Attacks on financial services real, intense and constant — Premier

Premier Dr Natalio Wheatley has warned that the BVI’s financial services industry faces relentless external pressure, declaring that attacks on international financial centres such as the BVI are “real,” “intense,” and “constant“.

Delivering his 2026 State of the Territory Address, Dr Wheatley described financial services as one of the two pillars of the territory’s economy alongside tourism, stressing that the industry remained the government’s largest source of revenue and a critical contributor to national development.

“This industry is not merely economic activity. It is one of the foundations of our national resilience and our ability to shape our own future,” Wheatley stated.

The Premier argued that the sector should never be taken for granted because of persistent international scrutiny.

“The attacks against international financial centres like the Virgin Islands are real. They are intense. They are constant. And if left unchecked, they can threaten jobs, public services, and our economic stability,” Premier Wheatley said.

He argued that protecting the industry had become a central priority for his administration.

“That is why my government has placed the protection of the financial services industry at the centre of our economic agenda. Protection first, modernisation second, and sustainable growth always,” Dr Wheatley stated.

The Premier pointed to recent regulatory achievements, noting that the Caribbean Financial Action Task Force (FATF) confirmed in October 2025 that the Virgin Islands achieved compliant or largely compliant ratings across all 40 Financial Action Task Force recommendations. According to Dr Wheatley, this placed the territory among a small group of jurisdictions worldwide to reach that benchmark during the fourth round of mutual evaluations. He said the achievement resulted from regulatory reforms, institutional cooperation and investment, while supporting efforts to secure removal from the FATF grey list.

Continuous legislative and policy framework

He also highlighted the implementation of the Beneficial Ownership Access Regime, which became operational on April 1 2026, saying the government was continuing to develop the legislative and policy framework needed for its operation.

“Transparency must be lawful, balanced and proportionate,” Dr Wheatley stated, noting that the territory would continue to meet international obligations while protecting constitutional rights, legitimate privacy interests and the jurisdiction’s competitiveness.

The Premier said government had also strengthened sanctions compliance and continued engaging with the United Kingdom, European Union, Organisation for Economic Cooperation and Development, Financial Action Task Force and other international partners to defend the territory’s interests. He noted that consultants had been hired to prepare a long-term financial services strategy and that international representation had expanded across Asia, Europe and Latin America, including plans to establish a representative presence in Panama.

Premier Wheatley further reported that new business incorporations increased by 13.8 per cent in 2025 and grew by 9.7 per cent in the first quarter of 2026.

“This demonstrates something important. The world continues to see value in the Virgin Islands because when properly protected, modernised, and represented, our financial services industry remains among the strongest and most resilient in the world,” Dr Wheatley stated.

The BVI’s financial services industry has long faced international scrutiny over tax transparency, beneficial ownership and anti-money laundering standards. Successive governments have maintained that the territory continues to strengthen its regulatory framework while defending the sector’s competitiveness in the global marketplace.