The British Virgin Islands (BVI) has most of the essential elements for a suitable framework for financial supervision. There is a weakness with respect to onsite supervision of banking, insurance, and securities sectors; and there is currently no regular and comprehensive examination and compliance program in operation. Although the legal and supervisory frameworks are adequately structured, the implementation of the full range of supervisory measures has not yet been fully achieved. However, the government is implementing a comprehensive examination methodology and plan.... plans for appellate review of decisions, for a policy and research department, and an insolvency services department, ... Manuals have already been prepared, and the audit program and on-site inspections are expected to begin in 2003.
|Title||:||British Virgin Islands-Overseas Territory of the United Kingdom|
|Author||:||International Monetary Fund|
|Publisher||:||International Monetary Fund - 2004-04-05|