BVI launches ‘Legitimate Interest Access’ regime amid UK push for fully open registers

BVI’s financial services industry has rolled out a new system allowing limited public access to company ownership records, in a move that signals a clear policy direction not fully aligned with what the UK has been pushing for its Overseas Territories.

The Legitimate Interest Access (LIA) regime, now fully operational, allows journalists, academics and civil society groups to request beneficial ownership information, but only if they can prove a valid reason linked to fighting financial crime. Premier Dr Natalio Wheatley described the move as a “significant milestone,” stating the territory has created “a balanced framework that strongly deters financial crime while protecting the right to individual privacy.”

But the approach stands in contrast to longstanding UK expectations for fully public registers of beneficial ownership, which London has repeatedly encouraged — and at times pressured — Overseas Territories to adopt following corruption concerns raised during the Commission of Inquiry (COI) period.

Instead, the BVI has opted for a controlled-access model, similar to changes now emerging in Europe after a 2022 court ruling limited unrestricted public access to ownership registers on privacy grounds. Officials say the system aligns with evolving global standards while maintaining constitutional protections.

Junior Minister for Financial Services, Lorna Smith, said the regime “enhances transparency while reinforcing our position as a trusted and responsible financial centre.”

The government also stressed that international law enforcement agencies will continue to have 24/7 access to ownership data under existing agreements, ensuring investigations into financial crimes are not hindered.

However, there are still concerns that the system may still fall short of full transparency, especially as global scrutiny of offshore financial centres remains high. The UK has previously indicated that public access is key to tackling illicit finance and improving accountability. Last year, various UK media, political and civil society entities launched a scathing attack against the BVI, as the territory sought to resist creating fully open registers that would reveal the names of company beneficiaries who do business with the jurisdiction.

Since then, the BVI has implemented a number of changes in its financial services industry, but the UK has not issued its stance on these developments or what actions it might take if the BVI’s actions don’t align with their demands.