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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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British Virgin Islands Financial Services Commission Welcomes New Leadership
The British Virgin Islands Financial Services Commission (BVIFSC) has announced new appointments to its governing board, with Mr. Gerard St Clair Farara KC stepping in as Chairman and Ms. Patlian Johnson as Commissioner. The appointments, confirmed by the Ministry of Financial Services, Labour, and Trade, mark a new chapter for the commission as it seeks to strengthen the territory’s financial services sector.
Mr. Gerard St Clair Farara KC has been appointed to a three-year term as Chairman, effective August 1, 2024. A seasoned legal expert with a distinguished career, Farara currently serves as a Commercial Court Judge for the Eastern Caribbean Supreme Court and leads the litigation team at the BVI office of COLLAS CRILL, formerly Farara Kerins. Farara’s prominence in the legal community is further highlighted by his appointment as Queen’s Counsel in 1996, cementing his standing as a leading figure in the Virgin Islands Bar and the broader Eastern Caribbean.
Ms. Patlian Johnson will serve a one-year term as Commissioner, also beginning on August 1, 2024. Johnson, a Strategy and Policy Advisor with extensive experience, currently holds the position of National Coordinator for the UNDP Project Office. She brings an impressive academic background, including a Master of Science in Economics and Finance from the University of Bristol and a Bachelor of Science in Economics and Accounting with First Class Honours from the University of the West Indies, Cave Hill Campus.
The pair will replace outgoing Chairman Mr. Robin F. Gaul and Commissioner Mr. Melvin A. Turnbull, whose terms have concluded. Minister of Financial Services, Labour, and Trade, Honourable Lorna G. Smith, OBE (AL), praised the new appointments, stating, “I am delighted to welcome Mr. Farara and Ms. Johnson to the BVIFSC Board of Commissioners. Their combined expertise will be invaluable as we continue to navigate the challenges and opportunities facing the financial services sector.”
Smith also expressed gratitude to the departing board members for their significant contributions to the growth and stability of the territory’s financial services industry. According to the Government Information Service (GIS), these appointments underscore the Virgin Islands’ commitment to maintaining a well-regulated and competitive financial services sector.
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