BVI shows how innnovation is key to global transparency
13 April 2017
Reform of the global tax system is high on the agenda. Ryan Geluk, Deputy Managing Director of BDO in the British Virgin Islands explores how innovation and technology have a major role in strengthening global financial transparency.
Click here to read the article recently picked up by Financial Director in the UK on this innovative and collaborative approach which demonstrates not only the strength of BDO's network, but also how it is changing how we see transparency and technology.
Recent years have seen several high profile tax scandals, which has driven demands for an array of changes across the world, including the OECD’s BEPS project, the EU’s list of “non-cooperative” tax jurisdictions, and US President Donald Trump’s border tax plan.
There have also been specific calls for greater transparency in the tax system. Many parties, from tax campaigners, to legislators and regulators, believe there is too much opacity in global finance and, as a result, the risk of criminal wrong-doing going undetected is increasing.
See how the British Virgin Islands and BDO (though a collaborative effort between the BVI and Canada Member Firms) have dealt with the fine balance of the need for transparency and privacy with an innovative system to allow for exchange of beneficial ownership between BVI competent authorities and foreign law enforcement.