Hon. Lorna G. Smith, OBE, has been appointed as the Virgin Islands’ first Minister of State for Financial Services and Economic Development, marking her return to government after her dismissal in October 2024. The announcement was made by Premier Hon. Natalio Wheatley in a special statement, stressed the need for experienced leadership amid global economic uncertainty.

“These are strange and uncertain times, and we need all hands on deck to manage the global economic headwinds ahead of us,” Premier Wheatley said. “Hon. Smith’s invaluable support during my recent mission to Asia and the international respect she commands in the field of financial services clearly demonstrated that her experience would be best utilized as a member of the Government.”

Smith’s new role comes with significant responsibilities, including oversight of financial services, domestic banking, economic diversification, investment promotion, trade, and consumer affairs. Additionally, she will work closely with foreign governments, international organisations, and stakeholders to ensure the Virgin Islands’ economy remains strong. She will also have direct oversight of the Financial Services Commission, the International Tax Authority, BVI Finance, and the Department of Trade and Investment Promotion.

Smith’s return to government comes just over four months after her abrupt dismissal from her previous role as Deputy Premier and Minister of Financial Services, Labour, and Trade. At the time, Premier Wheatley cited concerns over political stability, stating, “She did not give me the confidence that she would remain with my administration for the duration of this term.”

Her removal was met with speculation about her political future, especially after she denied reports in early February that she was in discussions to rejoin the Virgin Islands Party (VIP). “It is not true. I continue to serve the people of this territory to the best of my ability as an independent member of the Opposition to date,” Smith said at the time.

Despite this, her return to government signals a shift in political dynamics. Premier Wheatley, in his announcement, acknowledged her expertise as a key asset to his administration. “I am personally pleased to have her back and to have her support,” he said, noting that her new position as Minister of State is a senior role, reflecting her experience and reinforcing her authority when dealing with external stakeholders.

As Smith assumes her new responsibilities, Karl Dawson, the outgoing Junior Minister for Agriculture and Fisheries, will step down from his ministerial role but continue as Deputy Speaker of the House of Assembly. Wheatley praised Dawson for his contributions, stating, “I commend him for his dedication and commitment to our farmers and fisherfolk.”

Smith’s appointment comes at a critical time for the territory as the government navigates economic challenges, including potential global financial shifts and the impact of international tariffs. In light of these concerns, Premier Wheatley emphasised the importance of a strong economic leadership team. “We will work very closely together to ensure consistency and cohesion of government policy,” he said.

With her extensive background in financial services and economic development, Smith is expected to play a pivotal role in steering the Virgin Islands’ economy toward resilience and growth.

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“In these challenging times, the work of organisations like ICC FraudNet becomes even more crucial,” Minister Smith remarked. “Their efforts in combating financial crime and promoting global financial integrity are vital in safeguarding the stability of our financial systems.”

Reflecting on the historical ties between ICC FraudNet and the British Virgin Islands, Minister Smith extended warm congratulations to the organisation and its founding members. She paid tribute to Martin Kenney, ICC FraudNet’s founding member #002, for his longstanding contributions to the Virgin Islands’ private sector and invaluable counsel to successive governments.

“Martin Kenney has been a pillar of support for the Virgin Islands for over two decades,” Minister Smith acknowledged. “His strategic guidance has enriched our private sector and helped navigate challenges.”

Highlighting the innovative approaches employed by the British Virgin Islands in combating financial crime, Minister Smith emphasised the importance of collaboration between government agencies, law enforcement, and the private sector. She lauded the jurisdiction’s Beneficial Ownership Secure Search System (BOSSs) as a pivotal tool in identifying and prosecuting financial wrongdoing.

“Our commitment to maintaining stringent regulatory standards underscores our resolve to combat financial crime,” Minister Smith affirmed. “Collaboration and innovation are key in our efforts to uphold the integrity of our financial systems.”

Minister Smith’s address set the stage for a conference focused on exploring new developments in Artificial Intelligence (AI) and strengthening international cooperation in asset recovery efforts. As delegates convened for discussions, her words resonated as a testament to the British Virgin Islands’ steadfast commitment to combating financial crime and promoting global financial integrity.

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Premier and Minister of Finance Dr the Honourable Natalio Wheatley emphasised the paramount importance of maintaining high standards of financial integrity and transparency, stating, “We know high standards of financial integrity and transparency that meet global standards are essential.” This commitment was further underscored by the government’s pledge to diligently implement recommendations outlined in the accompanying National Action Plan, unveiled in tandem with the report.

Deputy Premier and Minister for Financial Services, Labour, and Trade, Honourable Lorna Smith, OBE, outlined a comprehensive array of proactive measures already underway. These initiatives span from the revision of the National Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Policy to the establishment of a regulatory framework for virtual assets service providers (VASP).

Attorney General, Honourable Dawn J. Smith, shed light on the jurisdiction’s robust legislative framework and emphasised the imperative of fostering a cohesive partnership between the public and private sectors. “We have a strong legislative framework in place,” noted Minister Smith, stressing the collective responsibility shared by all stakeholders in combating financial malpractice.

The government’s proactive response to the CFATF report underscores its unwavering commitment to not only meet but exceed expectations in safeguarding the financial sector against illicit activities.

The CFATF Plenary, held in Aruba from November 26th to December 1st, 2023, adopted the Mutual Evaluation Report of the Virgin Islands (British). This evaluation provides a comprehensive analysis of the Anti-Money Laundering (AML)/Counter-Terrorist Financing (CTF) measures in place in the Virgin Islands (British) as of the on-site visit conducted between March 13th and April 3rd, 2023. The report assesses the jurisdiction’s compliance with the FATF 40 Recommendations and evaluates the effectiveness of its AML/CFT system, offering recommendations to strengthen the system further.

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