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.
