The Government of the Virgin Islands has initiated a public consultation on a proposed policy aimed at defining access rights to the register of beneficial ownership, a critical step in aligning with global standards for financial transparency.
As an international finance hub, the British Virgin Islands (BVI) remains committed to combatting illicit finance and maintaining its reputation for financial integrity. The proposed policy represents a significant advancement in the territory’s efforts to adopt international best practices while balancing privacy with transparency.
Premier and Minister for Financial Services, Economic Development, and Digital Transformation, Dr. the Hon. Natalio Wheatley, underscored the importance of this initiative.
“This consultation underscores our unwavering commitment to ensuring that the British Virgin Islands remains a leader in financial transparency and integrity. We are taking proactive steps to strengthen our systems, align with international best practices, and provide a robust framework that balances privacy and transparency,” Premier Wheatley stated.
He also encouraged all stakeholders to participate, emphasizing the need for a policy that reflects industry needs while meeting global standards.
Enhanced Framework for Beneficial Ownership Information
Recent legislative and regulatory changes that took effect on January 2, 2025, have improved the BVI’s framework for collecting beneficial ownership information. These changes include the migration of data from the Beneficial Ownership Secure Search System (BOSSs) to the upgraded digital registry system, VIRRGIN.
The proposed policy aims to grant access to beneficial ownership information to eligible categories with a demonstrable “legitimate interest” under specific circumstances. It also seeks to define clear processes for such access while protecting privacy rights.
While no global standard for accessing beneficial ownership information currently exists, the BVI has reviewed similar models from other British Crown Dependencies and Overseas Territories (CDOTs) and international jurisdictions. The government acknowledges the need for a tailored approach to address the unique aspects of its financial sector.
The draft policy includes key questions for stakeholders, such as: What information should be subject to “legitimate interest” access? Who qualifies as having a legitimate interest? What exemptions should apply?
Call for Stakeholder Input
The government is inviting input from the financial services industry, clients, and other stakeholders to ensure the policy aligns with industry needs and global expectations. Written submissions can be sent to boconsultation@gov.vg by February 28, 2025.