Former Speaker of the Virgin Islands (VI) House of Assembly, Mr Julian Willock, has accused the international community of trying to sabotage the VI’s Financial Services Sector. Photo: Motion to Adjourn Territories Talk

Former Speaker of the Virgin Islands (VI) House of Assembly, Mr Julian Willock was a guest on Motion to Adjourn Territories Talk’ on Bermuda’s Power 95 FM on Thursday, June 12, 2025. Photo: Motion to Adjourn Territories Talk

In the Virgin Islands 60 cents on every dollar comes from the Financial Services Sector. The loss of the sector would devastate the local economy. Photo: Internet Source

“The big powers continue to attack our financial services sector,” Mr Willock said during ‘Motion to Adjourn Territories Talk’ on Bermuda’s Power 95 FM on Thursday, June 12, 2025. 

The financial services sector, he said, is important to the VI as most of the territory’s revenue comes from it. 

The Financial Action Task Force (FATF) recently placed the VI on its grey list, citing concerns about its AML framework, particularly regarding the identification of corporate beneficial owners. 

VI has always complied

According to Mr Willock, it is an unfortunate situation as the VI has always cooperated with international regulations. 

“We are around the table on all international standards on anti-money laundering and combating the financing of terrorism.”

The Financial Services Commission (FSC), he added, does a good job of maintaining the VI’s reputation as a well-regulated and well-respected jurisdiction in the international business and finance sector. 

Despite this, he said, “We continue to struggle with the international community, whose aim is to get rid of our financial services sector.”

Loss of Financial Services Sector would be devastating

Mr Willock informed that 60 cents on every dollar comes from the Financial Services Sector, and to lose it would be devastating. 

“For over forty years, the Virgin Islands has had an established track record of meeting and exceeding international transparency standards, and you know we get labelled as a tax haven, but we’re not any tax haven.”

The VI, he defended, has always adhered to common reporting standards, profit shifting frameworks, which are essential to promote initiatives to combat tax evasion. 

The current government and the previous government, Mr Willock continued, have complied with requests from law enforcement agencies, signing hundreds of tax information exchange agreements when relevant. 

“These are exchanges where relevant law enforcement agencies, if they think that something is going on with any of the companies that are registered with us, they have access to investigate and to get information on a needs basis.”

Real tax havens given passes 

While the VI continues to struggle with constant attacks on its financial services sector, the real tax havens are given a pass, Mr Willock said. 

“All we are doing is faciliating global trade around the world and it’s so interesting the tax evasion and money laundering cities are given a pass like Paris and London…most of the European Union countries, where they’re actually laundering money, they are given a pass but for us it’s consistent pressure.”

According to the former House Speaker, the VI is consistently going to the House of Assembly to amend laws and regulations, trying to stay afloat. 

“They’re unfortunately after our financial services sector, but if that is gone, it will devastate the Virgin Islands and devastate our economy…so we will certainly be in some trouble if they continue to undermine our financial services sector.”