor on Forbes Michelle Wroan analyzes sports teams, entertainers, and venues, and the unique hurdles these groups face bridging from our current stay-at-home situation to a new normal environment. Read more, here.
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UPCOMING EVENTS
July
BVI Finance Breakfast Forum
Webinar | 21 July | 10:00 a.m
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