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BVI Financial Investigation Agency and Jersey Financial Services Commission Sign Agreement to Strengthen Cooperation in Tackling Financial Crimes
The Financial Investigation Agency (FIA) of the British Virgin Islands (BVI) has recently strengthened ties with the Jersey Financial Services Commission (JFSC) through a Memorandum of Understanding (MoU) signed on 25 October. The agreement formalises a cooperative framework for consultation and information-sharing between the two regulatory bodies, enhancing their oversight in financial regulation.
The MoU signals a shared commitment by the BVI and Jersey to uphold rigorous financial standards and combat financial crimes. By sharing essential intelligence, the FIA and JFSC aim to bolster efforts to detect, prevent, and investigate crimes such as money laundering, terrorist financing, and proliferation financing.
Errol George, Director of the FIA BVI, expressed the importance of the partnership, stating, “The signing of this MoU establishes a framework for information exchange between the FIA BVI and JFSC, supporting compliance with the laws, regulations, and rules relating to the functions of our Authorities. I am indeed pleased with the progress we are making in the Territory to tackle financial crime.”
Through this agreement, both agencies will, upon request, provide critical information that strengthens regulatory practices across the Designated Non-Financial Businesses and Professions (DNFBP) sector. Shared data will include details on corporate structures, management standards, and organisational quality, all essential for effective supervision.
Business
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Virgin Islands Moves Forward with New Agriculture and Fisheries Complex Contract
The Virgin Islands Recovery and Development Agency (RDA) has signed a contract with Trojan Design and Development Ltd. for the design and construction management of a new Agriculture and Fisheries Complex. The contract, awarded on October 17 following a competitive bidding process, is valued at $95,200.
The project’s first phase will focus on design, incorporating stakeholder feedback to create a facility tailored to the needs of farmers and fishers. The proposed design includes spaces for processing, storage, and distribution, as well as an abattoir, fish processing center, and administrative offices. The complex is aimed at increasing agricultural productivity, reducing import dependence, and fostering sustainability in the local food sector.
The construction management phase will ensure the facility’s alignment with the approved designs, supporting the vision of a modern complex equipped to meet both local and export demands.
Speaking at the contract signing, Junior Minister for Agriculture and Fisheries Dr. Karl Dawson highlighted the project’s role in supporting the Virgin Islands Food Security and Sustainability Act, 2022. “This facility will enable greater trade and ease the burden on individual farmers and fishers by consolidating the process,” Dawson stated. He underscored the government’s focus on enhancing food security, improving water access for agriculture, and making fisheries more sustainable.
The Director of Agriculture and Fisheries, Theodore James, emphasized the complex’s role in food safety and value-added services, noting, “This facility will allow us to process food at a high standard, supporting safe production practices while expanding our capacity to transform single products into multiple offerings fit for local and export markets.”
RDA Chief Executive Officer Anthony McMaster confirmed the project is expected to be completed by the third quarter of 2026, adding that the agency is committed to delivering the project within budget. Ronnie Lettsome of Trojan Design and Development Ltd. assured the public of the firm’s commitment to the project, noting that the new design would meet modern standards and help advance the BVI’s agriculture and fisheries sectors.
The new complex will replace facilities lost during the hurricanes of 2017, modernizing local agriculture with an enhanced abattoir, re-established fish processing hub, and new spaces for administration and education.
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