Deputy Premier and Minister for Financial Services, Labour and Trade, Hon. Lorna Smith, OBE, affirmed confidence in Compliance Officers’ abilities to fortify the financial services sector's resilience and triumph over adversities through adherence to global regulations and unwavering compliance during her opening remarks at the 6th Annual BVI Association of Compliance Officers' Compliance Conference, themed "Balancing Waves," held on September 7 at Maria's By The Sea.
Addressing delegates and industry leaders within the landscape of compliance, Hon. Smith explained that the British Virgin Islands has grappled with a number of unique hurdles. She added, "the BVI navigating the current global economic landscape, characterised by challenges such as global conflicts, shifts away from globalisation, and lingering Covid-19 impacts, posed formidable tests".
In recognising the pivotal role of Compliance Officers, Hon. Smith underscored their indispensable function in risk assessment, client due diligence, and regulatory adherence. Encouraging closer collaboration with regulatory authorities, Hon. Smith advocated for enhanced communication to fortify the sector against illicit activities as a measure.
Hon. Smith also mentioned the international portrayal of the financial services industry and its impact on political perception stating the government's steadfast commitment to defending the sector's reputation and ensuring its continued prosperity amidst evolving political landscapes.
She went on to underscore the sector's exponential growth, highlighting the BVI’s corporate registry with over 375,000 entities, collectively holding approximately $1.4 trillion in assets distributed globally, accenting that the jurisdiction stands as the second-largest domicile for hedge funds worldwide and a prominent hub for family, company, and individual trusts.
“The foundation of this success lies in the unwavering commitment to a robust legal framework, stringent regulation aligned with international directives, and a cadre of professionals spanning legal, accountancy, banking, and fund management domains. In light of this, compliance emerged as a paramount pillar of the sector,” said Hon. Smith.
She then lauded the BVI's longstanding tradition of harmonizing service and product development with regulation saying that the jurisdiction's active participation in esteemed international bodies, including the OECD's Global Forum on Tax Transparency and Exchange of Information, FATF, and others, stood as a testament to its commitment to regulatory excellence.
Hon. Lorna Smith expressed anticipation for upcoming initiatives, including the promising foray into FinTech and the potential unlocked by the Virgin Islands Blue Economy Road map. These endeavours, Hon. Lorna Smith emphasised, would be instrumental in shaping the sector's future and driving sustainable growth.
The Honorable Deputy Premier and Minister for Financial Services, Labour and Trade concluded with a resounding call to action, affirming that the sector's progress hinged on the diligence, vigilance, and expertise of its stakeholders. The title of the conference, "Balancing Waves," encapsulated the core ethos: advancing the sector while upholding robust regulation in alignment with global standards.
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