Statement by New Minister with Responsibility for Financial Services

STATEMENT BY NEW MINISTER WITH RESPONSIBILITY FOR 
FINANCIAL SERVICES

Road Town, Tortola – 26 May 2023 -  As the first Government Minister with a specific titular portfolio of Financial Services, I am excited to lead a team of professionals who continue to set the bar, which permits the Territory to stay on the cutting edge of global financial services business.  

I am no stranger to financial services, as I have worked in the industry for decades in various capacities. I believe, however, that this will by far be my most important role in supporting the industry. Those of you whom I have had the pleasure of meeting know my passion for seeing the industry’s sustainability and continued success.

Through BVI Finance, the Territory has been tirelessly marketed as a jurisdiction of choice. That pitch has not been simple lip service. The Commission’s dedication to best practices and maintaining canons set by global standard-setting authorities is reflected in policies, legislative directives, and the involvement of industry players. Likewise, the BVI continues to make strides and to achieve remarkable levels of success in the financial services arena. We can agree that one of the most important things that underpin the success which this important industry characterizes is our maintained strong and independent regulatory regime.   

With the compliance of our regulated entities and guiding support from international partners, I believe that we can continue to maintain our leading position in the international financial services marketplace as a model trendsetter when it comes to not only product offerings but also commendable regulatory and supervisory leadership.

I mention all of this to say that as the subject Minister, I pledge to support continued good regulation. I also commit to doing whatever is necessary and required to assist and promote the industry to better represent the interests of its clients. 

To this end, I pledge the full support of my government to uphold the competitive and cutting-edge strategic direction of the BVI financial services toward the industry’s anticipated long-term viability.

Honourable Lorna Smith, OBE
Deputy Premier and Minister for Financial Services, Labour and Trade