BVI engages financial services partners in Europe

BVI government officials recently wrapped up a series of high-level meetings in Brussels and Paris aimed at strengthening relations with the European Union (EU) and reaffirming the territory’s commitment to global financial standards.

The meetings were held from October 6-8, and formed part of the BVI’s ongoing international campaign to assure global partners that the financial services sector remains committed to fighting illicit finance, improving transparency, and maintaining the highest regulatory standards.

The delegation was led by Junior Minister for Financial Services Lorna Smith and included Ayana Glasgow, Director of Financial Services at the Financial Services Commission.

While in Brussels, the team met with senior officials from the European Commission, including representatives from the departments responsible for financial stability, taxation, and anti-money laundering. The discussions focused on the BVI’s progress in meeting international standards and the government’s continued work to strengthen its legislative and regulatory framework.

The delegation also met with officials from several EU Member States to deepen cooperation and ensure ongoing dialogue on shared financial and regulatory priorities. In Paris, meetings were held with transparency and tax regulators, where the BVI outlined progress made in tax transparency and reaffirmed its commitment to international cooperation.

Smith said the trip provided an important opportunity to reinforce long-standing relationships with European partners.

“This visit was an excellent opportunity to reaffirm and further strengthen the close relationship that has long existed between the Virgin Islands and our European partners,” Smith said. “The discussions demonstrated that we are united in our commitment to transparency, accountability, and the fight against illicit finance and financial crime.”

The Brussels and Paris visit follows similar international outreach by BVI officials this year – in Asia, Latin America and Africa – as the Territory continues efforts to protect its reputation as a responsible and cooperative financial centre. These efforts come amid pressure from UK lawmakers and advocacy groups that have labelled the BVI a tax haven that facilitates the hiding of dirty money.

However, local officials have repeatedly rejected those claims, insisting that the BVI’s financial services framework meets — and in some cases exceeds — international regulatory standards.