Local News
Virgin Islands Commits to Financial Integrity Standards in response to CFATF Report
The government of the Virgin Islands has taken a decisive step forward in its commitment to upholding financial integrity standards, responding to the publication of the Mutual Evaluation Report by the Caribbean Financial Action Task Force (CFATF) with resolute determination.
Premier and Minister of Finance Dr the Honourable Natalio Wheatley emphasised the paramount importance of maintaining high standards of financial integrity and transparency, stating, “We know high standards of financial integrity and transparency that meet global standards are essential.” This commitment was further underscored by the government’s pledge to diligently implement recommendations outlined in the accompanying National Action Plan, unveiled in tandem with the report.
Deputy Premier and Minister for Financial Services, Labour, and Trade, Honourable Lorna Smith, OBE, outlined a comprehensive array of proactive measures already underway. These initiatives span from the revision of the National Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Policy to the establishment of a regulatory framework for virtual assets service providers (VASP).
Attorney General, Honourable Dawn J. Smith, shed light on the jurisdiction’s robust legislative framework and emphasised the imperative of fostering a cohesive partnership between the public and private sectors. “We have a strong legislative framework in place,” noted Minister Smith, stressing the collective responsibility shared by all stakeholders in combating financial malpractice.
The government’s proactive response to the CFATF report underscores its unwavering commitment to not only meet but exceed expectations in safeguarding the financial sector against illicit activities.
The CFATF Plenary, held in Aruba from November 26th to December 1st, 2023, adopted the Mutual Evaluation Report of the Virgin Islands (British). This evaluation provides a comprehensive analysis of the Anti-Money Laundering (AML)/Counter-Terrorist Financing (CTF) measures in place in the Virgin Islands (British) as of the on-site visit conducted between March 13th and April 3rd, 2023. The report assesses the jurisdiction’s compliance with the FATF 40 Recommendations and evaluates the effectiveness of its AML/CFT system, offering recommendations to strengthen the system further.
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Tola Radio Battles Legal Dispute Over Shutdown, Calls for Public Support
Tola Radio VI 100.5 FM, known as “the people’s radio,” has been off the air for 14 days amidst a legal standoff with Caribbean Cellular Telephone Limited (CCT). Managing Director Floyd P. Burnett, also known as “Heritage,” is urging public support as the station navigates what he describes as a targeted attack on freedom of speech and locally-owned businesses.
Mr. Burnett alleges that despite meeting all payment requirements and deadlines, CCT refused to accept Tola Radio’s payment and later disabled the station’s broadcasting equipment. “They physically touched our equipment and locked them off, despite written legal letters asking and instructing it not to be done,” he stated.
The dispute follows CCT’s October announcement terminating its service agreement with the radio station. CCT clarified that Tola Radio could retain its services if it became a paying customer, but according to Burnett, his payment was rejected without justification.
The controversy escalated when Burnett claimed an attempt was made to have him arrested and charged with attempted murder. “The public was to wake up and hear the radio off along with hearing I was arrested and charged, but God is greater than man!” he said.
Efforts to secure an extension for relocating Tola Radio’s equipment were also denied, Burnett said. Additionally, an urgent injunction filed in the High Court was postponed by a visiting judge until November 22 without hearing any arguments.
The ongoing shutdown has left eight employees without income, caused significant financial losses, and breached client agreements. Burnett criticized government officials for their lack of action, accusing them of failing to address the issue despite the government being a major client of CCT.
“Like most problems facing the BVI, they can’t [find] no way to help us! Even though the government is the tower people’s biggest client,” Burnett remarked.
Burnett is calling on the public to boycott CCT in protest. “Plug out the phone, plug out the chip, don’t pay your bill! We need to make a statement to corporate BVI today!” he urged.
He framed the situation as a broader fight for “freedom of speech, freedom of the press, and freedom of information,” asserting that the attack on Tola Radio sets a dangerous precedent for other local businesses.
Despite the challenges, Burnett assured Tola Radio’s listeners and partners that the station will resume broadcasting soon. “We will be back on air shortly, hopefully before the day is out,” he promised.
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