Honourable Smith Highlights Financial Services Resilience at
Honourable Lorna Smith, OBE, delivered the opening address at the BVI Financial Services Conference on Thursday 5 March 2026, praising the Territory’s financial services sector as a source of national resilience and pride and outlining steps the Government is taking amid geopolitical uncertainty. Drawing on a government statement, Smith noted recent international assessments that recognise the Virgin Islands as largely or fully compliant with all 40 FATF recommendations and highlighted the Government’s recent application to join CARICOM as part of efforts to protect the Territory’s market access and reputation.
Honourable Lorna Smith, OBE, Junior Minister for Financial Services, Economic Development and Digital Transformation, delivered the Opening Address at the BVI Financial Services Conference titled “The Changing Face of Financial Crime: Money Laundering, AML & Transparency in an Era of Political Uncertainty” on Thursday 5 March 2026.
Organised by BVI Finance, the conference brought together a range of business leaders and academic experts to examine the evolving demands placed on international financial centres by an increasingly complex global landscape and to explore strategies for combating illicit finance as part of the broader fight against economic crime, according to a BVI Government press release.
In her address, Minister Smith described the Virgin Islands’ financial services sector as “the heartbeat of our economy,” saying it provides resilience in uncertain times and underpins the prosperity of the Territory’s people. “Illicit finance and illegality threaten that resilience and have no place in our jurisdiction,” she said, remarks attributed to the Government statement.
Smith emphasised that the Territory’s stability, legal certainty and rigorous regulatory guardrails are valued by businesses in key markets such as Asia and Latin America. For residents, she noted, those qualities matter beyond reputation: a stable financial services sector supports jobs, underpins government revenue and attracts the international business that sustains local professional services.
Highlighting concrete government action in the face of growing geopolitical uncertainty, Smith pointed to the Government’s recent application to join CARICOM as a full member as one example of swift steps to protect the Virgin Islands’ position as a leading international financial centre.
The Minister presented this move as part of a broader strategy to safeguard market access and correspondent banking relationships that are important to the local economy. Smith also drew attention to recent assessments by international bodies. Citing recognition from both the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF), she said the Territory has been judged either largely or fully compliant with all 40 FATF recommendations.
The Minister framed that recognition as evidence of the Government’s proactive approach to aligning with global best practice. Throughout the address, Smith underlined the Government’s commitment to strengthening legislative and regulatory frameworks and to regular international cooperation.
She referenced ongoing Illicit Finance Dialogue forums with the UK and other Overseas Territories and noted an upcoming Ministerial Illicit Finance Dialogue scheduled for next week, where officials will outline recent progress, according to the government release. A government statement accompanying the Minister’s remarks said the address is part of a broader effort to reassure markets and citizens that the Virgin Islands will continue to combat those who seek to undermine its security and economic wellbeing.
Attendees at the conference included business leaders and academics who discussed practical measures to enhance anti-money laundering (AML) efforts and transparency in a changing political environment. The conference and the Minister’s remarks reaffirmed the Territory’s focus on compliance, cooperation and resilience as central to protecting the local economy and safeguarding the jobs and services that depend on a strong financial services sector.
Primary source: BVI Government