Premier Reaffirms Financial Services Standards
Premier Dr. Natalio D. Wheatley said the Virgin Islands remains committed to transparency, anti-corruption and stricter oversight following a visit by the UK’s Anti‑Corruption Champion, Baroness Margaret Hodge, on 23–24 September 2025. The Premier outlined ongoing reforms to combat illicit finance while protecting the industry that generates more than 60% of government revenue.
Premier and Minister for Financial Services Honourable Dr. Wheatley used a press conference on 3 October to update the public following the recent visit of the Right Honourable Baroness Margaret Hodge, DBE, the UK Government’s Anti‑Corruption Champion, who was in the Virgin Islands from 23 to 24 September 2025.
The Premier said the visit focused on the Territory’s role as an international finance centre and its progress in tackling economic crime. Government representatives, members of the House of Assembly, regulators, and private sector stakeholders took part in constructive meetings. Wheatley highlighted that Baroness Hodge also met young professionals and students preparing to enter the financial services sector, an engagement the Premier described as particularly welcome.
Wheatley reaffirmed the Government’s commitment to transparency, accountability and cooperation with international partners. He outlined reforms already underway to strengthen the financial services framework, including more robust measures against money laundering, efforts to counter terrorist and proliferation financing, tougher enforcement of sanctions, and enhanced regulatory oversight.
The Premier stressed that these steps are intended to strengthen systems that prevent illegal activity while safeguarding the Territory’s financial services industry — a sector that generates over 60 percent of government revenue and supports jobs and public services across the islands.
He emphasised that the Government seeks to balance rigorous compliance with measures that protect an industry vital to the BVI economy. The Government also pointed to the Territory’s long record of aligning with global standards, noting adherence to guidance from bodies such as the OECD and the Financial Action Task Force. “We abide by global standards,” the Premier said, adding that the BVI has consistently adapted to new international requirements.
Addressing concerns raised by the United Kingdom and Baroness Hodge, Dr. Wheatley reiterated that the Virgin Islands takes the fight against illicit finance seriously and is intensifying measures to detect and deter financial crime. The Ministry of Financial Services, Economic Development and Digital Transformation will continue to lead regulatory reform and international engagement.
The Premier said ongoing cooperation with UK and global partners will aim to preserve the Territory’s reputation, enhance resilience and ensure the financial sector remains competitive for the benefit of residents and the wider economy.
Primary source: BVI Government