Beautiful Virgin Islands

Friday, Oct 17, 2025

US 'sidestepping' Public Registers of Beneficial Ownership 'hypocritical'– Skelton-Cline

US 'sidestepping' Public Registers of Beneficial Ownership 'hypocritical'– Skelton-Cline

Talkshow host Claude O. Skelton-Cline has called out the duplicitous nature of the US Government implementing Central Registers of Beneficial Ownership, yet backing the European Union (EU) and the United Kingdom (UK) on the Virgin Islands (VI) and other British OTs Implementing Public Registers.

The Matter of Beneficial Ownership is one regarding the ownership structure of companies and the identity of those who control and benefit from a corporation and that information being made open to the public or not.

The VI has in the past argued that it would readily implement Public Registers once the policy becomes a global standard.

VI's financial services sector built on confidentiality


Over the years, the Virgin Islands financial services sector has been transformed through the country opting to specialise in company formation, where financial services customers from around the world would be able to easily and quickly create new companies.

As part of the VI’s strategy, most information about ownership and management of financial services companies are hidden from public view by law and that strategy has boosted the VI’s economy into one of the biggest financial services sectors in the world amidst pressure from the UK for British OTs to implement public registers.

While Premier and Minister of Finance of the British Virgin Islands (BVI), Honourable Andrew A. Fahie (R1), has reiterated the support of the Territory’s Government towards working with the United Kingdom Government (UKG) to resolve the issue of publicly accessible registers of beneficial ownership, financial pundits believe implementation will ultimately damage the VI’s financial services sector, leading to companies shifting their business to other jurisdictions.

Calling the pressure for public registers an immoral move and a direct attack on the VI’s economy and livelihood, Skelton-Cline on the February 15, 2022, edition of his Honestly Speaking radio show, pointed to the US now using Central Registers as opposed to Public Registers.

US Central Registers


According to Skelton-Cline, the United States, which he said was "another empire who changes the rules" to fit themselves and then tell you want they want you to do, have approved the use of Central Registers, "but they want us, in support of the EU and the UK, to have Public Registers."

In late 2020, the US government passed the National Defence Authorisation Act which included important corporate transparency reforms. As a result of this Act, the majority of companies, about 87% in the US, will have to disclose their beneficial owners to the U.S Treasury’s Financial Crimes Enforcement Network (FinCEN), although this will not be made public.

“So their Central Registers will still have their host information confidential, run by the feds, controlled by the authorities… but they want us, Tom Dick, Buddy, Harry, Jackie and Jane to have access to people's private information,” he added.

Skelton-Cline said they VI can expect to be placed on the 'Gray List' if they oppose Public Registers but it must continue to challenge its implementation and keep the people properly informed on what it is facing.

"That is why I am hoping that the leader of this country and the Leader of the Opposition, there is still an opportunity and a cause to come together and agree on a national approach on the COI Report and everything that will ensue."

UK MP Sir C. Geoffrey Cox QC, a Conservative backbencher, has already argued that the benefit of transparency would be “a one-hit-wonder” and that “money will go to where it is darkest” to other global territories where there are no public disclosure requirements.

UK MP Sir C. Geoffrey Cox QC, a Conservative backbencher, has already argued that the benefit of transparency would be 'a one-hit-wonder' and that 'money will go to where it is darkest' to other global territories where there are no public disclosure requirements.


Asteroid headed for direct hit!- Skelton-Cline


Skelton-Cline noted that the EU is right now facing constitutional challenges regarding Public Registers but the UK is still pressing for the VI and other OTs to implement the controversial policy.

"The US sidesteps it and we still smack there. The asteroid is still headed towards us for a direct hit."

In a Financial Services update on September 22, 2020, Premier Andrew A. Fahie (R1) reminded industry practitioners that as significant milestones in the area of beneficial ownership approach, his Government is continuing to take note of developments in this sphere.

He said the VI acknowledged and recognised that the continued success of its financial services industry requires that the Territory continues to align itself with industry standards as they emerge, taking the informed and nuanced decisions required as circumstances develop.

According to the Skelton-Cline, with the US having implemented Central registers, the VI remains under the threat of Public Registers, ‘You think we can afford any drop in revenues? Because wealthy people will go wherever their confidentiality will be maintained,” he said.

The clergyman urged the Virgin Islands to act and not wait for things to happen, adding that it is in the best interest of the Uk and VI to negotiate an amicable outcome.

In a Financial Services update on September 22, 2020, Premier Andrew A. Fahie reminded industry practitioners that as significant milestones in the area of beneficial ownership approach, his Government is continuing to take note of developments in this sphere.


Will the UK & EU recognise BOSS?


Meanwhile, the Virgin Islands was quick to launch a new innovative technology platform called BOSS (Beneficial Ownership Secure Search System) to share VI company information and beneficial ownership data with UK law enforcement within 24 hours.

BOSS is being pushed as the alternative to public registers as it meets all international standards as defined by the Financial Action Task Force (FATF) and provides the appropriate balance between privacy and transparency; however, it remains to be seen if the UK and EU will recognise the system and discontinue trying to enforce the harmful policy of public registers.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
Bessent Accuses China of Dragging Down Global Economy Amid New Trade Curbs
U.S. Revokes Visas of Foreign Nationals Who ‘Celebrated’ Charlie Kirk’s Assassination
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
DJI Loses Appeal to Remove Pentagon’s ‘Chinese Military Company’ Label
EU Deploys New Biometric Entry/Exit System: What Non-EU Travelers Must Know
Australian Prime Minister’s Private Number Exposed Through AI Contact Scraper
Ex-Microsoft Engineer Confirms Famous Windows XP Key Was Leaked Corporate License, Not a Hack
China’s lesson for the US: it takes more than chips to win the AI race
Australia Faces Demographic Risk as Fertility Falls to Record Low
California County Reinstates Mask Mandate in Health Facilities as Respiratory Illness Risk Rises
Israel and Hamas Agree to First Phase of Trump-Brokered Gaza Truce, Hostages to Be Freed
French Political Turmoil Elevates Marine Le Pen as Rassemblement National Poised for Power
China Unveils Sweeping Rare Earth Export Controls to Shield ‘National Security’
The Davos Set in Decline: Why the World Economic Forum’s Power Must Be Challenged
France: Less Than a Month After His Appointment, the New French Prime Minister Resigns
Hungarian Prime Minister Viktor Orbán stated that Hungary will not adopt the euro because the European Union is falling apart.
Sarah Mullally Becomes First Woman Appointed Archbishop of Canterbury
Mayor in western Germany in intensive care after stabbing
Australian government pays Deloitte nearly half a million dollars for a report built on fabricated quotes, fake citations, and AI-generated nonsense.
US Prosecutors Gained Legal Approval to Hack Telegram Servers
Macron Faces Intensifying Pressure to Resign or Trigger New Elections Amid France’s Political Turmoil
Standard Chartered Names Roberto Hoornweg as Sole Head of Corporate & Investment Banking
UK Asylum Housing Firm Faces Backlash Over £187 Million Profits and Poor Living Conditions
UK Police Crack Major Gang in Smuggling of up to 40,000 Stolen Phones to China
BYD’s UK Sales Soar Nearly Nine-Fold, Making Britain Its Biggest Market Outside China
Trump Proposes Farm Bailout from Tariff Revenues Amid Backlash from Other Industries
FIFA Accuses Malaysia of Forging Citizenship Documents, Suspends Seven Footballers
Latvia to Bar Tourist and Occasional Buses to Russia and Belarus Until 2026
A Dollar Coin Featuring Trump’s Portrait Expected to Be Issued Next Year
Australia Orders X to Block Murder Videos, Citing Online Safety and Public Exposure
Three Scientists Awarded Nobel Prize in Medicine for Discovery of Immune Self-Tolerance Mechanism
×