Premier and Minister of Finance, Dr. the Hon. Natalio Wheatley, has strongly opposed calls by UK Parliamentarians to impose public registers of beneficial ownership on the British Virgin Islands through an Order in Council.
Speaking on the matter at a recent press conference, Premier Wheatley reaffirmed the importance of the BVI’s financial services sector, which accounts for approximately 60% of government revenue and plays a crucial role in funding essential public services such as education, healthcare, security, and infrastructure maintenance.
He underscored that for over 45 years, the BVI has never defaulted on its financial obligations, with its sovereign debt rating by Standard & Poor’s reflecting strong investor confidence in the territory’s economy.
Rejecting the notion of external intervention, Premier Wheatley defended the territory’s capability to regulate its own financial sector while maintaining close collaboration with the UK on key issues.
He reaffirmed that legitimate interest filters will further strengthen BVI’s regulatory framework, ensuring compliance with global standards while maintaining BVI’s autonomy in managing its affairs.
Premier Wheatley’s remarks reaffirm his government’s commitment to protecting the BVI’s financial independence and ensuring that the territory’s financial services sector remains robust, competitive, and fully compliant with international standards.