The Territory’s ongoing battle against money crime was highlighted at a conference held as part of a week of events showcasing the financial services industry.

The session, themed “The Changing Face of Financial Crime,” brought together business leaders, regulators, government officials and academics to discuss emerging risks, regulatory changes and the increasing demands being placed on international financial hubs.

“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,” Premier Natalio “Sowande” Wheatley said at the conference, which was held at the BVI International Arbitration Centre.

“Our objective is clear: We want a financial services sector that is transparent.” BVI Financial Services Week 2026, which ran from March 2 through Saturday, also included school visits, a nature hike and a March 3 “Great Debate” where industry figures edged out students from H. Lavity Stoutt Community College.

Keynote speaker

The keynote speaker at last Thursday’s conference — Professor Michael Levi, an authority in financial crime at Cardiff University in Wales — said strong anti-money laundering regimes are needed to prevent “social harms.”

“Fraud is now a long-term part of the crime problem and also of the money-laundering problem,” he 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.”

Financial Services and Economic Development Junior Minister Lorna Smith also spoke at the event.

“Financial services are the heartbeat of our economy, providing resilience in uncertain times and underpinning the prosperity of our people,” she said.

“Illicit finance and illegality have no place in our jurisdiction.”

Ms. Smith insisted that the “stability, legal certainty and rigorous regulatory guardrails” offered by the territory are admired by businesses around the world, particularly in key markets like Asia and Latin America.

Collaborations

The junior minister also said the territory’s commitment to transparency is evident from its regular dialogue on illicit finance with the United Kingdom and other overseas territories.

As an example of the territory’s efforts to protect its status as an offshore hub, Ms. Smith pointed to moves such as the VI applying to become a full member of the Caribbean Community.

BVI Finance CEO Elise Donovan said such discussions benefit the territory. “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 said.

The discussions come amid intensive reforms that have been ongoing in the VI since last June, when the territory was put on the Parisbased Financial Action Task Force’s grey list of jurisdictions deemed to require enhanced monitoring becomes of shortcomings in their regimes for fighting financial crime.

School visits

Also as part of Financial Services Week, representatives from BVI Finance spoke with some 150 students at the VI School of Technical Studies on Tortola, the Bregado Flax Educational Centre on Virgin Gorda and the Claudia Creque Educational Centre on Anegada.