Clear Vision for Financial Services Industry — Premier

Premier Dr Natalio Wheatley outlined his vision for the Virgin Islands’ financial services industry in a statement late last week, promising resilience and innovation to propel the sector forward.

Dr Wheatley’s message comes days after he took on direct responsibility for financial services following his removal of former Financial Services Minister Lorna Smith from her post in a surprising Cabinet reshuffle. The Premier affirmed his commitment to guiding one of the Virgin Islands’ most critical sectors, highlighting that the financial services sector plays an essential role in the territory’s economy.

“I assume responsibility of this ministry with a clear vision: to drive our financial services industry forward with innovation, resilience, and a commitment to global standards,” Dr Wheatley stated. He expressed confidence in building on the foundation laid by previous leaders, assuring that continuity would be central to his approach. Dr Wheatley emphasised the importance of maintaining a strong regulatory framework that meets international standards.

“Through our compliance with global benchmarks and remediation efforts in response to the Caribbean Financial Action Task Force (CFATF) mutual evaluation report’s recommended actions, we are reinforcing our status as a premier jurisdiction in the financial services arena,” he explained.

This response comes as the Virgin Islands work to address areas highlighted by CFATF, aiming to strengthen the territory’s financial integrity.

FSC and BVI Finance critical

Dr Wheatley also acknowledged the critical role of BVI Finance and the Financial Services Commission in promoting and regulating the Virgin Islands as a top financial centre.

He praised the Executive Director of International Business Regulations, BVI Finance’s proactive efforts, and the vigilant oversight by the Financial Services Commission as “invaluable assets” in supporting the industry’s stability and reputation.

“The leadership, guidance, and responsiveness of BVI Finance in promoting the Virgin Islands as a leading financial centre…are invaluable assets,” he remarked, underscoring his intent to work closely with these entities. The Premier conveyed the importance of private sector partners, noting that the industry’s success relies not only on government regulations but also on businesses’ contributions to making the Virgin Islands competitive.

“Our sector’s success…relies on the vital contributions of our private sector partners, positioning the Virgin Islands as a leader in both product offerings and supervisory excellence,” Dr Wheatley added.

Meanwhile, Lorna Smith expressed hope for the sector after her dismissal, commenting that she wants the country to remain sustainable and to see a revitalised economy. “In relation to financial services, I sincerely hope that they will continue to be robust,” Smith said. “In terms of the Premier taking that subject, time will tell.

I am the person who had the expertise in the field… I hope that the financial services sector will give him the support that he will need.” Dr Wheatley reassured the industry of his administration’s commitment to sustaining the sector’s growth. He emphasised a need to “innovate, adapt, and uphold our competitive edge,” pledging that his administration is “fully invested in seeing this sector thrive.”