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The future of financial services is 'very solid'- Hon Lorna G. Smith, OBE

- said countries trust VI because of its 'strong financial services footing
The Junior Minister for Financial Services and Economic Development, Honourable Lorna G. Smith, OBE (AL), stated that the trust that countries around the world place in the Virgin Islands is due to the strength of the territory’s legal system and the professionalism of its industry professionals. Photo: Government of the Virgin Islands.
The Junior Minister for Financial Services and Economic Development, Honourable Lorna G. Smith, OBE (AL), made an appearance on the Umoja programme on ZBVI 780 AM on September 18, 2025. Photo: Facebook
The Junior Minister for Financial Services and Economic Development, Honourable Lorna G. Smith, OBE (AL), made an appearance on the Umoja programme on ZBVI 780 AM on September 18, 2025. Photo: Facebook
BAUGHERS BAY, Tortola, VI- The Junior Minister for Financial Services and Economic Development, Honourable Lorna G. Smith, OBE (AL), has stated that the trust countries around the world place in the Virgin Islands is due to the strength of the territory’s legal system and the professionalism of its industry professionals.

The legislator further said the future of the Virgin Islands' financial services sector is "very solid".

Hon Smith made those comments during the Umoja programme on ZBVI 780 AM on September 18, 2025. 

The minister stated, "I’m glad you mentioned the importance of trust and the fact that countries around the world trust the British Virgin Islands.

"They do so because of the strength of our legal system, they do so because of the depth and the professionalism of the people we have in our industry.’’ 

The minister also reflected on the strides made to strengthen the Virgin Islands’ financial services sector, referencing the establishment of a commercial court in the Virgin Islands.

She said, "I think it was 2009, the government established a commercial court, and that court is used to the hilt. It's very popular. In fact, we must find a way to even find more judges so that we could use it, use it more. So there is that great trust in the BVI.’’

'With compliance comes a cost'

When asked about the challenges being faced by the financial services sector, Hon Smith indicated that despite the increasing challenges faced by the Virgin Islands in the financial services sector, the territory has higher compliance requirements. 

She stated ''With compliance comes a cost to the jurisdiction, but the clients, the persons who use the jurisdiction, continue to trust the jurisdiction, and they are prepared to pay for the extra cost.’’

The Junior Minister for Financial Services further emphasised that the Virgin Islands is on a solid financial footing. 

"In terms of how I see the country, how I see financial services, we are on a very sound footing. Our laws are strong, our regulations are strong. In fact, within the last year, we've even strengthened the legislation with at least 15 new pieces of regulations related to the financial services sector," the minister stated.

She added that the Virgin Islands has some of the finest law firms and some of the finest practitioners in the world.

Hon Smith further stated, "In terms of the future of financial services, the future is very solid, and it is because of the foundation that was laid by the late Dr Robert A. Mathavious, OBE."

7 Responses to “The future of financial services is 'very solid'- Hon Lorna G. Smith, OBE”

  • smh (22/09/2025, 11:15) Like (5) Dislike (1) Reply
    LIAR, LIAR pants on fire!
  • well say (22/09/2025, 11:16) Like (9) Dislike (1) Reply
    Why is she talking?
    No one wants to hear you Lorna.
  • cool (22/09/2025, 11:18) Like (3) Dislike (1) Reply
    Not if it’s up to you, sell out!
  • Dear Lorna (22/09/2025, 12:24) Like (2) Dislike (0) Reply
    Nothing in the Empire has a strong foundation anymore please pay close attention to world news its as volatile as it can get are you kidding.
  • Macky (22/09/2025, 12:41) Like (0) Dislike (0) Reply
    We as a little underdeveloped territory have to be compliant or else we would be shut down in an instant. So the issue is not our compliance. It's about a narrative about our territory, and our leaders have been less educated in how to speak with the international community, in my opinion. We are getting more up to spend with the younger generation of persons who went to school in foreign and understand that similar words have different cultural meanings, for example. The register of beneficial ownership is a non issue because authorities can get that information when officially requested. You and I cannot, and that is the way it should be. The majority of the money is spent in the UK and not in our territory. And the money is not banked in our territory so there is no risk of any of the company's funds being confiscated by us. Our politics is more or less stable, our parties change but we don't have government shutdowns. So our services are fit for purpose and we would like to expand on our services and our client base. However the step parent UK is intent of voiding our service warranty, without compensation for our losses. There is a gap there to be bridged, but our services are good and our clients appreciate them. That's how I see it from my vantage point on the outside of the discussions.
  • Well (22/09/2025, 13:59) Like (0) Dislike (0) Reply
    You all doing all to blindfold bvi population
  • Trust Issues. (22/09/2025, 14:15) Like (0) Dislike (0) Reply
    Very disengenuous...


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