Accompanying the Premier will be Deputy Premier and Minister for Financial Services, Labour and Trade, Lorna Smith, OBE; Ayana Glasgow, Executive Director of International Business Regulations; Kedrick Malone, Governance Reform Delivery Manager; and Kenneth Baker, Managing Director of the Financial Services Commission. His Excellency Daniel Pruce will also attend the meeting with the Overseas Territories Minister.

The delegation’s agenda includes discussions with political leaders, media, and private sector representatives from the financial and professional services industries. Premier Wheatley plans to highlight the substantial progress the BVI has made in implementing governance reforms since the Commission of Inquiry’s unprecedented review of the territory’s governance. To date, 45 of the 48 recommendations have been completed, with legislation for the remaining items moving toward final approval in the House of Assembly.

The meetings will also cover efforts to meet the recommendations of the Caribbean Financial Action Task Force’s Mutual Evaluation Report. These efforts include establishing a Sanctions Unit, revising the national anti-money laundering and counter-terrorist financing strategy, and forming working groups to address risks associated with financial activities.

Climate change is also on the agenda, with meetings scheduled with private sector climate finance experts to address its impact on the Virgin Islands.

Premier Wheatley emphasized the importance of engaging directly with UK officials and stakeholders, stating: “Engaging face-to-face with parliamentarians, officials, regulators, and the private sector is critical to building stronger ties and establishing the modern partnership we seek with the United Kingdom.” A reception hosted by Speaker of the House of Commons, Sir Lindsay Hoyle, will provide an opportunity to strengthen these ties and promote an understanding of the BVI to a broader audience.

The visit is seen as a critical step in continuing to build a stronger relationship with the United Kingdom, focusing on governance, financial regulation, and climate resilience.

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Honourable Smith explained that this wage adjustment is a key component of a broader, multi-faceted economic strategy. “This decision reflects our commitment to fostering a robust economy that benefits all stakeholders,” Smith stated. “By implementing this balanced approach, we aim to enhance worker welfare while fortifying our businesses for long-term sustainability.”

The forthcoming increase is part of a comprehensive plan that includes regular wage reviews, targeted support for small businesses, and increased investments in workforce development. The Minimum Wage Review report, which underpinned this decision, will be laid before the House of Assembly shortly and will subsequently be made available to the public for further insights into the rationale and details of the wage increase.

The adjustment follows a thorough review conducted by the Minimum Wage Advisory Committee, which evaluated policy documents, economic data, and labour force statistics. The committee engaged in extensive consultations, including surveys, media interviews, and focus groups, to gather diverse perspectives from stakeholders such as the BVI Chamber of Commerce, business owners, and employees.

Honourable Smith expressed her gratitude to the committee members and the Ministry of Financial Services, Labour, and Trade staff for their dedicated efforts in this process. “I extend my heartfelt appreciation to everyone who contributed to this important review,” she said.

The Government encourages both businesses and workers to embrace this positive change as a step towards creating a fairer, more inclusive, and sustainable economic environment for the Virgin Islands.

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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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