Financial Regulation and Governance Practices in the Virgin Islands, U.S.
The Financial Services Commission (FSC) of the Virgin Islands is a regulatory body responsible for overseeing the financial industry in the territory. The commission consists of five commissioners and an executive officer who work together to ensure that financial institutions operate in a safe and sound manner.
Leadership
Chairman Robin Gaul
Robin Gaul, Chairman of the FSC, has a wealth of experience in finance and governance. Born in Norwich, England, Gaul was admitted as an Associate of the Chartered Association of Certified Accountants in 1967 and a Fellow in 1976. He worked as an accountant and financial advisor before joining the BVI Public Sector, where he served on various boards and committees.
Deputy Chair Kharid Fraser
Kharid Fraser, Deputy Chair of the FSC, has had a distinguished career in banking. She started her career with CitiBank/Citicorp in New York and rose through the ranks to become Assistant Vice President. In 1993, she joined the Treasury Department of the Virgin Islands Government as Deputy Accountant General and later became Acting Financial Secretary from 2005-2006.
Commissioners
Johanna Boyd
Johanna Boyd, Commissioner of the FSC, has over 32 years of experience in the legal and offshore industry. She previously held senior roles at various financial institutions and now runs her own business ventures.
Paul Carty
Paul Carty, Commissioner, has an illustrious career in banking with 27 years of experience. He has held various positions, including Managing Director/CEO of J CARDEN Construction Ltd and Director, Desaltech Enterprises Limited.
William Gilmore
William Gilmore, Commissioner, is a renowned expert in international criminal law. He has written extensively on transnational money laundering, the financing of terrorism, and international cooperation in criminal matters.
Ramnarine Mungroo
Ramnarine Mungroo, Commissioner, is an Attorney-at-Law and Chartered Insurance Practitioner with expertise in law and general insurance. He has provided technical insurance training and is considered one of the most reputable insurance professionals in Trinidad & Tobago and parts of the Caribbean.
Ex Officio Member Kenneth Baker
Kenneth Baker was appointed Managing Director and Chief Executive Officer of the Financial Services Commission in February 2021. As Ex Officio Member, he is responsible for regulating the BVI’s financial industry and developing new services to enhance the attractiveness of the territory as a situs for legitimate cross-border financial services.
The FSC’s Governance Practices
The FSC’s governance practices are designed to ensure that financial institutions operate in a safe and sound manner. The commission’s regulatory framework is based on international best practices, including those set by the Financial Action Task Force (FATF) and the International Monetary Fund (IMF).
Regulatory Approach
- Conducting regular inspections of financial institutions to ensure compliance with regulations
- Reviewing and approving new products and services offered by financial institutions
- Investigating and taking enforcement action against non-compliant institutions
- Collaborating with international regulatory bodies to share best practices and address global issues
Conclusion
The Financial Services Commission of the Virgin Islands plays a critical role in ensuring that financial institutions operate in a safe and sound manner. The commission’s governance practices are designed to promote transparency, accountability, and effective decision-making, and its regulatory framework is based on international best practices. By promoting good governance practices, the FSC can help maintain the integrity and stability of the Virgin Islands’ financial system.