Government officials, regulators, law enforcement authorities and financial services professionals gathered at the BVI International Arbitration Centre on 5 March for the BVI Financial Services Conference 2026, an event examining the evolving global landscape of financial crime and the responsibilities of international financial centres in safeguarding the integrity of the global financial system.
Hosted by BVI Finance as part of Financial Services Week, the conference was held under the theme “The Changing Face of Financial Crime: Money Laundering, AML & Transparency in an Era of Political Uncertainty.” The event brought together international experts and local stakeholders to discuss emerging risks, regulatory developments and the growing expectations placed on professional intermediaries and financial centres.
The conference was moderated by Rhodni Skelton, Director of Marketing & Business Development at BVI Finance, and opened with welcome remarks from George Weston, Chair of the Board of BVI Finance and Partner at Harneys, who framed the event within the wider programme of Financial Services Week and highlighted the importance of confidence, collaboration and credibility in the financial services sector.
Government Reaffirms Commitment to a Trusted Financial Centre
In his remarks, Premier and Minister of Finance, the Hon. Dr. Natalio Wheatley, reaffirmed the Territory’s commitment to ensuring the Virgin Islands remains a responsible and trusted international financial centre.
“The Virgin Islands is firmly committed to combating illicit finance and ensuring that our jurisdiction remains unattractive to those who seek to misuse financial systems for criminal purposes,” the Premier said. “Our objective is clear: we want a financial services sector that is transparent, compliant and built on integrity.”
The Premier also highlighted the Territory’s progress under its Financial Action Task Force (FATF) Action Plan, noting the positive progress reported at the recent FATF Plenary in Mexico City and commending the coordinated efforts of the Attorney General’s Chambers, regulators and law enforcement authorities working collaboratively across government.
Delivering the conference opening address, Hon. Lorna Smith, OBE, Minister for Financial Services and Economic Development, emphasized the resilience and global reputation of the BVI’s financial services sector and the importance of maintaining strong regulatory standards in an increasingly uncertain geopolitical environment.
“For over four decades, we have been a leading jurisdiction, continuously developing our infrastructure, legislation and regulatory regimes to respond to the evolving demands of a complex global financial landscape,” Minister Smith said. “Transparency and integrity remain at the heart of our approach, and through continued regulatory enhancement and international cooperation we will ensure that the Virgin Islands remains a trusted and forward-looking partner in the global fight against illicit finance.”
Minister Smith also highlighted the Territory’s progress in strengthening its regulatory framework, including legislative reforms, enhancements to the beneficial ownership regime and the continued development of the VIRRGIN platform, with the legitimate interest access regime scheduled to go live on 1 April.
Keynote: Global Instability and Financial Crime
The conference featured a keynote address by Professor Michael Levi, Professor of Criminology at Cardiff University and one of the world’s leading authorities on financial crime and anti-money laundering policy.
His keynote, titled “The Changing Face of Financial Crime: Global Instability, Evolving Threats and the Future of AML Frameworks,” examined the impact of geopolitical tensions, emerging criminal typologies and the evolving international AML architecture.
“Fraud is now a long-term part of the crime problem and also of the money laundering problem,” Professor Levi said. “Criminals only need to be as sophisticated as we make them, which means jurisdictions must continually adapt their systems to detect and disrupt illicit activity.”
He also emphasized the importance of ensuring AML frameworks remain focused on real-world outcomes.
“AML should ultimately be a tool for reducing social harm and crime harms. When we lose sight of that objective, the system risks becoming more about process than impact.”
Following the keynote, Attorney General Hon. Dawn Smith joined Professor Levi in a fireside chat, exploring legislative reform, enforcement realities, global cooperation and the future of AML policy in small but globally connected jurisdictions.
Cross-Border Fraud and Enforcement
The conference also featured Session I: “Fraud, Corruption & Predicate Crime – Trends, Typologies and Enforcement,” delivered by Martin Kenney, Founder and Head of Firm at MKS Law, a globally recognized specialist in cross-border asset recovery.
Kenney discussed the complexities of modern fraud investigations, including asset tracing across multiple jurisdictions and the increasing role of digital assets in financial crime.
“There is not a self-respecting major fraud case in the world today that does not involve a cross-border element,” Kenney said. “Criminal networks exploit complexity and jurisdictional fragmentation, which means effective responses require strong cooperation between regulators, investigators and the private sector.”
He also highlighted the human impact of financial crime.
“Fraud is not a theoretical issue. When individuals lose their life savings through deception, the damage goes far beyond financial loss. Asset recovery is about restoring justice and restoring a sense of dignity and confidence to victims.”
Panel Discussions: Illicit Finance Risks and Gatekeeper Responsibilities
A panel discussion moderated by Claire Abrehart of Harneys Fiduciary examined emerging illicit finance risks facing the Territory and featured:
- Errol George, Director, Financial Investigation Agency
- Leon Wheatley, Director of Authorisation and Supervision, BVI Financial Services Commission
- Ayana Glasgow, Director of Financial Services, Government of the Virgin Islands
The panel explored sector-specific vulnerabilities, trends in international cooperation, beneficial ownership transparency and opportunities to strengthen domestic collaboration among regulators and law enforcement authorities.
The conference concluded with Session II: “Professional Enablers & Gatekeeper Risk,” moderated by Sherri Ortiz, CEO of Sterling Compliance Limited, and featuring:
- George Weston, Partner, Harneys
- Simone Martin, Founder, IGNUS Solutions
- Raven Kelly, Managing Director, Ocorian
- Lesia Grazette, Head of Compliance, Praxis
The session examined the evolving concept of professional enablers, the responsibilities of lawyers and corporate service providers as gatekeepers to the financial system and the importance of strong compliance cultures, meaningful verification of beneficial ownership information and continuous monitoring of complex structures.
Financial Services Week Promotes Dialogue and Collaboration
The conference formed part of the broader programme of Financial Services Week, which aims to deepen public understanding of the financial services industry, while fostering dialogue between government, regulators and industry stakeholders.
Elise Donovan, CEO of BVI Finance, emphasized the importance of these conversations in helping the industry navigate an increasingly complex global environment.
“In today’s rapidly changing climate, it is vital that leaders recognize the shared responsibility to not only uphold compliance standards but to actively combat illicit finance,” Donovan said. “Financial Services Week provides an important platform for these conversations, bringing together experts to share insights on the evolving nature of financial crime and the role international finance centres play in maintaining transparency and trust.”
She added that the British Virgin Islands continues to position itself as a responsible and forward-looking financial centre.
“As a trusted and stable international finance centre, the BVI remains committed to strengthening awareness, supporting informed dialogue and helping the industry adapt to the increasingly complex landscape of anti-money laundering and financial crime prevention.”
Participants concluded that maintaining the integrity and reputation of international financial centres requires ongoing vigilance, strong cooperation across jurisdictions and a continued commitment to the highest global standards of transparency and compliance.
The conference concluded with a networking lunch, providing an opportunity for continued engagement among government officials, regulators, private sector leaders and international guests.
About BVI Finance
BVI Finance is responsible for protecting and promoting the BVI’s financial services industry. The BVI is renowned as a leading international business and finance centre, offering a robust legal framework, a stable and business-friendly environment, and a strong reputation for regulatory compliance. With its strategic expertise in wealth management, corporate services, trusts, fund administration and digital assets, the BVI continues to attract global businesses, investors and financial professionals to use its products and services.