The [British] Virgin Islands is to host leaders from the Overseas Territories (OTs) and the United Kingdom (UK) at an inaugural summit to tackle illicit finance in the OTs later this year. Photo: VINO/File

Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley (R7) making interventions at the recent Joint Ministerial Council Meeting in the United Kingdom. In background is Deputy Premier Lorna G. Smith, OBE. Photo: GIS.

This is according to a statement from the Joint Ministerial Council (JMC) on May 12, 2023.

According to the Communique, the Overseas Territories and the UK are pleased to announce the launch of a new ministerial-level annual dialogue focused on tackling illicit finance, “demonstrating our enhanced commitment to working together as partners to defend our financial systems against illicit actors.

VI to host 1^st annual meeting

“The British Virgin Islands offered to host the inaugural meeting of this dialogue, or part of it, later this year,” the statement informed, adding that “we will deepen our partnership to tackle shared illicit-finance threats.”

The joint statement said the OTs continue to meet the highest international financial standards, including those set by the Financial Action Task Force and the Organisation for Economic Co-operation and Development.

“The Overseas Territories and the UK will continue to cooperate, including through technical forums on anti-money laundering, sanctions enforcement, counter-terrorist financing and foreign bribery.”