Honourable Lorna G. Smith, OBE, Deputy Premier and Minister of Financial Services, Labour, and Trade, has praised the success of the Premier-led delegation’s recent mission to London. The purpose of the visit was to engage with members of the newly elected Labour-led Parliament and Government, as well as to connect with climate change and finance experts across both the public and private sectors. The delegation also held discussions with key officials from government departments and leaders in the private financial services sector.

Commenting on the visit, Minister Smith stated: "This mission provided an excellent platform to update our London-based Virgin Islands financial services community on the progress of our National Action Plan following the publication of the Caribbean Financial Action Task Force Mutual Evaluation Report (MER). It was encouraging to see nearly 30 members of our London network participate in the briefing, demonstrating their commitment to staying informed about our ongoing efforts to enhance regulatory and legislative frameworks. We remain dedicated to maintaining our position as a global leader in financial services, ensuring compliance with international standards."

During the trip, the delegation also had the opportunity to brief officials from HM Treasury (HMT) and the Foreign, Commonwealth & Development Office (FCDO).

Minister Smith added: "We were pleased to receive positive feedback on our progress regarding the National Action Plan and on matters related to publicly accessible registers of beneficial ownership. Their support is invaluable as we move forward with consultations, particularly in refining the definition of 'legitimate interest' in this context."

A key focus of the visit was climate change, with the delegation holding high-level discussions with UK government officials, as well as Baroness Brown, Chair of the Climate Change Adaptation Sub-Committee. Given the Virgin Islands' current challenges in accessing funds through the UN Climate Change Convention and the Paris Agreement, private sector climate finance will play a crucial role in building resilience and advancing adaptation measures to address climate impacts.

Minister Smith highlighted: "Residents of the Virgin Islands are already facing the financial burden of adapting to climate change, particularly in rising insurance premiums. We had a productive roundtable with key figures in the private climate finance sector, including senior representatives from the Howden Group, one of the world’s leading insurers. Attracting private investment through both investability and insurability will be critical to our efforts. Additionally, it was a privilege to have Peter Tarn, formerly of Harneys, contribute to the discussion as we explore how best to leverage our financial services expertise in this area."

The Virgin Islands will continue its discussions with these experts, ensuring a collaborative approach to securing private investment and strengthening the territory's resilience against climate change.