Smith says compliance driving BVI financial services growth

Junior Minister for Financial Services Lorna Smith has said strong compliance, innovation and investment in people will be critical to the continued growth of the Virgin Islands’ financial services industry as the territory seeks to strengthen its position as a leading international financial centre.

Smith made the remarks while addressing industry professionals at the BVI Association of Compliance Officers (BVIACO) 8th Annual Compliance Conference and later speaking to students at the Robert Mathavious Institute (RMI) Recognition and Closing Ceremony.

In a press release issued last Friday, Smith said the territory’s long-term success depends on maintaining strong regulatory standards while continuing to develop local talent and embrace innovation.

Speaking at the compliance conference, Smith noted that effective regulation, transparency and alignment with international standards are increasingly viewed as strengths for global financial centres. She told attendees that investors are seeking jurisdictions that offer stability, legal certainty and high professional standards.

The continued evolution of financial services industry

Smith also highlighted the implementation of the territory’s Legitimate Interest Access Regime, describing it as an important policy development that supports the continued evolution of the financial services industry and its growth agenda. She further pointed to ongoing efforts to strengthen the regulatory framework by addressing remaining recommendations from the Financial Action Task Force and maintaining alignment with evolving international standards.

The Junior Minister received an honorary membership from BVIACO during the conference in recognition of her contributions to the sector.

At the RMI ceremony, Smith congratulated 98 students who completed programmes in compliance, governance, risk, accounting and anti-money laundering. She described education and professional development as essential to preparing Virgin Islanders for industry opportunities and to building local expertise to support future growth.

Reflecting on the week’s events, Smith said, “The Virgin Islands continues to demonstrate that strong compliance, innovation and investment in people are strengthening our financial services industry and accelerating its future growth. As we most recently saw during our participation at Consensus 2026 by CoinDesk, global investors increasingly seek well-regulated, forward-looking and resilient jurisdictions.”

She also pointed to recent recognition from the United States Department of Justice for assistance provided by the Attorney General’s Chambers in matters connected to the 1MDB investigation.

Smith said such developments demonstrate the territory’s commitment to international cooperation and combating financial crime. “These efforts continue to reinforce the Virgin Islands’ position as a trusted, capable and internationally respected financial centre, well placed to lead with ambition, expertise and confidence in a rapidly evolving global marketplace,” she stated.

The BVI financial services industry remains the territory’s largest economic pillar, contributing a significant share of government revenue and supporting thousands of jobs directly and indirectly. In recent years, the government and regulators have continued efforts to strengthen compliance measures while pursuing innovation and maintaining the jurisdiction’s competitiveness in an increasingly regulated global environment.