The BVI financial services sector gathered on October 5 for the second session of the Collaboration & Commitment: Advancing Financial Services in the Virgin Islands series. This seminar brought together over 150 industry professionals to address critical issues related to institutional risk assessments, compliance, and emerging trends in the sector.

The session opened with a welcome address by Ms. Ayana Glasgow, Executive Director of International Business Regulations of the Ministry of Financial Services, Labour and Trade, who highlighted the importance of continued collaboration in safeguarding the integrity of the BVI’s financial services industry.

In the first session, Mrs. Tashel Martin-Jackson, Deputy Director of the Compliance Inspection Unit at the BVI Financial Services Commission, alongside Ms. Sarah Lynch, Chief Governance, Risk and Compliance Officer at Harneys Fiduciary, provided a detailed analysis of institutional risk assessments. Their discussion emphasized the need for robust risk management strategies to ensure compliance with global financial regulations.

The seminar then turned to the findings of the NPO risk assessment, with Ms. Nikesha Caesar, Chief Compliance Examiner at the Financial Investigation Agency, outlining key vulnerabilities within the non-profit sector and offering actionable recommendations for reducing risks.

Ms. Joy Browne, Senior Compliance Examiner at the Financial Investigation Agency, led the third session, which focused on the specific risks faced by legal practitioners and real estate agents as Designated Non-Financial Businesses and Professions (DNFBPs). Her presentation highlighted the evolving regulatory expectations for these sectors.

The seminar concluded with a panel discussion on virtual assets and cryptocurrency trends. Panelists, including Mrs. Kishelle Blaize-Cameron, Deputy Director of Specialized Supervision of the BVI Financial Services Commission; Ms. Liz Barahona, Senior Manager of FFP; and Ms. Kenisha Benjamin, Virtual Assets Analyst of the Financial Investigation Agency (FIA), shared insights on how these emerging technologies are reshaping the financial landscape and discussed the regulatory measures needed to address associated risks. The panel was moderated by Ms. Elise Donovan, CEO of BVI Finance, who guided a lively discussion on the opportunities and challenges posed by digital assets.

The event wrapped up with closing remarks from Ms. T’sa James-Hodge, Chair of the BVI Association of Compliance Officers, who reaffirmed the importance of ongoing industry collaboration to maintain the BVI’s reputation as a leading financial services jurisdiction.

For those who were unable to attend the session, the presentation materials and resources can be accessed at www.bviaml.com

The Government of the Virgin Islands, in partnership with the BVI Association of Compliance Officers, the BVI Association of Registered Agents, and BVI Finance, has launched this series of outreach sessions for the financial services industry that aims to demonstrate the jurisdiction’s commitment to combating financial crime and to address the recommendations highlighted in the recent Caribbean Financial Action Task Force Mutual Evaluation Report.

The final session of the outreach series is scheduled to take place on December 5, 2024 from 9:00 a.m. to 12:00 noon at the Eileene Parsons Auditorium, H. Lavity Stoutt Community College.