Beautiful Virgin Islands

Monday, Jul 14, 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
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
×