Virgin Islands get tough

The aim is in line with the ambitions of many offshore jurisdictions: to present themselves as sophisticated and well-regulated financial centres.
"The ability to predict outcomes accurately, to assess exposure and evaluate security, both in a domestic and international context, will prove a significant competitive advantage," said Peter Tarn, a finance partner at BVI firm Harney Westwood & Riegels.
Tarn advised the BVI government on the reforms, which are at draft bill stage. The firm has set up a London office.
A key element of the review deals with cross-border issues, particularly in terms of access of foreign representatives and creditors, recognition of foreign proceedings, and cooperation with foreign courts.