Business
BVI, FCCA sign agreement to boost cruise calls
The Florida-Caribbean Cruise Association (FCCA) has inked an agreement with the British Virgin Islands government to boost cruise ship visits and generate new excursion options. FCCA member lines represent more than 90 percent of global cruise capacity.
Under the agreement, FCCA will “guide the British Virgin Islands government on enhancing their product and increasing cruise calls,” said officials in a statement Monday.
The agreement will also “facilitate new experiences to offer cruise companies and collaborate with the local private sector to maximize any opportunities.”
The strategic partnership’s programs will include initiatives to convert cruise guests to land-based, overnight visitors, promote summer cruise itineraries, engage travel advisors and “create consumer demand and [develop] a destination service needs assessment [to] detail strengths, opportunities and needs.”
In addition, FCCA’s cruise executive committees, including sub-committees focused on employment and purchasing, will schedule “a series of meetings and site visits focused on the British Virgin Islands’ objectives,” said officials.
“This collaboration will amplify our cruise tourism reach, and improve and develop the services and products we offer for our cruise guests,” said Kye Rymer, the British Virgin Islands’ minister of communication and works.
Rymer said the agreement will also “generate more opportunities for the people of the Virgin Islands in this sector.” British Virgin Islands officials will also have access to FCCA’s executive committee, comprised of presidents and above at FCCA’s member lines.
FCCA’s British Virgin Islands pact follows a similar agreement the organization reached with the U.S. Virgin Islands in February.
“The British Virgin Islands has been a long-standing partner of the industry, and I am thrilled that this agreement signifies the improvement of so many lives and livelihoods,” said Micky Arison, chairman of FCCA and Carnival Corporation & plc. “This new agreement shows the momentum that FCCA and destinations are having in working together to maximize cruise tourism’s benefits.”
Cruise tourism in the British Virgin Islands generated $12.6 million in expenditures and $4.3 million in employee wage income during the 2017/2018 cruise season, according to a Business Research & Economic Advisors report.
The pact will “[assist] the private sector, improving employment, fostering cruise lines’ purchase of local goods and more that will help locals prosper from the economic impact that the industry brings,” said Michele Paige, FCCA’s president.
— SOURCE: Travel Pulse
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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