Beneficial ownership issue now affecting COI Order in Council
Although the BVI has implemented all the requested Commission of Inquiry governance reforms, Premier Dr Natalio Wheatley said the territory will still have to wait to see if the Order in Council will be lifted, as the UK previously promised.
Premier Wheatley said the Order In Council isn’t a done deal because some UK stakeholders are still lobbying for an Order in Council to remain in place because the territory hasn’t implemented publicly accessible registers in the financial services industry.
“I know there are some persons – unfairly so – who might want to see that Order In Council remain because they have other concerns separate from the COI. For instance, beneficial ownership information exchange. There may be some persons who might be seeking to influence the Overseas Territories (OT) Minister and the Foreign Secretary to have that Order in Council remain,” the Premier explained at a press conference following his recent meetings with UK Ministers.
Despite the lobbying of UK critics, the Premier said he hopes the UK will see the beneficial ownership matters and the COI reforms as separate issues and keep the dialogue separate as they work towards desired timelines on both subjects.
Just days ago, Premier Wheatley traveled to the UK where he and OT Minister Stephen Doughty held bilateral talks regarding the final assessment of the implementation of the COI reforms.
“We discussed the progress made and my administration’s commitment to good governance. Minister Doughty commended the governance reform programme and indicated that a final decision would be made based on our meeting and a follow-up meeting with the Foreign Secretary later this month,” Premier Wheatley said.
The Premier also said Minister Doughty commended the BVI for implementing new sanctions to combat illicit financing. However, there is still no official word on the UK’s position on the BVI’s implementation of company registers that give access to “legitimate persons” but still falls below the standards that the UK has set.
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Hard to imagine the UK happy with any of the present Governance of the VI. The VI people are definitely happy.
All these leaders want is Independence so they can continue, corrupt and dirty deals for family and friends and those hiding behind beneficial ownership involved in money laundering, drugs and terrorism.
Not a good look for the innocent tourist destination of the VI.
The people demand better. Not what we have now.
Don’t think you understand how our corporate system works.
Enforcement can already request beneficial ownership information if company in question is being investigated.
The issue is making details available to general public, something no other jurisdiction currently allows.
Hi Trevor. Not sure you understand. You ever tried getting info out of any organization in the VI. It does not happen.
It is the perfect place to hide dodgy dealings.
Live here and you will understand – Trev.
In UK you just go on line and you can see in depth info on companies and owners and their activities so i don’t know how you think this would be special to the VI.
@BuzzBVI I am afraid that you are the one with a lack of understanding. Trevor stated that “Enforcement can request” information. That is law enforcement, police, tax or regulatory. Are you law enforcement? I suspect not. If you were then you would know that the information is readily available to such persons. In the future, likely best to read and understand before replying.
Information is never readily available to anyone in the VI.
Law enforcement or not. Not to You, BuzzBVI nor Trevor or anyone. It is how the VI works to hide things and make things difficult until you give up.
But information is available to all in other places with no VI run around or need to be enforcement.
I see you also need an education.
For example you can see what is available for Companies registered in the UK here. https://www.gov.uk/guidance/your-personal-information-on-the-public-record-at-companies-house#what-information-we-make-public
When you have read and comprehended let us know.
Trevor and you seem to think that. “The issue is making details available to general public, something no other jurisdiction currently allows.”
Try the link above and read it. You will be educated. If you cannot read it you can use your computer to read it out to you. In chrome, Highlight the text. Right click and select Speech. Click Start Speaking. Have someone does this for you if you do not understand.
If you ever get to see the airport report, or the accounts for the last 8 years we would also like to see those.
I don’t know whether you are law enforcement or not.
Hi BuzzBVI – a lengthy response but one which
misses the mark.
Your statement “Information is never readily available to anyone in the VI” is patently false. Information is readily shared within onshore law enforcement, including the UK policing authorities who have commended the BVI for its transparency.
You are, however, correct that the UK has a public register of unverified beneficial owner and director information, but it is unverified. Let me repeat that, it is unverified. Honest people will provide honest information, criminals will not. The BVI’s verified beneficial owner information is a far superior model to the UK’s model if your wish is to root out criminality. Perhaps your intent is otherwise.
Finally, your comment “If you ever get to see the airport report, or the accounts for the last 8 years we would also like to see those.” confuses local issues with the global issues facing the financial services industry. The two could not be more separate.
As such, before assailing the financial services industry, I suggest that you get your facts straight. I am afraid that it is you who “needs an education”.
That was the plan from the beginning slowman. U were to slow to notice. From the day you all 13 signed on to the coalition government just to stay in power. The UK had already know they can corner your government within the beneficial ownership issue.
The worst thing the UK did to this country was the Unity Government and not calling a General Erection. The people of this country are caught between different agendas, where these groups, including our local politicians, don’t care about us or doing what is morally and ethically right.
Al 13 did not sign on to the Unity Government formation. Those that were not elected at the time could not have any say in the matter. It was the incumbent ministers and h th e opposition at that time. So let’s not muddy the waters here for scoring points.
Additionally, I’d like to take this opportunity to make the public aware that the ONLY members whom have benefited from the GREEDY BILL are:
Andrew
Natalio
Vincent
Sharie
Frazer
Marlon
Myron
Mitch
Alvera
Kye
Mark
The names not appearing don’t get squat!!!!
So ask yourselves this, why would they make noise and repeal such bill?!?
The public have been hoodwinked once again by these cr**ks! I remember during the COI sessions, one politician had more companies than letters in the alphabet! Hmmmmmm….
All this could’ve been discussed over the phone
What is wrong with beneficial ownership legislation?
It is the moral thing to do to stop super rich/greedy/criminal people from staying secret when they get up to shenanigans.
If one of our politicians stole millions from our social security and hid it away in the Seychelles, how would we feel?
If Cindy or some other journalist followed the money to there but couldn’t see who actually owned the shell because Seychelles insists that for privacy reasons it must be hidden in, how would we feel?
This is what we do. Nothing to hide? Great. Let the books be examined instead of tilting everything towards secrecy while proclaiming we’re so clean.
Trust me – they grey list r black list will be a lot worse for us.
There is still a right to privacy. As Trevor pointed out, the UBO information is available to law enforcement, including foreign police, tax and regulatory authorities. This stops the criminals. Otherwise, everyone else, whether rich or poor, greedy or generous, has a right to privacy.
That is the concern with this legislation. It is an erosion of rights for everyone.
I believe in that if the BVI ever want independence they should first ask for reparations. Countries like Jamaica are asking for reparations but they are already free bvi has an opportunity to point out the UKs wrongs towards the people of BVI while still being a territory.