Business
Ayana Glasgow Appointed Executive Director of International Business Regulations in the Virgin Islands
Ayana Glasgow has been appointed the Executive Director of International Business Regulations in the Ministry of Financial Services, Labour, and Trade.
With over 25 years of experience in the financial services sector, Ms. Glasgow will be instrumental in fostering collaboration between the government and key stakeholders to drive business development, strategic objectives, and policy initiatives.
One of Ms. Glasgow’s primary responsibilities will be to coordinate the development of a comprehensive national policy for the financial services sector. Her extensive background in both the regulatory and private sectors makes her a valuable asset in advancing the financial services agenda.
Honourable Lorna G. Smith, OBE, Minister for Financial Services, Labour, and Trade, expressed her congratulations to Ms. Glasgow on her appointment, emphasizing the importance of her expertise in strengthening the ministry’s resources. Honourable Smith stated, “I have complete confidence that she will be an outstanding addition to our team.”
Mr. David D. Archer Jr., Deputy Governor, highlighted the significance of attracting talented individuals like Ms. Glasgow, stating that this appointment reflects their commitment to building a world-class public service. Mr. Archer Jr. expressed his anticipation for the impactful work Ms. Glasgow will contribute.
Ms. Petrona Davies, Permanent Secretary in the Ministry of Financial Services, Labour, and Trade, praised Ms. Glasgow’s deep industry knowledge and recognized her as a respected figure within the regulatory landscape. Ms. Davies expressed confidence in Ms. Glasgow’s ability to advance the ministry’s agenda and maintain the Virgin Islands’ position as a leading international business and finance center.
Ms. Glasgow, grateful for the opportunity to serve in her new role, emphasized the importance of fostering engagement between stakeholders to address industry challenges. She stated, “My goal is to serve as the linchpin that makes this collaboration happen.”
In her capacity as Executive Director, Ms. Glasgow will work closely with the Minister and other senior staff in the ministry, as well as engage with stakeholders across the industry.
Ms. Glasgow holds a Bachelor in Business Administration from Acadia University and a Master’s in Business Administration: Global Development from the University of Phoenix. Her impressive career includes roles such as Deputy Director of Banking and Fiduciary Services at the BVI Financial Services Commission, Director of Ogier Fiduciary Services (BVI) Limited, and Executive Director of Aleman, Cordero, Galindo & Lee Trust (BVI) Limited.
The government remains committed to ensuring that the financial services sector in the Virgin Islands operates at global standards under Ms. Glasgow’s leadership.
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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