Governor Bryan announcing that the US Virgin Islands is no longer on a list on of 23 high-risk jurisdictions the European Commission claimed “were posing significant threats” to the European Union’s financial system.
That includes threats of terrorism.
The European Union placed the U.S. Virgin Islands, Puerto Rico, Guam, and American Samoa, on a list February 12th.
The US Virgin Islands had first been officially placed on the list in March 2018 without active action by the Territory or the US Treasury.
“I am pleased to announce the territory is officially off the European Commission’s blacklist. We have worked closely with the Treasury Department and our legal team in Washington to have the EU Members reverse the declaration of the EC. Blacklisting the territory hampers our efforts to keep and attract foreign investment and erodes confidence in our banking system,” Governor Bryan said.
“The placement of the US Territories on the blacklist made no sense since the US as a whole was not placed on the list, and the Territories use US currency, tax systems, tax treaties, banking, corporate laws, and courts the same as all states. We are pleased that the Department of Treasury, at the Territories’ request, undertook aggressive actions to get EU Members to reverse the blacklisting,” Governor Bryan added.
The change came after 27 of the 28 EU Member States objected to the list during a Council Meeting last week in Brussels, Belgium.