BVI should have ‘under the radar’ talks with UK on public register
Attorney and Partner at financial services firm Conyers Dill & Pearman, Robert Briant, has argued that muted talks between the BVI and United Kingdom (UK) governments may be the best approach in reaching a consensus over the contentious issue of a public register of beneficial ownership for the financial services industry.
Beneficial owners are persons who enjoy the benefits of ownership in a company even though the title of the company is in another person’s name. However, the aforementioned ‘register’ would reveal the names of beneficial owners publicly.
Briant argued that, although clients of his firm have not been asking questions about new developments since a European Court ruling against the implementation of a Register of Beneficial Ownership in EU member states, there should be considerations over the ‘subtlety of the approach’ with the UK.
“There is something about not rocking the boat — vis-à-vis clients — so definitely we should have under-the-radar conversations with the UK government through our government and the regulators and the UK government,” Briant said on the Talking Points show recently.
The attorney argued that working ‘under the radar screen’ has worked very well for the BVI in the past and posited that regulators such as the Financial Services Commission (FSC) and other stakeholders should continue to discuss the international standard adopted by the BVI on the issue.
COI and its impact
In the meantime, Briant did not share a concern that the fallout from the BVI’s Commission of Inquiry (COI) may have impacted the financial services industry to a significant degree.
The threat of direct UK rule has hovered over the territory ever since the release of a damning COI report, leaving the hastily formed Government of National Unity to implement closely-monitored governance reforms with a host of deadlines to be completed over two years.
“I don’t see the two [COI and financial services] being connected. I suppose if the [House of] Assembly lost its power, it’s a question of who would impose a public register, so that’s a concern for sure and the UK may be more ready to do it than the Assembly,” Briant said.
He further argued that, whether the COI has any effect on the BVI’s financial services industry or not, the FSC and other stakeholders should contribute to the discussion of beneficial ownership.
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He still here
No to under the rug
No to under the table
FOH
Think those talks should be seperation discussions. Nothing will never, ever change for the better betweeen the two peoples, asthere appear to be no good faith on one side. Need to go our seperate ways.
We don’t listen to these racist
Sadly these pompous know-nothing fools around here don’t understand the concept of under the radar. They do not understand the concept of RESULTS! All they understand is grandstanding and trying to prove points in the public sphere. Yes, I am a local!
The only reason they have not issued the order of council as yet on the financial services is because a lot of their wealthy Uk friends and financiers will be affected. It is all about the money.
The UK has 2 Orders in Council hanging over the BVI’s head but the one for the financial services must be dealt with under the table while the one to high handedly suspend our constitution in a modern democracy must be dealt with above the table? Hmmm, we are being hoodwinked. I am clear now. This has always been about control of the money while the people suffer.
It is for this reason why many are demanding that the Governor be an elected Official with laws that make them accountable especially to the people in the same manner as the public officers and the politicians.
Orders in Council are instruments of fear.
Keeping a country and its people in fear because you can.
No one would keeptheirfamily in constant fear. Why do those beast do it to us year round?
The issuehas always been abouyt our money. Been saying that decades now. Control of the money has and will alwys be teironly focus. Seeking ways to steal its control away from the VIslander. LOrd, what a moralless scandelous people.
Sounds like constructive criticism. The wise thing to do..
UK military occupation and take over is a real threat more so than ever since the territory has arrived at a million dollar budget. It will become a reality the day it reaches a trillion
dollar threshold. That is a prediction that seems immanent.
breaking news, a big fish just got hooked breaking news
??
Hell to the no.
word on the street says its wigs r us
Big fish as in a big leader or big fish as Jamaican fish terms ???
Don’t worry the esteemed fish will be out shortly
i thought he had retired after irma when that irish man took over