Senate Approves Key Bills on Epstein and Leon Black Settlement Funds, Wire Transfer Fee

In two back-to-back meetings Thursday, Budget, Appropriations and Finance Committee members met to pass the rest of the fiscal year 2025 budget bills, which went straight onto a Rules Committee meeting that gave senators the chance to discuss two of the proposals – one a stack of appropriations from Epstein settlement funds – that they said will have a major impact on the territory’s financial and economic landscape.

The second bill introduces of a wire transfer fee aimed at combating money laundering that Appropriations and Budget Committee Chair Donna Frett-Gregory said would generate about $21 million in new revenues to “right-fit” the approximately $1.2 billion budget.

The Virgin Islands government received $75 million from the Epstein estate and an additional $62.5 million from Leon Black, who settled with the territory over his ties to Epstein. If the Senate’s proposal passes through the full body during its next session, these funds will be allocated to various projects intended to improve infrastructure, health services, and economic development across the islands.

The bill doesn’t include restricted funds included in the settlement for assistance provided to victims of human trafficking, including about $15 million Gov. Albert Bryan Jr. said Monday would support the budget for a newly reprised Council on Human Trafficking.