Financial Services Conference examines global financial crimes

Government officials, regulators and financial services professionals recently examined the evolving global threat of financial crime and the responsibilities of international financial centres during the recent Financial Services Conference 2026.

The conference’s keynote speaker, Michael Levi, a criminology professor at Cardiff University, warned that fraud is becoming an entrenched global crime challenge. “Fraud is now a long-term part of the crime problem and also of the money laundering problem,” he said, noting that jurisdictions must continually adapt systems to detect and disrupt illicit activity.

Discussions also examined cross-border fraud investigations, the growing use of digital assets in financial crime and the role of lawyers, corporate service providers and other professionals as “gatekeepers” responsible for preventing illicit activity.

According to organisers, the conference highlighted the need for stronger international cooperation, effective regulation and continued vigilance to maintain the reputation and integrity of international financial centres such as the BVI.

Premier and Minister of Finance Dr Natalio Wheatley told the conference that the territory remains committed to maintaining a responsible financial services industry.

“The Virgin Islands is firmly committed to combating illicit finance and ensuring that our jurisdiction remains unattractive to those who seek to misuse financial systems for criminal purposes,” he said. “Our objective is clear: we want a financial services sector that is transparent, compliant and built on integrity.”

The Premier also pointed to progress made under the territory’s action plan with the Financial Action Task Force, noting positive feedback received during the organisation’s recent plenary in Mexico City.

The discussions come as the BVI continues to face pressure from the United Kingdom to implement additional transparency measures aimed at tackling illicit finance, including calls for greater access to beneficial ownership information.  However, BVI leaders have maintained that the territory is strengthening its regulatory systems while balancing international expectations with the need to protect legitimate business within its financial services industry.