Statement by

Hon. Dr. Natalio D. Wheatley,

Premier of the Virgin Islands

on

Financial Services

1 November 2024, 2024

As Premier and now Minister responsible for Financial Services, I am pleased to lead our efforts in one of the most dynamic and globally significant sectors of the Virgin Islands. I reinforce my commitment to the sector’s future and to strengthening the foundation already laid.

 I assume responsibility of this Ministry with a clear vision: to drive our financial services industry forward with innovation, resilience, and a commitment to global standards. This Ministry’s focus on financial services is to support our industry’s growth, and the work already set in motion will remain a priority.

The structure, including the steadfast role of the Executive Director of International Business Regulations, ensures we maintain consistency in engagement with the industry. The leadership, guidance, and responsiveness of BVI Finance in promoting the Virgin Islands as a leading financial centre, along with the vigilant regulatory oversight of the Financial Services Commission, are invaluable assets. I look forward to working closely with them and with you all as we navigate the road ahead. Through our compliance with global benchmarks and remediation efforts in response to the Caribbean Financial Action Task Force (CFATF) mutual evaluation report’s recommended actions, we are reinforcing our status as a premier jurisdiction in the financial services arena.

Our sector’s success, however, relies not only on a regulatory framework that is strong and independent but also on the vital contributions of our private sector partners, positioning the Virgin Islands as a leader in both product offerings and supervisory excellence.

I want to assure you our financial services community, both here in the Virgin Islands and across the globe, that my administration is fully invested in seeing this sector thrive. We will continue to innovate, adapt, and uphold our competitive edge, ensuring the Virgin Islands’ financial services remains robust, sustainable, and primed to meet the demands of an evolving global landscape.