Hon Lorna G. Smith Calls for Increased
During a recent radio interview, Hon Lorna G. Smith OBE emphasized the need for greater cooperation among Overseas Territories to meet shared goals, particularly in facing challenges posed by international standards and expectations. The discussion highlighted the absence of a unified strategy among the territories, underscoring the importance of collaborative efforts to address global financial scrutiny.
In an insightful dialogue on ZBVI 780 AM's Talking Points, co-host Elvin G. Smith OBE delved into the progress and challenges faced by Overseas Territories (OTs) in their collective efforts to navigate international expectations and standards. The conversation, which aired on Monday, September 15, 2025, brought to light the critical need for enhanced cooperation among OTs in response to global financial scrutiny and regulatory demands.
Grant referenced a previous government statement highlighting an initiative for OTs to work collaboratively against narratives put forward by entities such as the Organisation for Economic Co-operation and Development (OECD) and the UK government. However, Smith revealed that, despite annual Joint Ministerial Council Meetings and discussions on matters of mutual interest, a formal group for ongoing collaboration among the OTs is yet to be established. "There is a need for greater collaboration between the Overseas Territories," Smith stated, advocating for a united effort to achieve common objectives.
The conversation also touched on the challenges faced by several OTs, including the British Virgin Islands, in meeting the UK's June 2025 deadline for implementing new registers of corporate ownership. This initiative, aimed at tackling illicit finance, has sparked a debate on the balance between legitimate business interests and the need for transparency.
Smith highlighted the diversity among OTs, each with its own market specializations, and emphasized the BVI's commitment to a policy that balances client privacy with the pursuit of illicit activities. Smith's remarks underscore the complex landscape in which the OTs operate, navigating between adhering to international standards and protecting their economic interests.
The call for increased collaboration among the OTs signals a recognition of the shared challenges they face and the potential benefits of a united approach. As the OTs strive to align with global expectations while safeguarding their economies, the dialogue between these territories and international regulatory bodies continues to evolve, marking a critical juncture in their ongoing efforts to meet both local and global demands.
Primary source: VINO