New Cheque Collection Policy to Enhance Security
Starting March 1, the BVI Treasury Department requires an authorization form for third-party cheque collections, as announced by Financial Secretary Jeremiah Frett. This new measure aims to improve security, accountability, and efficiency in the cheque distribution process.
In a move to bolster financial security and streamline cheque distribution, the BVI Treasury Department, under the guidance of Financial Secretary Mr. Jeremiah Frett, has introduced a new policy that mandates the submission of an authorization to collect cheques form before a third party can retrieve cheques on behalf of an individual, company, government entity, or statutory body.
This policy will take effect from March 1, marking a significant procedural change designed to enhance the integrity of the cheque distribution process. Frett emphasized the importance of this new requirement, noting that it is aimed at enhancing security, accountability, and efficiency within the cheque distribution system. "This procedural change is imperative to strengthen internal controls, mitigate risks, and ensure that only authorized individuals collect cheques," Frett stated.
He further explained that authorized representatives are required to present valid identification upon collecting cheques, a step that adds an extra layer of security to the process. Arnold Ainsly, also voiced his approval of the new system, expressing confidence that it will significantly improve the government's financial controls and reduce financial risks associated with the cheque distribution process.
This sentiment underscores the administration's commitment to ensuring the safety and proper management of public funds. For those needing to utilize this service, authorization forms are readily available from the Treasury Department. The forms must be completed and submitted to the same department, either directly or via email at treasury@gov.vg.
For further assistance or information, individuals can reach out to Fiona Farrington at the Treasury Department through the provided email or by calling 284-468-2133. The Treasury Department, a crucial arm under the Ministry of Finance, plays a vital role in managing the accounting of public monies received and disbursed by the government.
It is tasked with processing payments on behalf of the Government, ensuring that all public funds are accounted for in an accurate and timely manner. This new policy reflects the department's mission to adhere to the Constitution, the Public Finance Management Act and Regulations, and international reporting standards, using resources in the most efficient and effective way possible to safeguard public funds.
Primary source: BVI Platinum