Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Gov’t will still implement publicly accessible registers of beneficial ownership

Gov’t will still implement publicly accessible registers of beneficial ownership

The government has indicated that it remains committed to collaborating with the United Kingdom government to create publicly accessible registers of beneficial ownership for companies in the territory.
Speaking at a media session on Friday, Premier Andrew Fahie said he gave the commitment in September of 2020, and he remains committed to fulfilling it.

The Premier said the registers would be in line with international standards and best practices as they develop globally or as implemented by European Union (EU) Member States by 2023, keeping in line with the EU fifth Anti-Money Laundering Directive.

“The commitment is one which I did not give lightly nor did I give it without reservation. But as a premier financial services jurisdiction, we must continue to maintain and improve on our great record of compliance with all relevant international standards and best practices,” Fahie said.

“As such, whilst we continue to monitor developments on the subject of publicly accessible registers as they feature in various international fora, and whilst we continue to make the case for a slightly different strategic approach, we must, of course, take the appropriate steps to honour our commitment if and when called upon,” the Premier continued.

Fahie said the consultation process will soon begin with the financial services industry. His executive team in the Ministry of Finance will take the policy lead and they are expected to work closely with the BVI Financial Services Commission to develop a sound policy to govern business ownership in the territory.

“Together, I am confident that the collaboration with the private sector will give the Virgin Islands the best framework that we can negotiate and with the legal protections, safeguards and security, that I have insisted on all along, if publicly accessible registers are indeed to become operational by next year. I repeat my earlier caution that, throughout these negotiations, prudence and balance must be the guiding mantra,” Fahie said.

Last month, the Virgin Islands was added to the EU’s ‘grey list’ of tax havens. The grey list is used for jurisdictions that have not yet complied with all international tax standards but have committed to doing so, usually in a specified time period.

The Virgin Islands had passed the Economic Substance (Companies and Limited Partnership) Act, 2018 and made an amendment to the BVI Securities and Investment Business Act to increase the regulatory oversight of closed-ended investment funds, in response to concerns raised by the EU.

BVI’s inclusion on the list provides a public relations headache since the financial services sector is one of the main pillars of the territory’s economy.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
×