Dr. Mathavious served in key leadership roles in the Territory’s financial system for decades, including Deputy Financial Secretary and later as the founding Chief Executive Officer of the Financial Services Commission. Under his leadership, the BVI established regulatory frameworks and structures that expanded the Territory’s global reach in financial services while maintaining local oversight.

In recognition of his contributions, he was awarded the Order of the British Empire. He also founded the Robert Mathavious Institute of Financial Services, which continues to train professionals in the Territory.

Leaders across the Territory described his death as a significant loss. “The British Virgin Islands owe Dr. Mathavious a debt of gratitude for the quality of life that we have been able to enjoy,” the Alliance said in a statement. “Our society is poorer for his loss but richer for his legacy.”

The government said his work earned the trust of international partners as well as the respect of the local community. His efforts, officials noted, positioned the BVI as a financial services hub and safeguarded the Territory’s economic independence.

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According to an official release, Mrs. Parson’s body will lie in state at the House of Assembly Chamber on Wednesday, July 16, from 11:00 a.m. to 5:00 p.m. Members of the public will be allowed to pay their final respects during that time.

On the morning of July 17, an official procession will depart from the House of Assembly Chamber at 8:00 a.m., leading to the funeral venue. A pre-service is scheduled for 8:30 a.m., followed by the official funeral service at 10:00 a.m. Interment will take place at the Road Town Methodist Church Cemetery.

In observance of the funeral, all official flags at Government buildings across the Territory will be flown at half-mast on July 17.

Arrangements have also been made to accommodate residents from the Sister Islands wishing to attend the service. Individuals requiring ground transportation are advised to register through their district officer. Transportation will be provided to and from the ferry terminals in Road Town and the Multi-Purpose Sports Complex.

Mrs. Parsons, a prominent cultural advocate and longtime public servant, was awarded the Order of the British Empire (OBE) for her contributions to the Virgin Islands. Further details surrounding the funeral will be released by Government officials in the coming days.

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“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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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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In a statement released earlier today, the bank expressed its commitment to supporting McMaster, who has captured the hearts of many in the British Virgin Islands with his remarkable Olympic journey. The NBVI team will resume regular hours on Monday, August 12, and they apologise for any inconvenience this early closure may cause.

The Social Security Board and National Health Insurance have also joined in this effort, announcing their offices will close at 2:30 p.m. on the same day. “We sincerely apologise for any inconvenience caused,” the Board stated, emphasising their pride in McMaster and all athletes representing the British Virgin Islands at the 2024 Summer Olympics.

The watch party, organised by the Ministry of Education, Youth Affairs and Sports in collaboration with the BVI Athletics Association, will commence at 3:00 p.m. at Rena’s Festival Village.

McMaster finished first in heat 2 of the 400m hurdles on August 2, with a time of 48.15 seconds. His victory not only secured his spot in the finals but also set the stage for a thrilling contest against elite competitors, including Norway’s Karsten Warholm and France’s Clément Ducos. Warholm dominated heat 1 with a remarkable time of 47.67 seconds, while Ducos followed closely at 47.85 seconds.

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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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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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