“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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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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