Virgin Islands Co-Chairs UK-OT Illicit Finance Dialogue, Celebrates Successful First Year

Deputy Premier and Minister for Financial Services, Labour and Trade, Honourable Lorna Smith OBE, announced on Friday, March 15, the culmination of the first year of the UK-OT Illicit Finance Dialogue, a collaborative effort between the Virgin Islands and the UK aimed at combating financial crime.

Established by the Joint Ministerial Council, the dialogue convenes Overseas Territories with key UK Government departments, including HM Treasury, the National Crime Agency, and the Foreign, Commonwealth and Development Office. The overarching goal is to address illicit finance and enhance collaboration in combating financial crime.

Minister Smith emphasized the significance of collaboration in combating financial crime, stating, “Financial crime is a scourge across the global financial system… But we also know that the more we work together, the better we are able to defend against these attacks.”

Throughout the past year, areas of focus for the Dialogue included sanctions, law enforcement collaboration, beneficial ownership, and international regulations on illicit finance. Agreement was reached on establishing sanctions units in the Virgin Islands, the Cayman Islands, and Turks and Caicos, with law enforcement authorities in the Overseas Territories set to receive training on Cryptocurrencies by the UK’s National Crime Agency.

Minister Smith highlighted the active participation of all Overseas Territories in the dialogue and expressed optimism for future engagements between the UK and the Territories.

The dialogue was attended by Government leaders from various Overseas Territories, including Anguilla, Bermuda, the Cayman Islands, the Falkland Islands, Gibraltar, Montserrat, Turks and Caicos, and St Helena, along with UK Government Overseas Territories Minister, Hon. David Rutley MP, and Baroness Vere of Norbiton, Parliamentary Under-Secretary at HM Treasury.

As the Cayman Islands Government assumes the role of Co-Chair, Minister Smith affirmed the commitment of the Overseas Territories and the UK to combat financial crime and reinforce the robustness of their financial services sectors.

The Government of the Virgin Islands remains steadfast in its dedication to promoting the overall development of the Territory through commitment and sustainable transformation.