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.
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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Business
Virgin Islands Secures $100 Million Loan to Drive Infrastructure and Community Development
Business
FirstBank Customers Accounts Show Zero or Negative Balances Electronically
– Persons Accessing Cash In Bank
This morning account holders at 1FirstBank awoke to discover that their online account balances had disappeared. A widespread issue, affecting both personal and business accounts, has left customers unable to access their funds, with many reporting negative or zero balances on the bank’s digital platform.
The issue was discovered early Tuesday morning when users attempting to log in to their accounts were met with unsettling balances, with some even seeing their accounts marked as overdrawn despite no recent transactions. Several customers described seeing a balance of zero on their account’s home screen despite previously having substantial savings.
“I thought it was just me, but when I called a friend who banks with FirstBank, they had the same problem,” said the account holder. “It’s incredibly stressful, especially since there’s been no word from the bank yet.”
The problem, which seems to have affected customers across the territory, has prompted many to visit local branches in person. Several individuals reported being able to access their accounts once they arrived at the bank. However, the disruption has rendered ATM services and card transactions nonfunctional, leaving customers unable to withdraw cash or make payments.
JTV News reached out to 1FirstBank, where a representative confirmed that the electronic banking system is currently down and the matter is being addressed at the international level. Customers were advised that, for the time being, they would need to visit a branch to resolve any issues, as card swipes and ATM withdrawals were temporarily disabled.
While FirstBank has yet to release an official statement on the cause of the outage, customers are growing increasingly concerned about the safety of their funds. The nature of the problem—whether it is a technical glitch or something more serious like a security breach—remains unclear.
At this stage, it is unknown when the issue will be resolved or if all accounts will be restored to their proper balances.
The financial uncertainty has left both personal and business account holders on edge, with some businesses reporting disruptions in their daily operations due to the inability to access company funds.
JTV News will continue to monitor the situation closely and provide updates as more information becomes available.
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