BVI delegation attends important session on financial services
An official BVI delegation is scheduled to attend an important session in France, where matters related to the territory’s financial services will be discussed.
The session will be held from June 10 to 13 by the Financial Action Task Force (FATF) and MONEYVAL – two international bodies that monitor financial services jurisdictions. The BVI delegation includes Junior Minister Lorna Smith, Attorney General Dawn Smith, National AML Coordinator Lavonna Burrows, and Deputy Managing Director of Regulation at the BVI Financial Services Commission, Glenford Malone.
BVI News understands that FATF will likely add the BVI to their grey list later this month, which means the territory is still working to address serious deficiencies in the financial services industry.
The government said the delegation will reaffirm the territory’s commitment to the fight against international crime.
“I look forward to meeting with my fellow delegates and discussing with them how we can work together to continue strengthening our financial system so that the BVI continues to be a best-in-class jurisdiction that demonstrates excellence, innovation and leadership in the region and beyond,” Minister Smith said.
FATF sets standards for combating money laundering and terrorist financing. Their 2024 mutual evaluation report highlighted gaps in the BVI’s system related to corporate beneficial owners.
The BVI government accepted the report and immediately began work to address the challenges the report identified.
But as this work continues, FATF has announced that they’ll be placing a few countries on their grey list, when they meet from June 9 to 13. They will also flag other jurisdictions with ‘weak‘ anti-money laundering and counter-terrorist financing measures.
Traditionally, countries placed on the grey list are usually added to the EU’s list of high-risk third countries. That designation triggers enhanced due diligence by financial institutions, which can deter foreign investment. It’s unclear what the outcome of the FATF session will be but the government said they will issue a further statement following the conclusion of the important meeting.
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Excellent news. B V I’s contribution, ‘How not to loose five million dollars to a failed bank’
Another minister gone airborne again
The same woman who lost over $12,000,000 on a plane and a Bank
The tax payers have lost it many on the inside shared the profit.
“The government said the delegation will reaffirm the territory’s commitment to the fight against international crime.”
One suggestion: start right here in The Territory (Bank of Asia). Stated another way, before seeking advice from or giving advice to your neighbours, clean up your own back yard….
Lorna should not be representing this country on any matter related to finance. There are serious questions that need to be answered concerning the Bank of Asia debacle. She needs to remain here and be accountable to the people. Given the circumstances, she is the least appropriate person to be representing our territory in financial matters at this time.