Gov’t aims to exit financial services grey list in 2 years
The government has pledged to complete key reforms within two years as it works to remove the territory from the Financial Action Task Force (FATF) grey list.
Junior Minister for Financial Services Lorna Smith reaffirmed the government’s commitment in a recent statement, noting that the political pledge she made to the FATF to implement its Action Plan was “well received”.
“In February 2024, the FATF published its report on the Virgin Islands. Since then, we have made significant strides—progress that has been acknowledged and applauded by the FATF,” Smith stated in a recent Facebook post titled ‘FATF Reflections – A Call to Action for Team BVI’.
She described the coming period as one that will require “unity, determination, and collective action,” stressing that all sectors—regulators, industry leaders, public officials and citizens—must work together to reclaim the BVI’s standing.
“Our legislative and institutional frameworks are fundamentally sound, but there are still areas where improvement is needed. That’s why we have set ourselves the shortest timeframe possible—two years—to complete the necessary work and achieve delisting,” she explained.
Smith drew inspiration from industry veteran Robert Mathavious, who said: “The FATF has placed us on their Grey List. We are down but not out. How long we stay down will be determined by the effective resolve of a united and joined-up team of BVI stakeholders to work together to rectify the deficiencies catalogued in the BVI Report.”
She agreed that while the task ahead is challenging, a “truly BVI First, non-partisan” approach is the only way forward.
“This is our moment to rise. Let’s stay focused, stay united, and move forward with urgency and purpose,” Smith asserted.
The greylisting followed a February 2024 report from the FATF, which cited deficiencies in the Virgin Islands’ systems for anti-money laundering and counter-terrorist financing. The government has since stated that targeted reforms will focus on areas such as risk-based supervision, financial reporting, and enforcement actions.
Financial services account for about 60 per cent of the BVI’s annual revenue, and officials have emphasised that maintaining a strong reputation internationally is essential to economic stability.
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We should never have got to this point. We always resisting, lagging behind. Only thing we push for is independence. COI made clear what was needed but VI just will not do it.
Calling others racists and colonialists whilst they follow their own racist colonial style leadership to isolation.
Isolation my be the independence they acheive but not the one we want or are looking for.
We want prosperity for all not a greedy few.
Now look where we are.
A backwards place going now where.
The problem with this country is it has no leg to stand on to oppose any unreasonable demand from the international bodies. Most of the leaders are criminals and so the competent authorities under them can’t meet international standards because the system has to remain dysfunctional to benefit the criminal leaders. Now you on a grey list. Stop putting these people in power.
“The USA’s support for Israel—helping with drones, weapons, and painting Iran as the monster—feels like taking sides instead of pushing for peace.
Iran’s top officials are killed, Israel strikes first, yet the narrative paints Israel as the victim.
This isn’t just politics; it’s lives at stake—mothers, fathers, children caught in the crossfire.
Let’s stand for peace, not destruction!”
Israel has to be the worse country in the world.
Who is the local director of the Bank of Asia
Lorna in the corner ?
She is afraid to say it is a famiky member