The British Virgin Islands Ministry of Finance, in a statement by Premier Natalio Wheatley, requested an internal audit to review a specific government deposit placed with Bank of Asia (BVI) Limited, citing transparency and taxpayer reassurance as the rationale. The statement emphasised that decisions on the placement of public funds are executed by designated public officers within the Ministry of Finance under established financial practices, with ministers not involved. It described the deposit as part of portfolio diversification for liquidity management and interest income, and noted that the Financial Services Commission and the Virgin Islands Deposit Insurance Corporation are overseeing the winding down of Bank of Asia (BVI) Limited’s operations in line with the Territory’s regulatory standards.
Ministry of Finance (British Virgin Islands) 2025-06-06
British Virgin Islands Ministry of Finance requests internal audit of government deposit at Bank of Asia BVI Limited
The British Virgin Islands Ministry of Finance, led by Premier Natalio Wheatley, has requested an internal audit of a government deposit with Bank of Asia (BVI) Limited to ensure transparency and reassure taxpayers. The deposit is part of a strategy for liquidity management and interest income, with oversight by the Financial Services Commission and the Virgin Islands Deposit Insurance Corporation as the bank winds down operations.