BVI to continue engaging UK MPs amid tax haven claims

Premier Dr Natalio Wheatley has reaffirmed the BVI’s commitment to engaging UK Members of Parliament (MPs) to defend the territory’s financial services sector amid increasing scrutiny.

Addressing recent criticisms from UK lawmakers regarding the BVI’s proposed framework for a public register of company ownership, Dr Wheatley described these allegations as unwarranted. He emphasised the territory’s longstanding adherence to international regulatory standards and active role in combating financial crime.

“We are also committed and reliable partners of the United Kingdom in applying sanctions, combating financial crime, and immediately sharing beneficial ownership information to support investigations,” Dr Wheatley stated.

“We are engaging PR firms to assist us in getting the message out there, to let persons know exactly what we’re doing. We’re also engaging directly with the UK Parliament. We have persons in parliament who are friends of the BVI, and we’ll ask them to help us educate their colleagues about the role that the BVI plays in international finance,” he explained.

He further argued that the BVI has effectively managed its financial services industry for decades, maintaining autonomy while upholding global regulations.

“At the local level, we are more than capable of managing the growth and regulation of our financial services industry and should not be threatened for exercising our autonomy,” Dr Wheatley asserted.

Highlighting the sector’s economic significance, Premier Wheatley noted that financial services account for approximately 60 percent of the government’s revenue, supporting essential services such as education, healthcare, and infrastructure development.

“We cannot understate how important the financial services industry is to our economic interests and financial independence,” he said.

Dr Wheatley added that the BVI’s financial stability directly results from this sector’s performance, with the territory having consistently met its financial obligations for over four decades.

“My government has been proactive in taking decisive action to ensure the Virgin Islands remains a successful and competitive international finance centre in perpetuity based on adherence to international regulatory standards,” Dr Wheatley stated.

The Premier’s commitment of engagement with UK MPs comes amid increasing international scrutiny of offshore financial centres, including the BVI. Despite this, Dr Wheatley emphasised that the territory has consistently met global standards and will continue to advocate for its financial services sector.