Done Deal! Gov’t passes beneficial ownership law despite UK outcry
Despite mounting criticism from UK officials and advocacy groups, the British Virgin Islands has enacted a new law formalising its latest policy on beneficial ownership in the financial services sector.
The BVI Business Companies and Limited Partnerships (Beneficial Ownership) (Amendment) Regulations, 2025 came into force on July 1, 2025. The law legitimises the BVI’s updated approach to ownership transparency, stipulating that only individuals or entities with a legitimate purpose will be able to request information about company ownership in the jurisdiction.
While the UK government has not issued an official response to the legislation, several UK officials and commentators have labelled the BVI a tax haven that facilitates the concealment of illicit funds; criticisms that local authorities have consistently rejected.
When asked whether the government is concerned about the negative characterisations from the UK, Junior Minister for Financial Services Lorna Smith defended the territory’s reputation.
“The BVI and the UK share the same goal in tackling illicit finance. For over four decades, the BVI has earned its place as a respected and responsible international financial centre. We continue to remain focused on combating financial crime as a key priority,” Minister Smith told BVI News.
She added: “As a government, we believe our newly announced legitimate interest policy represents a balanced and measured approach through which to continue progressing this mission. It upholds the transparency needed to tackle illicit finance, while also safeguarding the privacy and security of individuals who do business in the BVI.”
The UK had initially required all Overseas Territories to implement publicly accessible registers by 2020. Following lobbying efforts and delays, a final deadline of June 2025 was set.
The BVI’s decision not to implement a fully public register by that date has triggered renewed calls from some UK stakeholders for an Order in Council to be imposed—a legislative mechanism that would force the BVI to comply.
Amid this growing foreign pressure, Minister Smith said the BVI remains committed to protecting its financial services sector and broader economic interests.
“We will always act to protect the values and interests of our people and our economy,” she stated.
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AND WHEREAS the Government of the Virgin Islands continues to disregard the tenets of good governance, accountability and transparency by bringing legislation to this Honourable House of Assembly without properly scrutinising and understanding its impact on the people of the Virgin Islands and without allowing sufficient time for public consultation on matters which affect the lives of the populace.
She added: “As a government, we believe our newly announced legitimate interest policy represents a balanced and measured approach through which to continue progressing this mission. It upholds the transparency needed to tackle illicit finance, while also safeguarding the privacy and security of individuals who do business in the BVI.”
That says it all. I don’t know what’s hard in that to comprehend. Wealth management and privacy are not crimes, people have a right to privacy. If law enforcement or other authorities have good reason to look into a company there is a pathway to access the information. The UK persons and publications making noise about our product have no f**king idea what we do here they just know it’s too good for us!
I fear that what they are doing is trying to force an Independence showdown.
More likely is with have an Order in Council and lose our Financial Services Industry.
No matter as the people have seen no benefit from all this money over the years. Is has only lined the pockets of the political elites and friends and familly.
Fresh faces running the VI would be a good thing.
when there’s smoke… theres fire!!
i’ve learned over the years anytime our politicians make noise over something and behave brash then there is something serious they trying to hide and protect.
cant wait to see what is unraveled after a order in council pop off. Some of us will look like clowns after what may be discovered but here defending the same politicians and put us through the mud on a daily!
#pricecontrol
#hodgescreekRoad
#fakeFishers
#fakeFarmers
#FakeCollegeStudents
#poorInfastructure
#poorRoads
#sewageRoads
#Barges2patrolBorders
#VybzKartel
#MinimumWage
#BankOfAsia
These people are willful and crazy. So, if you create a fully public register for company ownership, what about insisting we do it for persons who have a bank account, where anybody off the street can go and get the info, which is an infringement of privacy and security.
What is wrong with these people always on our backs? What about their laws and companies?
@BuzzBvi The Uk take over of the BVI would be a better thing until we can find better people in the BVI to run the country.
@bvi? What nonsense. You, like many others is a traitor to the BVI. A benidict Arnold
Any country that has been “taken over” has been left in a worse position. Look at India among other places .. in fact look at the state of the UK now, maybe we should ask the resident and get their opinion
@BuzzBvi A better thing would be that the UK take over the BVI until we can find better people to run the BVI.This government has no respect for the UK and they keep getting away with what they are doing. They are not doing any good for the country it can’t get any worse than it is right now if the UK takes over for a while.
A better thing would be for you to go and live in your precious UK that you love so much.
what is the Governor’s position on this turn of events? Oh snap – he is on holiday and the local place-holder will not get a meeting with cabinet!
More of the same schemes and games playing out to destroy the fabric of this country for the few wannabe aristocrats and those who have desires to become that as well.
Let’s see what Parliament has to say about this issue…..
Please note:
The Virgin Islands are a group of small islands where the offspring’s of slaves live, and they are human beings.
They are not inanimate nor lifeless things to be taken over by whom ever so deemed to. They are human beings endowed with a mind, heart, soul and spirit.
They are human beings with human rights that must be respected either through the Universal Declaration of Human Rights or by the people themselves.
As, it is rather insulting and dehumanizing to some every single day to read comments about “UK COME TAKE OVER.”
If you want to become a slave owner, begin in your own back yard.
Frankly, this is one individual who has become tired of some people, their supposed free speech and their blatant disregard and even hatred for my people, my country and myself.
To the people who keep pushing that insulting dogma, please note:
1) When you are coming to take over, please bring the check for labor that done for four consecutive centuries of labor done.
2) Please bring a check commensurate with the riches the UK has amassed over those centuries of free labor.
3) Please economic tools and opportunities that will help to bridge the economic gap between the UK citizens and elites and the current VI people.
4) Please bring finances to continue to develop scholarships for us children, offspring’s of the people the UK got rich from.
5) Please bring finances to continue to develop the educational systems and not jails, the normal colonial practice.
When all those right and righteous and requisite moral titles long over due are done, then and only then, anyone with a human and or moral conscience can type or talk about coming in and taking over these islands.
As, those who have supposed ownership of them today gained that ownership through war, genocide of millions of human beings and appropriation of their lands.
All these calls for the uk to take over just showing that the people of the bvi have lost faith in the local leaders ability or willingness to improve the quality of life in bvi in any way. They say they going to fix the roads you seeing man with just a truck and a shovel doing the same old crappy patch work not even patting it down properly. They say they going to fix the water situation then you see they just plan to throw the problem on bviec to deal with to drag down bviec as well. They say they pushing for transparency but money missing and we can’t get no decent explanation as to what happen. If these man was doing what they supposed to you think the public wouldn’t have their back 100% England would a had to fight all a we! You can’t rally behind people what showing you all the time they don’t care about you.
So the legislation, IS NOT, in the best interest of the public, only, for those, with a “legitimate purpose”?
WHO, determines, legitimacy?
Ausar, wants to know!
a tiny country with innocent constituents being ruled over by locals who are a self serving confederacy of dunces.
Time is running out for the BVI Constitution. Order in Council looming on the horizon. BVI money laundering business coming to an end!
Despite mounting criticism from UK officials and advocacy groups, the British Virgin Islands has enacted a new law formalising its latest policy on beneficial ownership in the financial services sector.
OK. 6th LETTER OF THE ALPHABET THE UK.