Deputy Premier and Minister for Financial Services, Labour, and Trade, Honourable Lorna G. Smith, OBE, has said the Territory will be hosting a high-level meeting aimed at combating global illicit financial flows this week.

Honourable Smith, OBE in a statement in the House of Assembly on September 7 said senior officials from the Overseas Territories (OTs) and the United Kingdom (UK) will be meeting in the Virgin Islands from September 12 to 14 for a meeting on Illicit Finance. The meeting will be co-chaired by the UK Foreign, Commonwealth, and Development Office (FCDO) and the Government of the Virgin Islands.

The Deputy Premier stated that the primary goal of this gathering is to foster open dialogue, engagement, and collaboration, guided by principles of transparency, financial integrity, and a collective commitment to addressing illicit finance through enhanced cooperation.

Honourable Smith also highlighted that this collaborative initiative marks a significant milestone in preparation for discussions at the ministerial level scheduled to be held between leaders of OT governments and the UK in November of this year.

 “Members may recall that the establishment of a ministerial-level dialogue aimed at addressing illicit finance was agreed upon during the Joint Ministerial Council (JMC) between UK and OT Ministers earlier this year in May,” Honourable Smith stated.

The Deputy Premier added that some Overseas Territories, along with the United Kingdom operate as significant global financial centres. She said they face common challenges and share mutual interests in safeguarding their financial sectors from threats posed by illegal financial transactions crossing international borders.

The partnership between the UK and the Overseas Territories provides an opportunity and platform to collectively address shared challenges, particularly in the realms of governance and sustainable development.

Officials from the governments of Anguilla, Bermuda, the Cayman Islands, Gibraltar, Montserrat, the Turks and Caicos Islands, and the United Kingdom are expected to be present in the Territory for the meeting, while representatives from the Governments of the Falkland Islands and St. Helena will participate virtually.