Beautiful Virgin Islands

Thursday, Jun 05, 2025

Major OT conference on illicit finances coming to BVI

Major OT conference on illicit finances coming to BVI

The United Kingdom and representatives of its Overseas Territories (OTs) have agreed to hold an annual dialogue on the subject of illicit finances that pose a constant threat to the financial services industries in these jurisdictions.
Details of this annual dialogue are yet to be worked out but according to Minister for Financial Services, Labour and Trade Lorna Smith, the BVI has offered to host the first meeting on the subject of illicit finances later this year.

“I’m very pleased to announce that the Honourable Premier’s offer for the Virgin Islands to host the first meeting on the subject has been accepted by his colleagues — OT leaders and the United Kingdom,” Smith revealed at a press conference on May 16.

The announcement of an annual dialogue on illicit finances is an important one. The UK and its OTs all have thriving financial services industries that are constantly accused of being tax havens for individuals who’ve attained wealth by illicit means.

There are also global cries for these jurisdictions to implement publicly accessible registers to reveal the identities of wealthy people who hide wealth so their home countries can levy much-needed taxes against them.

To this end, Smith said the BVI discussed the matter of publicly accessible registers at recent fora in London. She said the BVI delegation reiterated that the territory is willing to implement registers in accordance with international standards. At the same time, Smith reiterated that at this moment, the BVI is not obligated to implement unrestricted access to registers within its financial services industry as a European Court recently ruled that doing so would be unconstitutional.

In the meantime, Smith also revealed that the UK and OTs recently agreed to establish a technical working group on beneficial ownership transparency. She said the group will share expertise and discuss issues surrounding the implementation of publicly accessible registers while ensuring the necessary safeguards to protect the privacy rights of individuals who do business with these jurisdictions.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
Majority of French Voters View Macron's Presidency as a Failure
Hungary Partners with China to Boost Electric Vehicle Production
‘Vibe Coding’ Emerges as the New DIY Trend
AI Pioneer Yoshua Bengio Warns Models Can Deceive Users
Big Four Firms Rush to Create AI Auditing Systems
Musk’s xAI Pursues $113 Billion Valuation in New Share Sale
Walmart Increases Revenue Despite Shrinking Workforce
Hims & Hers Plans UK and EU Launch of Replica Obesity Drugs
Toyota to Acquire Supplier in $33 Billion Buyout
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
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
×