“I had no such authority, gave no such instruction,” Smith declared, addressing claims that she directed government funds into the bank prior to its collapse. “I categorically deny the claim.”

Smith, who said that she is a former non-executive director and Deputy Chair of the bank’s board, said that she served in a governance role from around 2019 until her resignation in April 2023, months before entering public office. She stated that her role was limited to strategic oversight and compliance and that she was never involved in the bank’s daily operations.

The Junior minister also rejected reports suggesting she received a $15,000 monthly salary, calling the claim inaccurate. “All directors were approved to receive quarterly compensation,” she stated. “That figure is simply incorrect.”

Responding to accusations of regulatory interference, Smith underscored the statutory independence of both the Financial Services Commission (FSC) and the Virgin Islands Deposit Insurance Corporation (VIDIC), the two agencies responsible for oversight of the financial sector and the bank’s resolution. “I have never issued instructions to either regulator concerning the Bank of Asia or any other regulated entity,” she said. She also pointed out that VIDIC falls under the portfolio of the Premier and Minister of Finance, not her ministry.

Addressing reports of internal conflict, Smith said she had met VIDIC’s CEO, Lisa Violet, only twice—once during a courtesy call in late 2024, and once during a virtual group meeting. “I categorically refute any suggestion of tension, conflict, or obstruction,” she stated.

On broader allegations of personal enrichment, Smith issued a firm denial. “Any claim that I have used public office for personal gain, or to benefit friends, family, or associates, is defamatory and wholly unsubstantiated,” she said.

In closing, Smith urged for higher standards in media reporting and emphasized the importance of protecting the reputation of the Virgin Islands’ financial services sector. “The publication of false, exaggerated, or speculative claims undermines our jurisdiction,” she said. “I will not be deterred by baseless attacks or misinformation.”

She added that if defamatory reporting continues without correction, she reserves all legal rights and remedies available to her.

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The changes, announced earlier in the day, saw Dawson’s removal as Junior Minister for Agriculture and Fisheries, while Smith was designated as Minister of State. However, Wheatley acknowledged that the position does not yet legally exist, requiring approval from the United Kingdom to be formally established.

“In the Westminster system, there are different types of junior ministers, including Ministers of State and Parliamentary Under-Secretaries,” Wheatley explained. “While our current constitution allows for junior ministers, we would need an amendment to introduce the Minister of State designation.”

The Premier confirmed that he has informally raised the matter with the Governor and intends to discuss it further in an upcoming meeting with UK Minister for Overseas Territories, Steven Doughty. If successful, the amendment would provide the BVI government with additional flexibility in ministerial appointments.

Wheatley defended his decision to publicly designate Smith as Minister of State ahead of securing the constitutional amendment, stating that she was passionate about the role, particularly in relation to financial services—one of the territory’s key economic sectors. He emphasised that the move signals his administration’s commitment to expanding the governance framework to better reflect the needs of the territory.

“My point in communicating it is to let persons know that this is something we want to get done as quickly as possible,” he said.

While Smith is not a member of Cabinet, the Premier noted that she will be invited to Cabinet meetings as needed to discuss matters related to her portfolio. Under the current system, only five ministers can be full Cabinet members. Any expansion would require additional constitutional reforms, including a potential increase in the number of elected officials in the House of Assembly.

Should the UK approve the amendment, Smith’s position would become official, leaving a junior ministerial post open. Wheatley also indicated that his government may request an increase in the number of junior ministerial positions beyond the current limit of two.

“We would be asking for the ability to have different levels of junior ministers, and I believe it would be prudent for us to request more than just two,” he said.

As negotiations with the UK progress, the government’s ability to restructure its ministerial framework remains uncertain. However, Wheatley remains optimistic that changes can be implemented in a timely manner.

“We will see how quickly we can get it done,” he said, underscoring his administration’s push for constitutional reform.

The proposed changes come at a time when the BVI is preparing for broader constitutional negotiations with the UK. The discussions will not only address the Minister of State position but could also lead to wider governance reforms.

For now, Smith will continue to serve in one of the two existing junior ministerial roles until a formal decision is made.

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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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