Business
BVI Defends Reputation at International Economic Crime Symposium
Left to right: Mr. Michael Ashe KC SC, Chairman of the Symposium, UK and Special Envoy Mr. Benito Wheatley
Special Envoy Benito Wheatley defended the British Virgin Islands’ role as an international finance centre at the 42nd International Symposium on Economic Crime in Cambridge, United Kingdom, held Aug. 31 to Sept. 7.
Wheatley delivered the opening presentation on the panel “The UK and its Overseas Territories – Examining the relationship in the context of economic crime.” He said the territory has a strong record of cooperation with the United Kingdom and other jurisdictions but argued that its reputation has been unfairly targeted.
“We are very proud that on multiple occasions UK law enforcement has expressed satisfaction with the BVI’s cooperation and support,” Wheatley said. “However, much of this has been overshadowed by negative press, largely driven by campaigners, charities, certain media houses, journalists and Members of Parliament in the UK.”
Wheatley stressed that the Virgin Islands is committed to tackling economic crime but must also remain competitive internationally. He cautioned against going beyond the standards of the Financial Action Task Force, saying such steps could drive legitimate business to other jurisdictions.
He underscored the importance of financial services revenue, noting that it accounts for more than 60 percent of government income, which funds healthcare, education, policing, and infrastructure. “The BVI has not received any financial transfers from the UK since 1978 to fund its budget,” Wheatley said. “The UK Treasury would not want to see the BVI on its books as an additional financial obligation.”
Wheatley also said the Virgin Islands and the UK must continue to engage on financial services regulation and the fight against economic crime. He pointed to ongoing work on beneficial ownership information, which he said would set an international standard for transparency.
Other panelists included former Turks and Caicos Governor Dr. John Freeman; Dr. Dominic Thomas-James of BPP University and Yale University; Professor Peter Clegg of the University of the West of England; Dr. Oonagh McDonald of Crito Capital LLC; and Professor Alessandra Pera of the University of Palermo. The panel was chaired by Michael Ashe KC SC, chairman of the International Economic Crime Symposium.
The symposium drew more than 2,000 participants from over 100 countries, including more than 650 experts.
Premier Dr. the Hon. Natalio D. Wheatley has reported stronger-than-expected government revenues for 2024 and projected continued growth in 2025, crediting fiscal discipline, improved tax systems, and ongoing investment in infrastructure and public service reform.
Speaking during the Twelfth Sitting of the Second Session of the Fifth House of Assembly, Dr. Wheatley said the Virgin Islands economy demonstrated “remarkable resilience and strength” despite global inflationary pressures and other external challenges.
Preliminary estimates show that total revenue collections reached $414.61 million in 2024, surpassing the original budget by 6.9 percent. More than 90 percent of this total came from tax revenue, with the strongest growth in taxes on goods and services, payroll, and international trade.
For 2025, total revenue is projected to increase to $425.44 million, a 2.6 percent rise over 2024. The financial services sector remains the largest single source of government revenue, contributing $258.04 million.
The Premier also pointed to the implementation of the SIGTAS 3.0 tax system, which is expected to improve efficiency and accountability within the tax administration. “This reform is projected to drive a significant 13.5 percent increase in payroll tax collections,” Dr. Wheatley said, noting that the recent minimum wage increase and salary adjustments for public officers will further boost revenue performance.
On expenditure, the government has projected $393.29 million in recurrent spending for 2025 — 8.7 percent below the revised 2024 budget — signaling what the Premier described as a “considered and responsibly managed approach to spending.”
Employee compensation has been allocated $182.35 million, representing a 13.4 percent increase over 2024 actuals. Dr. Wheatley said this increase underscores the government’s commitment to public sector welfare and the implementation of key reforms recommended by the Commission of Inquiry, CFATF Mutual Evaluation, and law enforcement review reports.
Meanwhile, the goods and services expenditure category has been set at $105.84 million in the revised 2025 budget, an increase of about $11.26 million. This adjustment will support essential national needs, including expanded resources for housing and repatriation of immigration detainees, the creation of a dedicated Meteorology Department, and enhanced administrative technology systems.
Looking ahead, the Premier said the government will place greater emphasis on capital expenditure as part of the National Sustainable Development Plan, focusing on sustainable infrastructure, job creation, and economic growth.
Dr. Wheatley reaffirmed his administration’s commitment to maintaining low public debt, which stood at $163.54 million at the end of 2024 — a 5.5 percent reduction from the previous year. Debt is projected to reach $170.94 million by the end of 2025, guided by a three-year Medium-Term Debt Strategy.
Premier Hon. Dr. Natalio D. Wheatley has reaffirmed his government’s commitment to the Terrance B. Lettsome International Airport expansion, describing the project as a strategic investment essential to the Virgin Islands’ economic future.
Speaking in the House of Assembly on November 6, during the presentation of the 2025 Budget Estimates, Hon. Wheatley emphasised that the expansion should not be viewed as traditional borrowing under the existing financial management protocols but rather as a developmental investment that will deliver lasting social and economic benefits to the territory.
“The airport expansion is not merely an infrastructure upgrade,” the Premier stated. “It is a strategic investment in the territory’s future that will yield significant social and economic transformation of the Virgin Islands.”
The proposed expansion is a central component of the government’s broader growth strategy, which seeks to enhance the Virgin Islands’ global connectivity, attract higher visitor arrivals, and create new business opportunities for local entrepreneurs.
According to Hon. Wheatley, discussions with the United Kingdom continue regarding adjustments to the Protocols for Effective Financial Management, to ensure the project can move forward under a framework that recognizes its developmental importance. He noted that the expansion aligns with the National Sustainable Development Plan, particularly the goal of building modern and resilient infrastructure to support long-term economic growth.
The Premier said that improved air access will help strengthen key industries such as tourism and financial services, while also creating jobs during and after construction. “This project will expand opportunities for Virgin Islanders and position the BVI as a more competitive destination in the region,” he said.
Hon. Wheatley added that his administration remains committed to fiscal responsibility even as it pursues major projects that will drive future growth. “Our aim is to balance sound financial management with strategic investment,” he said. “The airport expansion represents exactly that balance — progress built on prudence.”
Premier Dr. the Hon. Natalio D. Wheatley announced that the government expects to approve and begin disbursing grants under the new Agriculture and Fisheries Grant Policy by the end of the year. The policy, which is currently before Cabinet, aims to provide direct financial support to local farmers and fishers across the territory.
Dr. Wheatley made the announcement during the Twelfth Sitting of the Second Session of the Fifth House of Assembly on Thursday, November 6, emphasising that the initiative is part of a broader effort to modernise and sustain food production in the Virgin Islands.
“Significant efforts have been directed towards enhancing agricultural infrastructure to better support local farmers,” he told the House. “The designs for an agricultural complex and a reservoir in Paraquita Bay, intended to provide a reliable water source, are nearing completion.”
He added that the policy will not only assist farmers and fishers financially but will also strengthen the long-term sustainability of local food systems. “Throughout the year, capacity-building initiatives targeting farmers and fishers have been introduced, focusing on essential business management, safety, and sustainability practices,” he said.
Dr. Wheatley noted that the Agriculture and Fisheries Grant Policy represents a key step in achieving food security and reducing dependence on imports. “We are committed to supporting those who grow and harvest the food that sustains our people,” he said. “By investing in our farmers and fishers, we are investing in the resilience of our Virgin Islands economy.”
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