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CARICOM’s Commitment to Associate Members Applauded by BVI on 50th Anniversary
The Premier of the British Virgin Islands, Dr. Hon. Natalio Wheatley, has expressed his appreciation for CARICOM’s renewed commitment to the British Virgin Islands and other Associate Members as the regional body celebrates its 50th anniversary.
During CARICOM’s 45th Regular Meeting of the Conference of Heads of Government in Port of Spain, Trinidad and Tobago from 3rd-5th July, the Heads of Government agreed to hold “regular consultations with the Associate Members prior to the Regular July Meetings of the Conference.” This commitment, stated in the meeting’s communique, was one of the primary recommendations arising from a CARICOM special consultation requested by Premier Wheatley.
The consultation aimed to discuss the near and long-term support that CARICOM can provide to Associate Members in terms of their social, political, economic, and sustainable development. The Heads of Government also expressed their desire for Martinique and Curacao to become Associate Members as soon as possible.
Premier Wheatley commended CARICOM’s renewed commitment to its Associate Members, stating, “The Associate Members owe a great debt to the immediate past Chairman of CARICOM, Prime Minister of the Bahamas Hon. Philip Davis, who actively sought to deepen engagement between CARICOM and its Associate Members in strengthening regional cooperation. CARICOM has embraced its entire family, which includes the five current Associate Members of Anguilla, Bermuda, British Virgin Islands, Cayman Islands, and the Turks and Caicos Islands. They enrich CARICOM and add value in various ways, particularly in areas where they possess expertise or competence, such as financial services. The Associate Members also benefit from the experience of the full Members. I am immensely grateful for CARICOM’s support to Associate Members on its 50th anniversary and eagerly anticipate the inclusion of Martinique and Curacao as Associate Members in the future.”
During the meeting, Premier Wheatley and other Heads of Government engaged in discussions covering trade, food security, regional security, climate change, and international finance, among other topics.
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British Virgin Islands Financial Services Commission Welcomes New Leadership
The British Virgin Islands Financial Services Commission (BVIFSC) has announced new appointments to its governing board, with Mr. Gerard St Clair Farara KC stepping in as Chairman and Ms. Patlian Johnson as Commissioner. The appointments, confirmed by the Ministry of Financial Services, Labour, and Trade, mark a new chapter for the commission as it seeks to strengthen the territory’s financial services sector.
Mr. Gerard St Clair Farara KC has been appointed to a three-year term as Chairman, effective August 1, 2024. A seasoned legal expert with a distinguished career, Farara currently serves as a Commercial Court Judge for the Eastern Caribbean Supreme Court and leads the litigation team at the BVI office of COLLAS CRILL, formerly Farara Kerins. Farara’s prominence in the legal community is further highlighted by his appointment as Queen’s Counsel in 1996, cementing his standing as a leading figure in the Virgin Islands Bar and the broader Eastern Caribbean.
Ms. Patlian Johnson will serve a one-year term as Commissioner, also beginning on August 1, 2024. Johnson, a Strategy and Policy Advisor with extensive experience, currently holds the position of National Coordinator for the UNDP Project Office. She brings an impressive academic background, including a Master of Science in Economics and Finance from the University of Bristol and a Bachelor of Science in Economics and Accounting with First Class Honours from the University of the West Indies, Cave Hill Campus.
The pair will replace outgoing Chairman Mr. Robin F. Gaul and Commissioner Mr. Melvin A. Turnbull, whose terms have concluded. Minister of Financial Services, Labour, and Trade, Honourable Lorna G. Smith, OBE (AL), praised the new appointments, stating, “I am delighted to welcome Mr. Farara and Ms. Johnson to the BVIFSC Board of Commissioners. Their combined expertise will be invaluable as we continue to navigate the challenges and opportunities facing the financial services sector.”
Smith also expressed gratitude to the departing board members for their significant contributions to the growth and stability of the territory’s financial services industry. According to the Government Information Service (GIS), these appointments underscore the Virgin Islands’ commitment to maintaining a well-regulated and competitive financial services sector.
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