Junior Minister for Financial Services and Economic Development, Honourable Lorna G. Smith, OBE, (AL) has highlighted the Virgin Islands Government's commitment to the continued development of the Territory as a modern, resilient and internationally respected financial services centre through strong compliance, innovation and investment in people. Photo: Government of the Virgin Islands

During the conference, Junior Minister for Financial Services and Economic Development, Honourable Lorna G. Smith, OBE, (AL) was recognised by the British Virgin Islands Association of Compliance Officers BVIACO with honorary membership. Photo: Government of the Virgin Islands

Honourable Smith addressed two major financial services events last week, stating, “the Territory’s long-term success depends not only on maintaining robust regulatory standards but also on developing local talent and embracing innovation.”

Addressing the theme at the British Virgin Islands Association of Compliance Officers (BVIACO) 8th Annual Compliance Conference 2026, “Effective Compliance is More Than Checking The Box.” She noted that global investors increasingly favour well-regulated and adaptable jurisdictions that provide stability, legal certainty, and high professional standards.

Honourable Smith also highlighted the territory’s ongoing efforts to strengthen its regulatory framework, addressing remaining Financial Action Task Force (FATF) recommended actions and maintaining alignment with evolving international standards.

Smith is an Honourary Member of BVIACO

During the conference, Honourable Smith was recognised by BVIACO with Honourary Membership. She expressed her sincere appreciation to the Association for the recognition.

Honourable Smith also addressed the Robert Mathavious Institute (RMI) Recognition and Closing Ceremony. 

Reflecting on the week’s engagements, Honourable Smith stated: “The Virgin Islands continues to demonstrate that strong compliance, innovation and investment in people are strengthening our financial services industry and accelerating its future growth. As we most recently saw during our participation at Consensus 2026 by CoinDesk, global investors increasingly seek well-regulated, forward-looking and resilient jurisdictions.

"We also appreciate the recent recognition by the United States Department of Justice of the assistance provided by the Attorney General’s Chambers of the Virgin Islands in investigations and related civil and criminal litigation connected to the 1MDB matter. This acknowledgement demonstrates the importance of the work being undertaken within the Virgin Islands to uphold international cooperation, strong regulatory standards and effective engagement in combating financial crime. These efforts continue to reinforce the Virgin Islands’ position as a trusted, capable and internationally respected financial centre, well placed to lead with ambition, expertise and confidence in a rapidly evolving global marketplace.”