Government to Host High-Level Meeting on Combating Illicit Financial Flows in the Virgin Islands

Deputy Premier and Minister for Financial Services, Labour, and Trade, Honourable Lorna G. Smith, OBE, announced that the Virgin Islands will be hosting a high-level meeting this week to combat global illicit financial flows. The meeting, which will take place from September 12 to 14, will bring together senior officials from the Overseas Territories (OTs) and the United Kingdom (UK), and will be co-chaired by the UK Foreign, Commonwealth, and Development Office (FCDO) and the Government of the Virgin Islands.

The primary objective of the meeting is to facilitate open dialogue, engagement, and collaboration among the participants, with a focus on transparency, financial integrity, and a collective commitment to addressing illicit finance through enhanced cooperation. This gathering is seen as a significant step in the preparations for ministerial-level discussions between OT governments and the UK, scheduled to take place in November.

During her statement in the House of Assembly, Honourable Smith emphasized that several Overseas Territories, along with the UK, operate as major global financial centers. As such, they face common challenges and have a shared interest in safeguarding their financial sectors from the threats posed by illegal financial transactions that cross international borders. The partnership between the UK and the Overseas Territories provides an opportunity to collectively address these challenges, particularly in the areas of governance and sustainable development.

The meeting will be attended by officials from the governments of Anguilla, Bermuda, the Cayman Islands, Gibraltar, Montserrat, the Turks and Caicos Islands, and the United Kingdom. Representatives from the governments of the Falkland Islands and St. Helena will participate virtually.

The Government of the Virgin Islands remains committed to promoting the comprehensive development of the Territory by strengthening its financial systems and services, with a focus on sustainable transformation.