Business
The Moorings & Sunsail Welcome New Fleet Delivery and Expansive Workforce Boost in the BVI
Leading yacht charter providers, The Moorings and Sunsail, have marked the beginning of the 2024 calendar year with a significant boost to their charter operations in the British Virgin Islands. The companies jointly unveiled the largest fleet of freshly acquired vessels, including 19 monohulls, 35 sailing catamarans, and 24 power catamarans, boasting a collective value of $70 million. This strategic move reinforces their combined charter fleet to an impressive 254 yachts, aligning perfectly with the upcoming peak sailing season in the Caribbean and fortifying their commitment to a continuous fleet renewal.
In tandem with the fleet expansion, The Moorings and Sunsail have amplified their workforce in response to heightened demand. As two of the major employers in the Virgin Islands, they’ve employed a workforce surge of 300 employees to bolster their operations.
Josie Tucci, Vice President of Sales & Marketing for The Moorings and Sunsail, expressed, “As a business, we have made substantial investments in our BVI operation. As the world’s largest charter operator in the most sought-after charter destination, we are dedicated to ensuring a welcoming experience for our guests. This is reflected not only in our marina revitalization project but also in our fleet replenishment efforts. Ultimately, our goal is to deliver an unparalleled customer experience to the thousands of visitors we warmly welcome each year.”
Charter businesses in the British Virgin Islands are experiencing robust growth, reaffirming the destination’s status as the “sailing capital of the Caribbean.” This surge is further propelled by the region’s flourishing maritime sector and the newfound convenience of direct flights from Miami to Tortola. With this surge in demand, The Moorings and Sunsail are well-positioned to contribute to a thriving 2024 and beyond for the territory, solidifying their reputation as industry leaders in the global yacht chartering domain.
As the festive season brings increased consumer activity, the British Virgin Islands Bank Association (BVIBA) has issued a stern reminder to merchants across the territory regarding compliance with card transaction policies.
The association warns that imposing minimum spending requirements or charging additional fees for card payments is not only against their merchant agreements but also violates regulations established by major payment networks, VISA and Mastercard.
The advisory, issued on Wednesday, December 18, warns that merchants engaging in these practices are in breach of their contractual obligations with their respective financial institutions. “We request that all merchants immediately cease these practices to ensure compliance,” the statement read.
The BVIBA comprises several prominent financial institutions, including Bank of Asia (BVI) Limited, CIBC Caribbean, FirstBank PR, National Bank of the Virgin Islands, Popular, Republic Bank (BVI) Limited, and VP Bank (BVI) Limited.
For inquiries or guidance on compliance, the BVIBA advises merchants to contact their respective banks promptly.
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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The Government of the Virgin Islands has announced a major financial commitment toward infrastructure and community advancement through a $100 million loan facility with CIBC First Caribbean Bank (Cayman) Limited.
Premier and Minister of Finance Honourable Dr. Natalio D. Wheatley described the agreement as a transformative step, stating, “Today, the Government of the Virgin Islands is signing on to a $100 million loan facility with CIBC First Caribbean Bank (Cayman) Limited. The proceeds of this loan will fund a diverse number of projects that will be of immense benefit to the Virgin Islands’ economy and people.”
This substantial funding will enable a series of high-priority projects across education, public safety, healthcare, infrastructure, and housing. The initiatives are designed to stimulate economic growth, enhance public services, and address critical community needs in the Territory.
A central feature of the development plan includes constructing a new building at Elmore Stoutt High School for the Virgin Islands School of Technical Studies. This facility will provide vocational training in high-demand fields, including mechanics, woodworking, and culinary arts, to equip students with practical skills aligned with the Territory’s workforce needs.
In public safety, the government will establish a National Detention Centre that meets international standards for the management of illegal immigrants and individuals denied entry. This facility will help reduce the Territory’s housing costs and will also include a dedicated training area for law enforcement, underscoring the government’s commitment to maintaining security and professional training standards.
Healthcare enhancements are planned through extensive refurbishments and expansions at Dr. D. Orlando Smith Hospital. These improvements are intended to increase capacity, improve patient care, and provide upgraded facilities for healthcare professionals, responding to the growing demand for high-quality healthcare services in the Virgin Islands.
Significant infrastructure projects are also slated, including comprehensive road improvements across the Territory. This work will encompass upgrades to drains, pavements, and traffic management systems, aimed at improving road safety and easing transportation flow. Additionally, key sewerage projects are set for completion in Cane Garden Bay, East End-Long Look, and Paraquita Bay, addressing longstanding public health and environmental concerns.
To further enhance public utilities, the government will expand the water distribution network throughout the Territory, ensuring more residents have access to reliable water sources. Renovations are also planned for the Ralph T. O’Neal Administration Complex, aimed at reducing dependency on rented facilities and providing improved working conditions for government employees.
The Terrance B. Lettsome International Airport will see various upgrades to better accommodate increased passenger traffic, supporting tourism growth and enhancing the travel experience for residents and visitors alike.
In response to pressing social needs, the government will also construct a three-storey social apartment building, designed to provide temporary shelter for the homeless and victims of domestic violence, addressing a critical gap in community support.
Dr. Wheatley emphasized that the initiatives funded by this loan facility will generate employment opportunities and stimulate economic activity while addressing core community needs. “This funding supports projects with far-reaching and lasting impacts for the Virgin Islands, improving quality of life and promoting sustainable development across the Territory,” he said.
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