Business
Premier Natalio Wheatley Presents $382.67M 2024 budget – $16M less than last year
Says Territory’s Economy Has Withstood Global Shocks
British Virgin Islands Premier and Finance Minister Natalio Wheatley on Tuesday presented a $382.67 million budget for the 2024 fiscal year, emphasising that the territory’s economy has held up against “global economic shocks and domestic challenges.”
The 2024 budget was unveiled on November 21 in the House of Assembly in Road Town, Tortola, under the theme “Planning, Priorities, and Progress: Building a Sustainable Nation,” with the largest allocations going to health education and pensions, public debt and funds contributions.
It was a slight decrease from last year’s $399 million budget – some sixteen million dollars less for the next financial year.
“Madam Speaker, the Virgin Islands economy fared well, and we will continue to rely on the resilient spirit we have demonstrated in the response to the storms we have weathered. We must strengthen ourselves for the journey because there are tests ahead,” the Premier told the nation during a LIVE broadcast.
Allocations
$95.92 million to the Ministry of Health and Social Development
$74.95 million to the Ministry of Communications and Works
$58.17 million is allocated to Pensions, Public Debt and Funds Contributions
$54.36 million to the Governor’s Group
$53.38 million to the Ministry of Education, Youth Affairs and Sports
$39.52 million to the Ministry of Finance
$23.62 million to the Premier’s Office
$19.16 million to the Ministry of Tourism, Culture and Sustainable Development; $16.11 million to the Constitutionally Established Bodies
$15.1 million for miscellaneous expenditure
$12.55 million to the Ministry of Environment, Natural Resources and Climate Change
$7.91 million to the Ministry of Financial Services, Labour and Trade
A government statement said the Finance Minister “in deciding which projects needed to be accelerated, the Government, together with the team in the Ministry of Finance and other Ministries looked at the impact – whether social or economic – that initiatives would have, and how these aligned with the needs of stakeholders, from ordinary citizens to public and private sector workers, to business person and investors.”
Business
Virgin Islands Advances Fight Against Financial Crime Through National Action Plan
The Virgin Islands government has reaffirmed its commitment to combating financial crime and enhancing its financial regulatory framework as it implements the Virgin Islands National Action Plan. Premier Dr. the Honourable Natalio D. Wheatley shared key updates during the first government press conference of 2025, held on January 24.
“The Virgin Islands underwent a mutual evaluation review conducted by the International Monetary Fund on behalf of the Caribbean Financial Action Task Force,” said Premier Wheatley. “This process culminated in a comprehensive report published in February 2024, which outlines 64 specific actions necessary to enhance our AML, CFT, and CPF frameworks and policies.”
The National Action Plan, developed in response to the findings of the mutual evaluation, highlights the territory’s efforts to align with international anti-money laundering (AML), countering the financing of terrorism (CFT), and countering proliferation financing (CPF) standards. Premier Wheatley credited government agencies, law enforcement, competent authorities, and private sector partners for their contributions in driving significant progress.
“We are encouraged by the progress made so far in implementing the National Action Plan,” Premier Wheatley said. “Their collaboration has been instrumental in driving meaningful change and addressin
g the findings of the mutual evaluation.”
Significant legislative reforms and the publication of extensive guidance for the financial services sector were key priorities in 2024, with further reforms slated for 2025. Premier Wheatley emphasized that these measures are essential to maintaining compliance and governance in the financial sector.
As part of its outreach efforts, the government has led a “Commitment and Collaboration” series in partnership with the BVI Association of Compliance Officers, the BVI Association of Registered Agents, and other supervisory bodies. The next session is scheduled for February 13, 2025.
In addition, the government is preparing to launch a public awareness campaign under the theme “Business Done RIGHT”. RIGHT represents Responsibility, Integrity, Global honesty, and Transparency. Premier Wheatley noted, “This campaign is an important step in engaging and educating the public, fostering a collective effort across all demographics to combat financial crime in the Virgin Islands.”
Premier Wheatley highlighted the importance of the Asia-Pacific region as a key market for the Virgin Islands’ financial services industry. “The region generates significant business for the BVI,” he said. “We have built some strong relationships there which we must continue to strengthen. It is also important for us to ensure that we create awareness of our offerings and remind players why the BVI is the best place to do business.”
As the post-observation period for the mutual evaluation draws to a close, Premier Wheatley underscored the need for continued efforts to fully implement the National Action Plan.
“While much has been accomplished, there is still more to do,” he stated. “We remain steadfast in our resolve to execute the road map set out in the National Action Plan. I will continue to provide updates on our progress as we work to fully remediate the recommendations from the mutual evaluation and further strengthen the Virgin Islands’ AML, CFT, and CPF framework.”
Business
Government Launches Consultation on Beneficial Ownership Transparency
The Virgin Islands government has commenced a public consultation on the rights of access to beneficial ownership information, an initiative aimed at enhancing transparency and aligning with evolving international standards. Premier Hon. Natalio D. Wheatley announced the development during the first press conference of 2025 on January 24.
“Last Friday, the government of the Virgin Islands launched its consultation on the rights of access to beneficial ownership information, marking a significant step in our ongoing commitment to transparency and international collaboration,” stated Premier Wheatley.
The consultation comes in the context of global discussions about publicly accessible registers of beneficial ownership. These discussions, particularly between the United Kingdom, its overseas territories, and Crown dependencies, centre on balancing the need for transparency in addressing illicit financial activity with the protection of privacy and prevention of misuse of sensitive information.
Premier Wheatley referenced the recent European Court of Justice ruling, which highlighted the importance of protecting legitimate privacy rights while promoting global transparency efforts. In response, the Virgin Islands is considering a system of access based on legitimate interests, ensuring that access to sensitive information is proportionate and subject to stringent safeguards.
“This shift reflects an evolving understanding of the need to balance transparency and fairness while ensuring that access to sensitive information is purposeful, proportionate, and subject to stringent safeguards,” said Premier Wheatley.
The consultation represents a step towards refining the Virgin Islands’ framework for beneficial ownership information access, in line with international best practices and expectations. It aims to address the challenges associated with implementing a globally consistent approach to beneficial ownership registers.
Premier Wheatley called for stakeholder participation, stating, “Your insights will be vital in shaping a framework that not only addresses the concerns of the global community, but also upholds the integrity of our financial services sector.”
The financial services industry remains a significant contributor to the Virgin Islands’ economy.
Business
Tourism Summit Opens on Peter Island, Focusing on the Future of the Virgin Islands’ Tourism Industry
The 2025 Tourism Summit officially opened on Monday, 13 January, on Peter Island, bringing together industry leaders and stakeholders to discuss the future of tourism in the Virgin Islands. The two-day event, set amidst the stunning surroundings of the island, seeks to foster meaningful discussions and develop strategies to advance the territory’s tourism sector.
In her opening remarks, the Junior Minister for Tourism and Culture, Hon. Luce Hodge-Smith, highlighted the vital role tourism plays in the Virgin Islands’ economy. “Tourism is not only a key pillar of our economy but also a cornerstone of our identity,” she stated. “It impacts our communities, our livelihoods, and the overall quality of life for all residents.”
Reflecting on the history of the territory’s tourism development, Minister Hodge-Smith pointed to key milestones such as the enactment of the Tourism Ordinance and the establishment of renowned properties like Little Dix Bay. She also recognised the contributions of local pioneers, including Charles and Ginny Carey, the Christophers, Creques, O’Neals, and Wheatleys, whose entrepreneurial efforts have helped shape the Virgin Islands’ global reputation.
Minister Hodge-Smith stressed the importance of preserving the Virgin Islands’ natural resources. “Our lush landscapes, pristine beaches, and vibrant marine ecosystems are our most valuable assets,” she said. “It is our collective responsibility to protect these treasures through environmental conservation efforts and ensure that our communities remain clean, welcoming, and ready to serve our visitors.”
Looking ahead, the Minister outlined several strategies to sustain and enhance the tourism industry, including:
- Expanding education and training to build local capacity, ensuring residents are equipped to meet the evolving demands of the global tourism market.
- Embracing technological advancements, such as artificial intelligence, to improve operational efficiency and elevate the visitor experience.
- Exploring new niches within the tourism sector, improving accessibility, and creating inclusive opportunities for all.
- Enhancing customer service standards, recognising the importance of every interaction in creating memorable experiences for visitors.
Minister Hodge-Smith also reaffirmed the collective responsibility of all residents in supporting the tourism industry. “Tourism is everyone’s business,” she noted. “From taxi drivers to hotel staff, every individual contributes to the overall perception of the Virgin Islands as a premier destination.”
The summit, which will continue over the next two days, provides an opportunity for participants to engage in discussions, exchange ideas, and provide feedback on the future direction of the tourism sector. Through these efforts, the Virgin Islands aims to ensure the continued growth and success of its tourism industry.
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