Regulators in the British Virgin Islands (BVI) have begun the process to wind down operations of Bank of Asia (BVI) Limited, officials announced on Thursday. The Virgin Islands Deposit Insurance Corporation (VIDIC), in collaboration with the British Virgin Islands Financial Services Commission (the Commission), stated that the decision was taken to protect depositors and ensure stability in the Territory’s banking sector.

“Our remit is to provide protection for depositors against the loss of insured deposits placed within member institutions,” said VIDIC CEO Mrs. Lisa Violet. “We are committed to ensuring that consumers using banks in the BVI are protected. We will provide updates on this process as developments warrant.”

The Commission, the regulatory authority established under the Financial Services Commission Act of 2001, emphasized the need for the action. “The banking sector in the BVI remains stable, strong, and resilient,” said Managing Director/CEO Mr. Kenneth Baker. “We remain committed to lending maximum support to VIDIC as per our statutory obligations.”

The move to wind down Bank of Asia (BVI) Limited follows the guidelines and legal framework set by the Virgin Islands Deposit Insurance Act, which was passed in January 2024. The Act established VIDIC as an independent statutory body tasked with protecting depositors and strengthening the financial system in the Territory.

The British Virgin Islands Financial Services Commission oversees a wide range of financial activities in the Territory, including banking, insurance, fiduciary services, investment business, and the registration of companies and intellectual property. The Commission’s role is to ensure that financial services are well-regulated, transparent, and aligned with international best practices.

The British Virgin Islands, in coordination with 16 Caribbean governments, has formalised the establishment of a new regional body to strengthen cooperation on sustainable development.

The Caribbean Subregional Sustainable Development Network (CSSDN) was launched following a virtual debriefing of the Eighth Meeting of the Forum of the Countries of Latin America and the Caribbean on Sustainable Development. The network is expected to facilitate more structured collaboration among governments implementing the 2030 Agenda for Sustainable Development.

“The CSSDN creates a dedicated space for Caribbean countries to coordinate and engage on sustainable development issues that matter most to our region,” said Mr Benito Wheatley, Special Envoy of the British Virgin Islands and Vice Chair of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC), who chaired the session. Wheatley was selected to serve as Interim Chair of the new network.

Ms Latoya Clarke, Programme Director and SDG Focal Point at the Planning Institute of Jamaica, was named Interim Vice Chair.

The initiative was convened by the Government of the British Virgin Islands with technical support from ECLAC. It is also intended to support the Caribbean Development and Cooperation Committee (CDCC) and provide a framework for consistent dialogue with the broader United Nations system.

Participants received updates on key sustainable development topics from various UN agencies during the meeting, including a progress report on the Antigua and Barbuda Agenda for SIDS (ABAS) by the United Nations Department of Economic and Social Affairs’ (UN DESA) SIDS Unit.

Mr Sainivalati Navoti, Chief of the SIDS Unit, was joined by Ms Emanuela Calabrini, Senior Sustainable Development Officer, and Ms Anya Ihsan Thomas, Sustainable Development Officer, in delivering the report.

Mr Abdullahi Abdulkadri, Coordinator of the Statistics and Social Development Unit at ECLAC, and Mrs Diane Quarless, Chief of ECLAC’s Subregional Headquarters for the Caribbean in Port of Spain, presented on the outcomes of the forum and the status of the Sustainable Development Goals (SDGs) across the Caribbean.

Economic strategy was also addressed through a presentation on productive development policy by Mr Paul Wander, Economic Affairs Officer from ECLAC’s Division of Production, Productivity and Management.

At the close of the meeting, participants recognised Mrs Diane Quarless for her contributions to Caribbean sustainable development as she prepares to conclude her term as Chief of ECLAC’s Caribbean Subregional Headquarters.

The meeting included representatives from Anguilla, Aruba, Barbados, The Bahamas, Belize, Bermuda, the British Virgin Islands, Cayman Islands, the Dominican Republic, Curaçao, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Sint Maarten, and Suriname.

Chantel Malone of the British Virgin Islands secured first place in the women’s long jump at the Tucson Elite Classic with a leap of 6.43 meters (21 feet 1¼ inches). The event marked Malone’s third meet of the season, following jumps of 6.63 meters in Miami and 6.58 meters in Atlanta.

“Going into Tucson, I was focused on execution,” Malone said. “I’ve been having a little bit of trouble with my approach, so I really wanted to lock in and get that right. Unfortunately, we had a strong headwind, so it made it difficult to be consistent on the board.”

Despite the challenging wind conditions, Malone expressed confidence in her progress and readiness for the rest of the season. “I don’t think the actual results are a true depiction of where I am physically,” she explained. “Long jump is such a technical sport that the simplest thing can affect the overall jump. Once I connect the dots, I truly believe I will fly.”

Malone is no stranger to overcoming adversity. After a knee injury that required surgery, she has worked to reestablish herself in the international long jump scene. Reflecting on her journey, she added, “As you know, my journey back to sport after injury has been one for the books! I’m just living proof that if you truly believe in yourself and work relentlessly towards your goal, anything is possible. That’s what I hope my journey inspires in others.”

Looking ahead, Malone plans to prioritize health and rediscover her rhythm. “For the rest of the season, the goal is to get back to being me,” she said. “Having fun with the sport. Trusting Jehovah fully. Conquering goals! I think this season should be great once I stay healthy.”

Malone continues to build on her performances as she competes in events across the 2025 season.