New Ministers Appointed by BVI Premier

During the ceremony to swear in the new government ministers, which was held in the Government House, the new BVI Premier Andrew Fahie announced extensive ministerial reshuffling. Mr. Fahie is minister of finance, the portfolio of minister of health and social development is given to Carvin Malone, Kye Rymer is the newly appointed minister of transportation, works and utilities, Vincent Wheatley is minister of education, culture, youth affairs, fisheries and agriculture, Sharie de Castro is junior minister of trade and economic development, and Shereen Flax-Charles is junior minister of tourism; Neville Smith will serve as deputy speaker in the House of Assembly, and will occasionally fill in as a junior minister or minister.

The BVI government announced that Dr. Wheatley was sworn in as deputy premier for a period of three months. During the first year, every three months Mr. Fahie will appoint different minister to this position to provide necessary experience to the leaders. According to the government press release, after the first year someone will take this post permanently. 

Reorganization also includes the responsibility for telecommunications, ports and airports taken by the Premier’s Office, and responsibility for immigration taken by the newly formed Ministry of Natural Resources, Labour and Immigration. Among other changes there is moving of the Department of Agriculture and the Conservation and Fisheries Department from the Ministry of Natural Resources and Labour to the newly renamed Ministry of Education, Culture, Youth affairs, Fisheries and Agriculture.

General Elections Won by VIP, Andrew Fahie Sworn as New Premier

Andrew Fahie has become the new Premier of the British Virgin Islands, after the Virgin Islands Party (VIP) has won the majority 8 of the 13 seats at the 2019 General Elections. On Tuesday, BVI Governor Augustus Jaspert officially swore in the Virgin Islands Party (VIP) leader as the Premier; now he is to appoint five elective representatives as government ministers.

The Virgin Islands Party won four district seats and four Territorial At-large seats. Those who received the seats from the party are Andrew Fahie, Kye Rymer, Dr Natalio Wheatley, Vincent Wheatley, Sharie de Castro, Neville ‘Sheep’ Smith, Shereen Flax-Charles, and Carvin Malone. Progressive Virgin Islands Movement candidate Melvin ‘Mitch’ Turnbull, Progressives United leader Julian Fraser, and the NDP’s three elected candidates Mark Vanterpool, Alvera Maduro-Caines, and Marlon Penn received the other five seats.

Premier Announced New Ministerial Appointments in BVI Government

This week, BVI Premier Dr Orlando Smith appointed honourable Marlon Penn as the new Minister of Health and Social Development, and Honourable Hubert O’Neal as the new Junior Minister of Tourism. This happened after Ronnie Skelton was revoked from his post as Minister of Health and Social Development, and Archibald Christian lost his post of Junior Minister of Tourism.

Ronnie Skelton was terminated in his post after he reportedly told to local media that his was the leader of the breakaway political party known as the Progressive Virgin Islands Movement. This was named by Premier as a ‘clear conflict of interest’, as it is impossible to stay a member of Cabinet and form own party at the same time. The similar reason was for firing Archibald Christian from his post. 

Also, Second District Representative Melvin Turnbull, who wrote to the Speaker of the House of Assembly last week requesting to be seated on the Opposition side of parliament, left the NDP government. Christian and Turnbull have already announced their alliance with Progressive Virgin Islands Movement.

Elise Donovan to Become Interim Director of BVI London Office

The Director of the BVI House Asia Elise Donovan has been appointed by the Government as Interim Director of the BVI London Office. She will change in this post Benito Wheatley, and will be transitioning there from August 20 to December 31. After this period, she will return to the BVI to the post of Chief Executive Officer of BVI Finance, which will be left by Lorna Smith.

The duties of the Director of BVI London Office include advising the Premier on matters for implementation and making recommendations to ministries, international agencies, the private sector and other agencies. She will be also responsible for “strengthening BVI’s voice with Her Majesty’s Government and the Foreign and Commonwealth Office”; monitoring political, legislative and diplomatic developments in the UK and EU, and providing timely analysis of those affecting or potentially impacting the BVI. 

Meanwhile, the BVI Government has already started to search for new and permanent directors of the BVI House Asia and the BVI London Office.

BVI Premier on a Mission to Asia to Promote BVI Financial Services

From June 2 to 17, BVI Premier and Minister of Finance Orlando Smith was leading a delegation to a number of cities in Asia, to host mini-conferences to promote traditional and new business and financial services products of the British Virgin Islands. During his visit, he had meetings with main government and industry professionals in the Asian region.

During one of the conferences held on June 12, among the topics discussed there were BVI Advantage, the opening of Bank of Asia in BVI, new BVI products such as Micro Business Companies Act, Limited Partnership Act. This conference was attended by more than 100 practitioners from BVI and China private sector. 

The Premier commented on other meetings held: “I am pleased that we have also had productive meetings with the Ministry of Foreign Affairs, Ministry of Commerce and the China Friendship Association, all of whom welcomed the several developments in the BVI that will further the economic relationship between BVI and China.”

BVI FSC Announced Appointment of New Asia Representative

The British Virgin Islands Financial Services Commission has issued press release where announced the appointment of Mr. Burton Chalwell who will replace Mr. Leon Wheatley as the new Asia Representative of the Commission. Mr. Wheatley will return to the BVI headquarters of the BVI FSC and serve as a Deputy Director with supervision of the Compliance Inspection Unit.

The appointment of Mr. Chalwell was effective 9 October 2017, and previous representative is expected to assume his new post on 13 November 2017. In the role of Asia Rep at BVI FSC (HK) Ltd., Mr. Chalwell’s duty will be managing the delivery of services offered from the Commission’s office at BVI House Asia, and the Asia Pacific liaison for BVI Financial Services licensees and regulators with a presence in the region. 

Robert Mathavious, Managing Director and Chief Executive Officer of the Commission, commented on the appointment, saying: “Asia continues to be a key market for the British Virgin Islands and we are very pleased with the talent that the Commission has in the region and the services and expertise we can provide in Asia. We are confident that Mr. Chalwell will be an excellent addition to the team. We are also very excited that Mr. Wheatley will be coming back to Commission headquarters after a very successful stint in Asia and look forward to his continued service to the Commission and the industry.”

BVI Financial Services Industry Continues Functioning

According to the leaders of the British Virgin Islands financial services industry, there is no loss of confidence in the businesses, despite the severe damages done to the territory by Hurricane Irma. Head of Business Development and Marketing department in BVI Finance, Gary Hales, said: “Generally, people are still comfortable using the BVI. By way of example, there are three potential funds which are still looking at the possibility of using BVI… There is no sense of loss of confidence or business, so the BVI is definitely proving that the financial services industry is robust.”

The director of BVI House Asia in Hong Kong, Elise Donovan, confirmed that the financial services industry there is appreciative of accessibility to services; also, the Cayman Islands where all the large companies operating in the BVI are now represented, note the seamless continuation of BVI services. 

It is also important that the premises of BVI Financial Services Commission, regulating the financial industry, survived the hurricane. So, they became operational in some days, and full functionality has been restored to the online company registration portal.

Interim Executive Director at BVI Finance, Lorna Smith, said that there was a keen determination among industry partners to ensure the survival of financial services as part of the overall recovery for the British Virgin Islands.

Augustus Jaspert Became the 13th Governor of the Territory

Augustus Jaspert was sworn in as the new governor of the British Virgin Islands. The governor took the oath of allegiance and the oath of due execution of office before the audience of government ministers, high court justice, members of the House of Assembly, senior government officials and other guests.

The new governor was welcomed by BVI Premier and Minister of Finance, Dr Orlando Smith, who pledged his government's support and commitment, saying: “The BVI has much to offer and I am confident that you will make a valuable contribution to the territory’s growth and development. I encourage you to explore our beautiful islands and become intimately acquainted with the people of these islands in whose interest we must work.” 

Leader of the opposition Andrew Fahie also welcomed the new governor. The governor in his turn assured the BVI government and the opposition of his commitment to the British Virgin Islands, and said he sees his role as one of service and partnership with the elected government, public service, the United Kingdom; the faith, voluntary and community organisations, and the people of the territory.

Opposition Party Holds Meeting with Number of Issues Discussed

The Opposition Virgin Islands Party (VIP) had a meeting on May 25, with the main agenda item being the need to get new members and general election candidates. Among party members who participated in the discussion were Chairman Julian Frazer and Andrew Fahie. According to the media release of the opposition party, “The sole topic of discussion for the evening was centered on, ‘whether or not the leadership and members of the Virgin Islands Party are prepared to identify and make the decisions necessary to attract new members, attract new candidates, and be successful at the next or future general elections.”

The next meeting of the party will be held on July 20, 2016. Among other things to be discussed, there are the formation of a sub-committee to review the VIP Constitution, examining the revitalization of its Events and Fundraising Committee, and the establishment of a date for the election of party members to the Executive Committee.

BVI FSC Announces New Appointments

The BVI Financial Services Commission has issued press release where announced several additions to its management team and changes to Commission staff.

Stephen Grayson has been appointed the new Deputy Director, Legal, and will serve in this post for 3 years. Mr. Grayson will be focused on providing advice to the Commission on financial services legislation and related matters and providing leadership to and ensuring the overall development of the Commission’s in-house legal team. Before joining the BVI FSC team, he was Regulatory Lawyer/Investigator in the Financial Conduct Authority (UK).

Simon Gray has become Special Advisor responsible for Regulatory Training and Development. He is a financial services and risk management professional having previously worked as Director, Supervision and Head of Islamic Finance at the Dubai Financial Services Authority.

Ms. Simone Martin has been appointed the Acting Director of Insurance. Mr. Leon Wheatley will take the post of Asia Representative and move to the Hong Kong Office of the Commission at BVI House Asia. He will serve as Asia Representative until July 2017.

Other appointments include Ms. Yolanda McCoy as the Acting Deputy Director, Fiduciary Services, and Mr. Burton Chalwell as the Acting Deputy Director, Compliance Inspection.

Captive Insurance Consultant Hired by BVI Finance

BVI Finance (formerly known as the BVI International Finance Centre and rebranded in 2015) has hired a senior insurance consultant, who is a trained accountant experienced in the captive insurance sector, to assist the development of the captives industry in the British Virgin Islands and improve the Financial Services sector in the territory.

Malcolm Cutts-Watson will have the duty to navigate the emerging trends and developments in the global captive market, and advice as to how the jurisdiction could benefit from the opportunities and escape any threats. He will also assist in providing competitiveness of the BVI product offering in the global market. By words of Julien Johnson, the executive director of BVI Finance, the consultant’s responsibility will include review of the relevant legislation and proposal for amendments to the Insurance (Amendment) Act 2014/2015.

Cutts-Watson currently is a non-executive director of Cutts-Watson Consulting Limited; he has more than 30 years of experience in the sector having consulted clients in Europe and Asia. Also, he is an approved manager in a number of jurisdictions, among them the greater Caribbean, USA, Bermuda, Europe, and Africa.

First Meeting of the Board of BVI International Arbitration Centre

The Board of the BVI International Arbitration Centre, which was appointed on 7 September, 2015, had its first meeting in Tortola, BVI. Premier and Minister of Finance, Dr. Orlando Smith informed the Board of the full support of the BVI Government, and of its commitment to the independence and autonomy of the Centre.

It was stated by the Chairman of the Board Mr. John Beechey that the inaugural meeting had been the first opportunity for members of the Board to discuss together timetable and outstanding action items. The immediate tasks with which the Board had to work were the finalisation of Rules for the Centre and the formation of panel of arbitrators.

New Members Appointed to BVI International Arbitration Centre Board

The BVI FSC released information about the appointments of five inaugural members for the BVI International Arbitration Centre Board. The BVI International Arbitration Centre was established with the purpose to provide full-service support and facilities for arbitration and mediation proceedings. The first board members were appointed by the Cabinet of the British Virgin Islands on September 7; the newly appointed members are Mr. John Beechey, who became the Chairman of the Board, Mr. Mark Forte, Mr. Cherno Jallow, QC, Mr. Murray Smith and Ms. Felice Swapp.

Mr. John Beechey is an independent arbitrator, who was President of the ICC International Court of Arbitration from 2009 until June, 2015. Mr. Mark Forte is a Partner and Head of Litigation & Restructuring in the British Virgin Islands (BVI) office of Conyers Dill & Pearman. Mr. Cherno Jallow is the Director of Policy, Research and Statistics at the BVI Financial Services Commission. Mr. Murray Smith is a chartered arbitrator having extensive experience in commercial arbitration. Ms. Felice Swapp is the Chief Operating Officer of Harney’s.

New Members of the Board Appointed to BVI Financial Services Commission

Five new Commissioners have been appointed to the Board of the BVI FSC, effective 1 October 2014. The new members Ms. Denise Reovan, Mr. Ian Smith, Mr. Richard Peters and external Commissioners, Mr. Jonathan Fietcher and Mr. Edward Price will join Chairman Mr. Robin Gaul, Deputy Chairman Mr. Colin O’Neal and Managing Director/CEO of the FSC Mr. Robert Mathavious.

The newly appointed Commissioners replace previous members of the Board Ms. Eleanor Smith, Mr. E. Walwyn Brewley and Mr. Phillip Fenty whose appointments had expired. The Financial Services Commission Act, 2001 provides for the appointment of two external Commissioners to be appointed from outside the jurisdiction.

Ralph O’Neal Leaves Political Scene

Last week, BVI Opposition leader Ralph O'Neal announced that he is going to retire from public service and political life. He is the longest serving elected politician in BVI history, with more than 38 years of working in the House of Assembly and Legislative Council. Also, he has been the head of the elected government for combined 12 years, which is the second longest period in the jurisdiction, following Lavity Stout whom he succeeded in 1995.

Ralph O’Neal was the first person to be appointed to the newly titled Premier office in 2007, under the newly adopted constitution. He left the post in November 2011, after the Virgin Islands Party lost its majority after the general elections. At present, he is the leader of the opposition already in the third time – a record among BVI politicians.

BVI Premier Dr Orlando Smith made a statement following the opposition leader’s announcement, where he recognized on behalf of the government and people of the BVI the invaluable contributions O’Neal has made to the development of the territory.

BVI Premier Visited Brussels to Discuss Partnership

In the beginning of April, British Virgin Islands Premier and Minister of Finance, Dr Orlando Smith, made an official visit to Brussels, during which he had meetings with European Union (EU) officials and discussed partnerships and programs for the benefit of the 26 Overseas Countries and Territories (OCTs) associated with EU. At the European Commission, the Premier discussed plans for the 13th OCT-EU Forum which will be held in the British Virgin Islands. Also, BVI Premier met with United Kingdom Member of European Parliament (MEP) Ashley Fox.

On behalf of the Premier, BVI London Office director Kedrick Malone and deputy director Benito Wheatley met the secretary general of the African, Caribbean and Pacific Group of Countries (ACP) Secretariat, and discussed economic cooperation and programming between the OCTs and ACP countries in the regions where they are located.

Dr Orlando Smith launched himself as chairman of the Overseas Countries and Territories Association (OCTA). He was introduced to OCTA partners, among them representatives of the Greek Presidency of EU, Caribbean ambassadors to the EU, the director of the OCT Task Force at the European Commission, representatives of an environmental non-governmental organisation (NGO) and representatives of the OCTA Executive Committee (ExCo).

BVI Premier and Tourist Board Delegation Visited Brazil

British Virgin Islands Premier and Minister of tourism, Dr Orlando Smith made visit to Brazil to introduce the territory to the leading tour operators, travel agents and media. During the week’s time, together with BVI Tourist Board representatives the premier visited Sao Paolo and Rio de Janeiro, had meetings with more than 200 travel agents and presented the BVI destination, sharing the ideas of what makes it unique and attractive as a choice holiday vacation.

The BVI delegation also hosted a dinner for owners of ten major tour operators, a cocktail presentation evening for Travel Week Rio, a lunch for editors and journalists of top media houses in Sao Paolo. 

By words of director of tourism, Sharon Flax-Mars, “This is an opportune time for the British Virgin Islands to be promoted in South America… Our presence will enable us to increase awareness of the BVI and our visibility between Brazil, Argentina and Mexico which will ultimately lead to more arrivals from these countries.”

'BVI House Asia' Opened in Hong Kong

The jurisdiction of the British Virgin Islands has launched Hong Kong office, which will have the functions of representing BVI in mainland China and the entire Asia Pacific region. The official opening of “BVI House Asia” was hosted by the British Consul General to Hong Kong and Macau Caroline Wilson, and took place on September 5 at the British Consulate. The event was attended by up to 100 HK professionals, as well as by leading financial services practitioners and representatives of several governments, including Hong Kong, the United States, European Union, Switzerland and Ireland.

BVI House Asia will facilitate a smooth interface between the industry in Asia and the BVI; it will allow responding to enquiries of a social, political or economic nature from the region, and promoting China’s and HK investments into the BVI economy. Other functions of the BVI office in Hong Kong will be to provide quick access for certain information services to users of BVI business companies, and to develop the relationship of the BVI with mainland China not only in financial areas but also in the spheres of education and culture. 

Through the BVI Financial Services Commission (BVI FSC), BVI House will help strengthen ties with regional government authorities. In the next few months, the Commission will also provide resources for the House, including staff, which currently includes of the interim director and a chief operating officer Heather Tang.

BVI Government Signed Contract with LGS and Associates

The Government of the British Virgin Islands signed a contract worth US$100,000 with a financial industry consultancy firm LGS and Associates, which is headed by the financial industry expert Mrs. Lorna Smith. 

The information about the signing of the contract in December 2012 was confirmed by the Financial Secretary Mr. Neil Smith and by Mrs. Smith herself, who stated that the contract is not a new assignment since she has been providing services to the BVI governments, including under the Virgin Islands Party administration. 

Mrs. Smith recently attended the OECD Global Forum on Transparency and Exchange of Information. She also took part in the negotiations concerning tax treaties between OECD countries and OECS countries, all of which have been put on the OECD ‘white list’. She also takes the post of Chairperson of the Financial Services Business Development Committee, whose task is to maintain the image of the British Virgin Islands as a top international finance centre, identifying new and emerging markets and recommending legislation for introduction and support of new and existing products and services.

Mrs. Smith assisted in the BVI passing phase I review process on global transparency and exchange of information for tax purposes, and, in her own words, continues to work to ensure that the BVI moves phase II of the review process.

Ms. Dawn Smith Confirmed as New Director, Legal and Enforcement

The British Virgin Islands Financial Services Commission published press release where confirmed the appointment of the new General Counsel/Director, Legal and Enforcement. Ms. Dawn Smith replaced Ms. Jacqueline Wilson in this post with effect from 2 January, 2013.

As General Counsel/Director, Legal and Enforcement, Ms. Smith will be responsible for providing legal service to the Commission in relation to the Financial Services Commission Act, 2001 and other financial services legislation. Also, she will be an advisor on enforcement actions and court proceedings in which the FSC is involved, co-ordinate and execute requests for assistance received from foreign regulatory authorities. Ms. Smith will also serve as the FSC’s representative on many regional financial services committees and working groups. 

Before her tenure the the BVI FSC, Ms. Smith was engaged as an associate lawyer at Conyers, Dill and Pearman; she also served as Director of the BVI’s London Office, and as an associate lawyer at the former O’Neal Webster O’Neal Myers Fletcher and Gordon. Ms. Smith is a member of the BVI Bar Association, a Fellow of the Chartered Institute of Arbitrators and is a founding member and currently serves as Chairperson of the BVI Chapter of the Caribbean Branch of the Chartered Institute of Arbitrators.