Business
VI Recovery and Development Agency appoints new senior director
By British Virgin Islands Recovery and Development Agency
(PRESS RELEASE) — The Virgin Islands Recovery and Development Agency is pleased to announce the appointment of Ms. Linda I. Smith, BA, MPA, CFRM as the Senior Director of Development (SDD) for a period of one-year effective 16th January, 2023.
As the RDA’s Senior Director of Development, Ms. Smith holds the mandate to proactively pursue financial investments for RDA-implemented projects and philanthropy-related initiatives to support the Virgin Islands recovery and development efforts.
In welcoming the new SDD to the team, Chief Executive Officer at the RDA Mr. Anthony McMaster said, “We are proud to have Ms. Smith on board and look forward to her expertise and impact in executing the essential portfolio of fundraising as the agency rises to the next level.”
CEO McMaster added he is confident that Ms. Smith will bring positive change.
Ms. Smith will work in conjunction with the CEO and the agency’s Development Sub-Committee to implement a comprehensive successful capital campaign in the areas of Education, Climate Resilience and Mitigation, Green Initiatives, and the Virgin Islands National Heritage Park Project with emphasis on annual, major and legacy support.
The Senior Director of Development is responsible for the organisation of and strategically aligning both fundraising and friendraising events to be held across the Territory, and in-kind donations. She is also tasked with increasing awareness of the agency’s work, goals and financial needs, in collaboration with current and prospective donors, staff, volunteers and the Virgin Islands community through public and private sector partnerships.
During her tenure, Ms. Smith will develop a three-year philanthropy strategic plan, execute domestic crowd funding campaigns and a create a Contractor Corporate Social Responsibility Plan.
With a solid background and expertise, Ms. Smith is a skilled facilitator and negotiator who analytically, strategically, and logistically evaluates situations, ensuring low cost, while producing quality and comprehensive end-results.
Ms. Smith holds a Master’s degree in Public Administration and dual Bachelor’s degrees in Business Administration and Business Management from the University of the Virgin Islands. She has completed the Quality Improvement Processes Certification Programme, a curriculum which evaluates organisational efficiency levels hosted by Harvard University, and a certificate in Cyber Security Management from the Texas A&M University.
Ms. Smith also has certificates in Fund Raising Management, Capital Campaigns and Principles, and Techniques of Fundraising Management among other qualifications from the Indiana University.
The appointment of the Senior Director of Development is in line with the Virgin Islands Recovery and Development Agency’s overarching goal, to deliver on its mandate to execute recovery projects, build capacity and philanthropy.
As the festive season brings increased consumer activity, the British Virgin Islands Bank Association (BVIBA) has issued a stern reminder to merchants across the territory regarding compliance with card transaction policies.
The association warns that imposing minimum spending requirements or charging additional fees for card payments is not only against their merchant agreements but also violates regulations established by major payment networks, VISA and Mastercard.
The advisory, issued on Wednesday, December 18, warns that merchants engaging in these practices are in breach of their contractual obligations with their respective financial institutions. “We request that all merchants immediately cease these practices to ensure compliance,” the statement read.
The BVIBA comprises several prominent financial institutions, including Bank of Asia (BVI) Limited, CIBC Caribbean, FirstBank PR, National Bank of the Virgin Islands, Popular, Republic Bank (BVI) Limited, and VP Bank (BVI) Limited.
For inquiries or guidance on compliance, the BVIBA advises merchants to contact their respective banks promptly.
Business
BVI Financial Investigation Agency and Jersey Financial Services Commission Sign Agreement to Strengthen Cooperation in Tackling Financial Crimes
The Financial Investigation Agency (FIA) of the British Virgin Islands (BVI) has recently strengthened ties with the Jersey Financial Services Commission (JFSC) through a Memorandum of Understanding (MoU) signed on 25 October. The agreement formalises a cooperative framework for consultation and information-sharing between the two regulatory bodies, enhancing their oversight in financial regulation.
The MoU signals a shared commitment by the BVI and Jersey to uphold rigorous financial standards and combat financial crimes. By sharing essential intelligence, the FIA and JFSC aim to bolster efforts to detect, prevent, and investigate crimes such as money laundering, terrorist financing, and proliferation financing.
Errol George, Director of the FIA BVI, expressed the importance of the partnership, stating, “The signing of this MoU establishes a framework for information exchange between the FIA BVI and JFSC, supporting compliance with the laws, regulations, and rules relating to the functions of our Authorities. I am indeed pleased with the progress we are making in the Territory to tackle financial crime.”
Through this agreement, both agencies will, upon request, provide critical information that strengthens regulatory practices across the Designated Non-Financial Businesses and Professions (DNFBP) sector. Shared data will include details on corporate structures, management standards, and organisational quality, all essential for effective supervision.
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The Government of the Virgin Islands has announced a major financial commitment toward infrastructure and community advancement through a $100 million loan facility with CIBC First Caribbean Bank (Cayman) Limited.
Premier and Minister of Finance Honourable Dr. Natalio D. Wheatley described the agreement as a transformative step, stating, “Today, the Government of the Virgin Islands is signing on to a $100 million loan facility with CIBC First Caribbean Bank (Cayman) Limited. The proceeds of this loan will fund a diverse number of projects that will be of immense benefit to the Virgin Islands’ economy and people.”
This substantial funding will enable a series of high-priority projects across education, public safety, healthcare, infrastructure, and housing. The initiatives are designed to stimulate economic growth, enhance public services, and address critical community needs in the Territory.
A central feature of the development plan includes constructing a new building at Elmore Stoutt High School for the Virgin Islands School of Technical Studies. This facility will provide vocational training in high-demand fields, including mechanics, woodworking, and culinary arts, to equip students with practical skills aligned with the Territory’s workforce needs.
In public safety, the government will establish a National Detention Centre that meets international standards for the management of illegal immigrants and individuals denied entry. This facility will help reduce the Territory’s housing costs and will also include a dedicated training area for law enforcement, underscoring the government’s commitment to maintaining security and professional training standards.
Healthcare enhancements are planned through extensive refurbishments and expansions at Dr. D. Orlando Smith Hospital. These improvements are intended to increase capacity, improve patient care, and provide upgraded facilities for healthcare professionals, responding to the growing demand for high-quality healthcare services in the Virgin Islands.
Significant infrastructure projects are also slated, including comprehensive road improvements across the Territory. This work will encompass upgrades to drains, pavements, and traffic management systems, aimed at improving road safety and easing transportation flow. Additionally, key sewerage projects are set for completion in Cane Garden Bay, East End-Long Look, and Paraquita Bay, addressing longstanding public health and environmental concerns.
To further enhance public utilities, the government will expand the water distribution network throughout the Territory, ensuring more residents have access to reliable water sources. Renovations are also planned for the Ralph T. O’Neal Administration Complex, aimed at reducing dependency on rented facilities and providing improved working conditions for government employees.
The Terrance B. Lettsome International Airport will see various upgrades to better accommodate increased passenger traffic, supporting tourism growth and enhancing the travel experience for residents and visitors alike.
In response to pressing social needs, the government will also construct a three-storey social apartment building, designed to provide temporary shelter for the homeless and victims of domestic violence, addressing a critical gap in community support.
Dr. Wheatley emphasized that the initiatives funded by this loan facility will generate employment opportunities and stimulate economic activity while addressing core community needs. “This funding supports projects with far-reaching and lasting impacts for the Virgin Islands, improving quality of life and promoting sustainable development across the Territory,” he said.
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