Deputy Premier Commends ICC FraudNet’s 20th Anniversary Amid Global Financial Challenges

In a gathering of international delegates at the 20th anniversary of the ICC FraudNet Conference held at Scrub Island, British Virgin Islands, Hon. Lorna Smith, OBE, Minister for Financial Services, Labour, and Trade, underscored the critical role of the organization amidst prevailing global financial uncertainties. Addressing over 90 delegates representing more than 30 countries, Minister Smith emphasized the significance of ICC FraudNet’s milestone anniversary against the backdrop of geopolitical upheavals affecting the financial landscape worldwide.

“In these challenging times, the work of organisations like ICC FraudNet becomes even more crucial,” Minister Smith remarked. “Their efforts in combating financial crime and promoting global financial integrity are vital in safeguarding the stability of our financial systems.”

Reflecting on the historical ties between ICC FraudNet and the British Virgin Islands, Minister Smith extended warm congratulations to the organisation and its founding members. She paid tribute to Martin Kenney, ICC FraudNet’s founding member #002, for his longstanding contributions to the Virgin Islands’ private sector and invaluable counsel to successive governments.

“Martin Kenney has been a pillar of support for the Virgin Islands for over two decades,” Minister Smith acknowledged. “His strategic guidance has enriched our private sector and helped navigate challenges.”

Highlighting the innovative approaches employed by the British Virgin Islands in combating financial crime, Minister Smith emphasised the importance of collaboration between government agencies, law enforcement, and the private sector. She lauded the jurisdiction’s Beneficial Ownership Secure Search System (BOSSs) as a pivotal tool in identifying and prosecuting financial wrongdoing.

“Our commitment to maintaining stringent regulatory standards underscores our resolve to combat financial crime,” Minister Smith affirmed. “Collaboration and innovation are key in our efforts to uphold the integrity of our financial systems.”

Minister Smith’s address set the stage for a conference focused on exploring new developments in Artificial Intelligence (AI) and strengthening international cooperation in asset recovery efforts. As delegates convened for discussions, her words resonated as a testament to the British Virgin Islands’ steadfast commitment to combating financial crime and promoting global financial integrity.