Premier and Minister of Financial Services, Dr. the Hon. Natalio Wheatley, has emphasized his government’s commitment to balancing transparency and privacy through its recent consultation on a proposed policy regarding access to the register of beneficial ownership.
The initiative, launched last week, aims to strengthen the British Virgin Islands’ financial systems, align with international best practices, and provide a framework that addresses both privacy and transparency.
Speaking at a press conference on Wednesday, January 23, Premier Wheatley highlighted the global debate surrounding publicly accessible registers of beneficial ownership, particularly between the United Kingdom and its overseas territories.
The premier noted that recent developments have reinforced the need for stringent safeguards to ensure sensitive information is not misused. He added that these efforts are vital in protecting the integrity of the financial services sector, a cornerstone of the BVI economy.
When questioned about how the proposed policy on legitimate interest might affect journalists’ access to the register of beneficial ownership, Premier Wheatley said while media freedom remains a priority the right balance has to be met to protect the sensitive information of businesses and persons within the system.
Premier Wheatley encouraged stakeholders, including journalists, businesses, and the public, to engage with the consultation process to ensure that the final policy reflects a balanced and inclusive approach.