The Virgin Islands government has reaffirmed its commitment to combating financial crime and enhancing its financial regulatory framework as it implements the Virgin Islands National Action Plan. Premier Dr. the Honourable Natalio D. Wheatley shared key updates during the first government press conference of 2025, held on January 24.

“The Virgin Islands underwent a mutual evaluation review conducted by the International Monetary Fund on behalf of the Caribbean Financial Action Task Force,” said Premier Wheatley. “This process culminated in a comprehensive report published in February 2024, which outlines 64 specific actions necessary to enhance our AML, CFT, and CPF frameworks and policies.”

The National Action Plan, developed in response to the findings of the mutual evaluation, highlights the territory’s efforts to align with international anti-money laundering (AML), countering the financing of terrorism (CFT), and countering proliferation financing (CPF) standards. Premier Wheatley credited government agencies, law enforcement, competent authorities, and private sector partners for their contributions in driving significant progress.

“We are encouraged by the progress made so far in implementing the National Action Plan,” Premier Wheatley said. “Their collaboration has been instrumental in driving meaningful change and addressin

g the findings of the mutual evaluation.”

Significant legislative reforms and the publication of extensive guidance for the financial services sector were key priorities in 2024, with further reforms slated for 2025. Premier Wheatley emphasized that these measures are essential to maintaining compliance and governance in the financial sector.

As part of its outreach efforts, the government has led a “Commitment and Collaboration” series in partnership with the BVI Association of Compliance Officers, the BVI Association of Registered Agents, and other supervisory bodies. The next session is scheduled for February 13, 2025.

In addition, the government is preparing to launch a public awareness campaign under the theme “Business Done RIGHT”. RIGHT represents Responsibility, Integrity, Global honesty, and Transparency. Premier Wheatley noted, “This campaign is an important step in engaging and educating the public, fostering a collective effort across all demographics to combat financial crime in the Virgin Islands.”

Premier Wheatley highlighted the importance of the Asia-Pacific region as a key market for the Virgin Islands’ financial services industry. “The region generates significant business for the BVI,” he said. “We have built some strong relationships there which we must continue to strengthen. It is also important for us to ensure that we create awareness of our offerings and remind players why the BVI is the best place to do business.”

As the post-observation period for the mutual evaluation draws to a close, Premier Wheatley underscored the need for continued efforts to fully implement the National Action Plan.

“While much has been accomplished, there is still more to do,” he stated. “We remain steadfast in our resolve to execute the road map set out in the National Action Plan. I will continue to provide updates on our progress as we work to fully remediate the recommendations from the mutual evaluation and further strengthen the Virgin Islands’ AML, CFT, and CPF framework.”

The 2025 Tourism Summit officially opened on Monday, 13 January, on Peter Island, bringing together industry leaders and stakeholders to discuss the future of tourism in the Virgin Islands. The two-day event, set amidst the stunning surroundings of the island, seeks to foster meaningful discussions and develop strategies to advance the territory’s tourism sector.

In her opening remarks, the Junior Minister for Tourism and Culture, Hon. Luce Hodge-Smith, highlighted the vital role tourism plays in the Virgin Islands’ economy. “Tourism is not only a key pillar of our economy but also a cornerstone of our identity,” she stated. “It impacts our communities, our livelihoods, and the overall quality of life for all residents.”

Reflecting on the history of the territory’s tourism development, Minister Hodge-Smith pointed to key milestones such as the enactment of the Tourism Ordinance and the establishment of renowned properties like Little Dix Bay. She also recognised the contributions of local pioneers, including Charles and Ginny Carey, the Christophers, Creques, O’Neals, and Wheatleys, whose entrepreneurial efforts have helped shape the Virgin Islands’ global reputation.

Minister Hodge-Smith stressed the importance of preserving the Virgin Islands’ natural resources. “Our lush landscapes, pristine beaches, and vibrant marine ecosystems are our most valuable assets,” she said. “It is our collective responsibility to protect these treasures through environmental conservation efforts and ensure that our communities remain clean, welcoming, and ready to serve our visitors.”

Looking ahead, the Minister outlined several strategies to sustain and enhance the tourism industry, including:

• Expanding education and training to build local capacity, ensuring residents are equipped to meet the evolving demands of the global tourism market.
• Embracing technological advancements, such as artificial intelligence, to improve operational efficiency and elevate the visitor experience.
• Exploring new niches within the tourism sector, improving accessibility, and creating inclusive opportunities for all.
• Enhancing customer service standards, recognising the importance of every interaction in creating memorable experiences for visitors.

Minister Hodge-Smith also reaffirmed the collective responsibility of all residents in supporting the tourism industry. “Tourism is everyone’s business,” she noted. “From taxi drivers to hotel staff, every individual contributes to the overall perception of the Virgin Islands as a premier destination.”

The summit, which will continue over the next two days, provides an opportunity for participants to engage in discussions, exchange ideas, and provide feedback on the future direction of the tourism sector. Through these efforts, the Virgin Islands aims to ensure the continued growth and success of its tourism industry.

Several businesses in the British Virgin Islands (BVI) are continuing to flout regulations that prohibit minimum spending requirements for credit card payments.

On January 2, Jahphixtelevision.com visited a gas station and a food establishment in Tortola, both of which were still enforcing a minimum purchase amount for credit card transactions. This comes despite a clear warning from the British Virgin Islands Bank Association (BVIBA) in a December 18 advisory, which stated that such practices violate merchant agreements with financial institutions.

The BVIBA highlighted that imposing minimum spending thresholds or charging additional fees for credit card payments contravenes not only local merchant contracts but also the policies of major payment networks such as Visa and Mastercard.

“We urge all merchants to immediately cease these practices to ensure full compliance with established regulations,” read the BVIBA’s statement issued last month.

This ongoing issue follows rising concerns over the transparency and fairness of payment systems, with both cardholders and industry stakeholders calling for more stringent enforcement of existing regulations.