The Virgin Islands was hailed as a beacon for good business standards at a major financial conference in the United States.
During a panel organised by BVI Finance at OffshoreAlert Miami 2025, three VI professionals described the territory as a leader in judicial independence, arbitration and business innovation.
The annual conference was attended by more than 400 investigators, lawyers, regulators, fund managers and others, according to BVI Finance.
From April 27-29, they attended panels on topics such as fraud, asset-tracing and crypto enforcement. The VI panel, which was themed “Intelligence Briefing: British Virgin Islands,” included VI-based asset-recovery lawyer Martin Kenney, who said the vast majority of the approximately 360,000 active companies registered in the territory operate above board.
“More than 97 percent are involved in good dealing in benign commercial activities,” he said.
Mr. Kenney also praised the territory’s legal system.
In more than two decades of practising here, he said, he had “not seen a whiff” of judicial corruption, according to BVI Finance. In high-value cases where billions of dollars can be at stake, he added, clients’ confidence is bolstered by the fact that the territory’s final court of appeal is the United Kingdom Privy Council.
Also during the discussion, Mr. Kenney estimated the aggregate balance sheet of companies registered in the VI at $1.5 trillion, describing the jurisdiction as an “important piece of infrastructure, of plumbing, … of the movement of capital in the last 40 years.”
Arbitration
Also on the panel was Shan Greer, CEO of the BVI International Arbitration Centre, who told attendees that VI arbitration awards can be enforced in more than 170 countries.
She also touted the territory’s arbitration facilities, which she said include “high-definition video conferencing, soundproofing, backup internet and power systems, and multiple secure communication channels.”
Because of such amenities, she added, virtual hearings are more than a “stopgap” solution in the territory.
“They’re fully integrated into how we operate,” she said.
The third panellist was Andrew Emery, of the Tortola-based law firm Emery Cooke. Among other topics, he explained how the VI is integrated into the international regulation system.
The UK Serious Fraud Office, for example, has “24-hour access” to the territory’s beneficial-ownership database, he said.
Mr. Kenney added that the VI has executed nearly 100 information exchange agreements, enabling foreign tax and enforcement authorities to request data swiftly.
VI delegation
Besides the panellists, the territory’s delegation to the event included representatives from the Financial Services Commission and several private companies, according to BVI Finance.
The boost came as the VI faces the possibility of censure from the Paris-based Financial Action Task Force next month after a mutual evaluation report published in February 2024 found the territory wanting in key areas of combating money crime.
