Premier Dr. the Hon. Natalio Wheatley has strongly rejected allegations published by The Guardian that accuse the British Virgin Islands (BVI) of attempting to evade a financial crime crackdown.
The article, titled “British Virgin Islands accused of ‘shameful’ attempt to avoid financial crime crackdown”, claims the territory’s leadership is in dispute with the United Kingdom government over proposed measures for a public register of company ownership.
In response, Premier Wheatley has denounced these claims as “misinformed, misleading, and malicious attacks” aimed at undermining the BVI’s reputation.
BVI’s Commitment to Transparency
Premier Wheatley emphasized that the BVI is not a “rogue state” but rather a responsible financial jurisdiction that adheres to global regulatory standards. He highlighted the territory’s long-standing cooperation with international financial crime agencies, stating:
“For more than 40 years, the BVI has established a proven track record of meeting and exceeding international transparency standards, participating fully in initiatives such as US FATCA, the Common Reporting Standard, and the Base Erosion and Profit Shifting framework – all essential initiatives to combat tax evasion.”
Additionally, the premier pointed out that the BVI has successfully negotiated over 100 tax information exchange agreements, ensuring close cooperation with governments and law enforcement worldwide.
A Leading Partner in the Fight Against Financial Crime
Dr. Wheatley also pointed to the BVI government’s investment of millions of dollars in developing a state-of-the-art beneficial ownership platform that provides rapid access to company ownership data for law enforcement and tax authorities across the globe. This platform he said is supported by new legislation and a reinforced regulatory framework designed to combat illicit financial activities.
Wheatley also underscored the high level of oversight in the BVI’s financial services industry, comparing it to the UK’s Companies House, which does not require verification of beneficial owners.
“Our network of registered agents is held to the highest regulatory standards by the Financial Services Commission, with non-compliant firms facing fines, licence suspensions, or revocations,” the premier noted.
BVI’s Collaborative Approach with the UK and Global Authorities
Contrary to claims in The Guardian’s article, Wheatley reaffirmed the BVI’s commitment to collaboration with the UK government and global anti-corruption agencies. He stated that the territory works closely with institutions such as the UK’s National Crime Agency, HM Revenue & Customs (HMRC), and the Serious Fraud Office.
Furthermore, the BVI has effectively enforced UK-imposed sanctions in response to Russia’s invasion of Ukraine, demonstrating its dedication to upholding international law.
Defending the BVI’s Reputation
The Premier criticized what he described as a “coordinated attack” against the BVI, arguing that such narratives mislead the public and pressure the UK government to take colonial measures against the territory.
“Financial crime is a global issue, and tackling it effectively requires regulation, transparency, and collaboration—but also fairness and honesty among all stakeholders,” Wheatley asserted.