IMF Staff Country Reports

British Virgin Islands: Financial Sector Assessment Program Update: Financial System Stability Assessment

October 25, 2010

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Format: Chicago

International Monetary Fund. Monetary and Capital Markets Department "British Virgin Islands: Financial Sector Assessment Program Update: Financial System Stability Assessment", IMF Staff Country Reports 2010, 323 (2010), accessed November 21, 2024, https://doi.org/10.5089/9781455208746.002

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Summary

This paper focuses on financial regulatory policies and stability. The British Virgin Islands (BVI) provides administrative, audit, and legal services to international business companies, which is another key component of the economy. Developments in the financial sector and regulatory framework warrant an update of the assessment conducted under the IMF’s Offshore Financial Center (OFC) program. Financial Services Commission Act (FSCA) provides the Financial Services Commission (FSC) with a wide array of specific regulatory, supervisory, and enforcement powers. The banking system has been insulated from global financial shocks. Many critical elements develop a robust and proportionate crisis management framework.

Subject: Banking, Commercial banks, Economic sectors, Financial institutions, Financial Sector, Financial services, Insurance, Mutual funds

Keywords: Business company, BVI authorities, BVI bank, BVI business company, BVI incorporation, BVI insurance industry, BVI law, BVI tourism sector, Caribbean, Commercial banks, CR, Financial sector, FSC authority, FSC staff, Global, Insurance, ISCR, Mutual funds

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