Madam Speaker, I crave your indulgence and ask that I be allowed at this time to update this Honourable House on matters pertaining to the financial services sector, specifically with regard to Russian sanctions. 

Madam Speaker, I wish to now give an update on preparations for the various assessments that the Virgin Islands is presently involved in. Whilst these assessments are at varying stages and are reviewing diverse areas in the tax and regulatory sphere, they all have one thing in common. A successful conclusion and outcome of each assessment is paramount to sustaining a viable financial services industry for the Territory.

Madam Speaker, I would like to give this Honourable House a brief update on the direct contribution from the financial services sector in 2022 in monetary terms, for the first quarter of 2022.

Thank you, Madame Speaker for allowing me this opportunity to make this brief statement to this Honourable House.

Honourable Members, over the past few weeks there have been a number of significant developments as it relates to the Governance of the Virgin Islands and how we are continuing to ensure the good conduct of the business of the people as their democratically elected Representatives under our current Constitutional arrangement.

A Motion of No Confidence was made in the House of Assembly to have the Honourable Andrew A. Fahie removed from the post of Premier and Minister of Finance today May 5 

At the Second Sitting of the Fourth Session of the Fourth House of Assembly Acting Premier Dr. the Honourable Natalio D. Wheatley made a Motion which reads: