Premier of the British Virgin Islands
Ralph O'Neal says he welcomes the visit next week of head of the United Kingdom
independent review of British offshore financial centres.
The review was first announced last November and in recent weeks, Gordon Brown's labour Government has said it will join a global effort to tighten rules for tax havens and offshore financial centres.
Mr. O'Neal said he was confident that the territory's regulatory system would stand up to scrutiny.
The British review also applies to the Cayman Islands, Bermuda, Anguilla and the Turks and Caicos Islands.
Mr. O'Nela who is also Finance Minister said in a statement that his Government is committed to global standards of regulation in the sector.
He also said that they are open to co-operation in exchange of information and transparency.
Around half the Government's annual earnings come from the sector.
The British Government's review of its offshore financial centres was announced in last year's budget.
The review comes at a time when there is growing pressure on what are some times referred to as tax havens.
The British and US Governments recently announced that they would be taking a serious look at the operations of these centres to determine if they are functioning as tax havens where rich people hide their money from the taxman.
The issue is expected to dominate next months G20 (Group of 20) nations meeting in London.
The Cayman Islands has confirmed an extension of tax information assistance to seven new countries.
The announcement came just days after the Group of 20 finance ministers in London agreed to tighten rules on offshore financial centres.
A statement from the Cayman authorities said the agreement means the seven European states, including Germany and Belgium, can request tax information from the territory.
The review was first announced last November and in recent weeks, Gordon Brown's labour Government has said it will join a global effort to tighten rules for tax havens and offshore financial centres.
Mr. O'Neal said he was confident that the territory's regulatory system would stand up to scrutiny.
The British review also applies to the Cayman Islands, Bermuda, Anguilla and the Turks and Caicos Islands.
Mr. O'Nela who is also Finance Minister said in a statement that his Government is committed to global standards of regulation in the sector.
He also said that they are open to co-operation in exchange of information and transparency.
Around half the Government's annual earnings come from the sector.
The British Government's review of its offshore financial centres was announced in last year's budget.
The review comes at a time when there is growing pressure on what are some times referred to as tax havens.
The British and US Governments recently announced that they would be taking a serious look at the operations of these centres to determine if they are functioning as tax havens where rich people hide their money from the taxman.
The issue is expected to dominate next months G20 (Group of 20) nations meeting in London.
The Cayman Islands has confirmed an extension of tax information assistance to seven new countries.
The announcement came just days after the Group of 20 finance ministers in London agreed to tighten rules on offshore financial centres.
A statement from the Cayman authorities said the agreement means the seven European states, including Germany and Belgium, can request tax information from the territory.
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