Speaking during a special announcement on Tuesday, March 3, Smith acknowledged the challenges ahead but made it clear that she’s committed to strengthening the Virgin Islands’ economy and ensuring key industries—especially financial services—remain competitive.

“As the Premier has rightly said, we face turbulent times. We must rise above personal and political differences and stand together for the good of our people and the future of the Virgin Islands,” she said.

Hon. Smith, a seasoned leader with years of experience in international relations and economic development, recently returned from a BVI delegation trip to Asia, where discussions centered around investment opportunities. She sees promise for the territory but cautioned that global economic pressures require smart, strategic planning to keep the Virgin Islands on solid ground.

“How we respond in this critical moment will determine our continued positive standing—not only in Asia but on the global stage,” she said.

One of Smith’s key priorities is making the financial services sector more accessible to Virgin Islanders. She pointed to initiatives like the Financial Services Bootcamp, which provides training and career pathways, as steps in the right direction.

“More Virgin Islanders need to see themselves in this industry—not just as bystanders, but as active participants and beneficiaries,” she emphasized, pushing for workforce development and innovation, especially in emerging areas like FinTech.

Beyond financial services, Smith is also focused on diversifying the economy and creating new investment opportunities. She highlighted programs like Roots to Resilience, which she founded to promote community engagement and economic growth, as examples of the forward-thinking approach needed to build a stronger Virgin Islands.

“Our future success depends on innovation, strong regulation, workforce development, and a commitment to diversification,” she said. “The more we invest in making our communities vibrant and economically strong, the more we attract those who wish to invest in us.”

Smith expressed gratitude to Premier Natalio Wheatley for entrusting her with this role, making it clear that for her, this is about service—not personal ambition.

“Now is the time for leadership, unity, and service above self. Together, let us secure the future of the Virgin Islands,” she concluded.

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Against the backdrop of discussions encompassing minimum wage, labour management systems, business development programmes and financial services diversification, Deputy Premier Smith introduced the transformative initiative.

With a vision to bolster the local economy and empower small businesses, this initiative promises financial assistance to locally-owned MSMEs, paving the way for sustainable growth and prosperity.

“The draft policy for the MSME Grant Programme represents a pivotal step towards fostering an environment conducive to the success of our small business owners,” Deputy Premier Smith declared. “Stakeholder consultations ensure inclusivity, transparency, and effectiveness, laying the groundwork for economic expansion.”

Recognising the challenges faced by SMEs in accessing traditional financing, the government is collaborating closely with the banking sector to promote financial inclusion. “We are committed to overcoming hurdles and facilitating access to financing for SMEs,” affirmed Deputy Premier Smith.

A cornerstone event in this endeavour is the upcoming BVI Business Banking Expo, scheduled for June 6. This dynamic gathering will unite financial institutions, regulators, business owners, and entrepreneurs from across the territory to explore cutting-edge trends and innovations in banking. Moreover, it will provide invaluable advice and guidance to small business owners navigating the complexities of the banking industry.

“The Expo offers a unique opportunity for residents, particularly those in the Sister Islands, to engage with banks and financial institutions,” emphasised Deputy Premier Smith. “It’s a chance to forge meaningful connections, gain insights, and seize new opportunities for growth and development.”

The MSME Grant Programme and the Business Banking Expo underscore the government’s commitment to nurturing entrepreneurship and driving economic resilience.

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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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