The British Virgin Islands (BVI) successfully hosted the Caribbean Regional Compliance Association (CRCA) Conference from October 17-18, 2024, at Sonesta Resorts, Sint Maarten, bringing together over 200 compliance professionals and government leaders from across the Caribbean. The two-day event, sponsored by platinum sponsors—the BVI Association of Compliance Officers and Practitioners, The Ministry of Financial Services, Labour, and Trade, and BVI Finance—was a major success, underscoring the BVI’s role as a leader in regulatory resilience and collaboration in the region.
Deputy Premier Lorna Smith’s Call for Regulatory Resilience
Deputy Premier and Minister of Financial Services for the BVI, Hon. Lorna Smith, OBE, was a key speaker at the event, delivering a powerful speech that highlighted the critical importance of a resilient regulatory framework for the financial sector. In front of a packed audience, Smith commended St. Maarten for its remarkable recovery following Hurricanes Irma and Maria and used the island’s resurgence as a clear example of the strength derived from robust governance and regulation.
“What the hurricanes taught us is that without a resilient financial sector, our nations cannot recover from adversity,” she said. “A well-regulated financial sector is essential to ensure that we not only survive but thrive in the face of challenges. As leaders in financial services, the BVI will continue to ensure that our regulatory framework is among the best in the world.”
Smith also addressed emerging global challenges, including the rise of digital assets and artificial intelligence, emphasizing the need for the Caribbean to stay ahead of these developments. She outlined the BVI’s efforts to enhance its regulatory landscape, particularly with the introduction of the Virtual Assets Services Providers Act (VASP), which established stringent oversight of digital asset service providers. “The BVI is committed to maintaining its position as a trusted jurisdiction by continually strengthening our regulatory frameworks,” she said.
A Showcase of Regional Unity and Cooperation
The BVI-hosted conference saw wide participation from regional leaders, including St. Maarten Prime Minister Dr. Luc Mercelina, St. Maarten’s Minister of Finance Marinka Gumbs, and Bahamas Finance Minister Wayde Watson. All speakers echoed Smith’s call for enhanced cooperation, stressing that the Caribbean’s strength lies in unity when addressing regulatory challenges.
Prime Minister Mercelina opened the conference, noting that “compliance is not static; it is a living, evolving thing” and reaffirming St. Maarten’s commitment to robust regulation. Meanwhile, Minister Gumbs lauded the CRCA Conference for bringing together government and private sector leaders to address shared concerns. “This event demonstrates our collective commitment to fighting financial crime and ensuring compliance with global standards,” she said.
In addition to insightful presentations from key regional leaders, the event featured T'sa James-Hodge, Chair of the Conference, Dwyane Thomas from the Financial Investigation Agency (FIA) and Simone Martin of the Financial Services Commission (FSC). Their contributions provided attendees with invaluable perspectives on compliance and regulatory trends.
BVI Cocktail Reception: A Celebration of Caribbean Culture
The BVI hosted a vibrant cocktail reception on the evening of October 17, which proved to be a highlight of the conference. The reception featured lively performances from Mocko Jumbie dancers and steelpan musicians, along with a sampling of BVI’s famous local tarts and the famous BVI Painkiller. The evening was capped off with a special raffle, where attendees had the chance to win a BVI-themed Monopoly game, adding to the festive atmosphere.
The reception not only celebrated the BVI’s rich cultural heritage but also served as a testament to the strong ties within the Caribbean region. Attendees praised the event as a perfect blend of business and camaraderie, further enhancing the success of the conference.
A Resounding Success for the BVI and the Caribbean
With over 200 attendees, the CRCA Conference was deemed a resounding success, further cementing the BVI’s position as a regional leader in financial services and regulatory innovation. The event provided a platform for key discussions on compliance, risk management, and cross-border collaboration, reinforcing the Caribbean’s commitment to maintaining high standards in the global financial arena.
“The BVI’s ability to host such a prestigious and well-attended conference is a reflection of our leadership in the financial services sector,” said Deputy Premier Smith. “By working together, we can ensure that our region remains a trusted place to do business, no matter what challenges arise.”
For more information, contact:
Adrianna Soverall
Marketing and Media Relations Coordinator
asoverall@bvifinance.vg | Tel: 284-852-1957