Hon Smith supports Financial Investigation Agency Amendment Bill 2024
“I would like to remind members that this House has always been for want of a better word unilaterally in support of financial services. Whether the matter is under the Governor’s Office or whether it’s under the Premier’s Office, wherever it is,” she said during the Continuation of the Twentieth Session of the First Sitting of the Fifth House of Assembly (HoA) on Friday, October 25, 2024.
Hon Smith was relieved of her duties as Deputy Premier and Minister for Financial Services, Labour and Trade. If she was not fired the bill would have been introduced in her name at Friday’s HoA sitting.
She added that the Bill seeks to correct one of the Virgin Islands’ immediate outcomes as the Territory was considered to be inefficient and in other words not effective in certain areas.
Hon Smith reiterated, “We are all committed...unanimously and unilaterally as well as a House to making sure that we stay ahead of the game.”
Amendments address technical shortcomings- Premier Wheatley
Meanwhile, Premier Wheatley in introducing the bill to the HoA stated the Caribbean Financial Action Task Force Fourth Round Mutual Evaluation Report on the Virgin Islands was published in February 2024 and identified some areas where the FIA Act could be improved.
These enhancements therefore “are crucial for empowering the FIA to fulfill its mandate more effectively and efficiently ensuring it can address challenges and respond to the evolving landscape with greater authority and efficacy”.
The Premier added that the amendments will address the technical shortcomings identified in the mutual evaluation report.
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16 Responses to “Hon Smith supports Financial Investigation Agency Amendment Bill 2024”
Consider this: I can open a bank account in St. Thomas online, without ever setting foot in a branch. But just 30 minutes away in the BVI, I’m expected to wait in line for hours. In most advanced countries, bank lines are virtually a relic of the past. And yet, in a place that considers itself a global financial hub, our citizens struggle to access even the most basic banking services with any degree of convenience. How can we claim world-class financial status when the fundamental functions of banking remain so outdated and inconvenient for our own people?