BVI News

Governor backs BVI in UK’s ‘public register’ controversy

Premier Dr D Orlando Smith (foreground) and Governor Augustus Jaspert.

Governor Augustus Jaspert does not support the United Kingdom’s decision to impose public registers of beneficial ownership on the British Virgin Islands.

Premier Dr D Orlando Smith gave that indication at a press conference after the controversial decision last week.

“He (the Governor) is disappointed because he’s put a lot of work into this as well,” Dr Smith told journalists.

“During the past several weeks while we’ve been dealing with this issue, certainly, Governor Augustus Jaspert has been working very hard … to help to avoid this result,” the Premier explained.

The decision to impose public registers forces the BVI to reveal the names of beneficial owners of offshore companies in the territory. The policy, which also affects other British Overseas Territories, is predicted to cause economic fallouts for the BVI.

Dr Smith said the decision “does not speak well about the partnership” between the BVI and the UK.

However, he noted that the decision to impose public registers was a move by the UK’s parliamentary Opposition and not the UK’s central government led by British Prime Minister, Theresa May.

Meeting

Meanwhile, a meeting is being held on Thursday (May 10), when members of the Board of BVI Finance Limited will discuss the possible impacts of the UK’s decision. The meeting is also to ‘brainstorm ways the BVI will move forward’.

The meeting will be held at the Moorings Conference Room from 7pm to 9pm.

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20 Comments

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  1. AllBaloney says:

    Is it possible that a minister’s names will appear as the beneficial owners of these companies? Why don’t we create a law requiring ministers to disclose their financial holdings?

    • @Allbaloney says:

      We did but there is no punishment by law if they dont. Listen we played into the British hands with how loose we ran Financial Services.

    • Richard says:

      That is a very good idea!!!

    • Oh says:

      Well why not get the banks to publish everyone’s accounts and loan history since we are so transparent. would you like that? I’m sure you won’t, so what’s the difference in plastering people’s private commercial business for the entire world to see?

      • Rubber Duck says:

        Well when you want to come to live here that’s exactly what you have to do.

      • Brent says:

        For a private citizen no but definitely “YES” for holders of public office that serves their constituents and as taxpayers it is in our best interest that information be made available to the general public.

  2. WTF says:

    I hope those that are in the meeting are stake holders in the industry that actually know what they are talking about. For sure this Government has no damn clue how financial services works and that is why we are in this mess. Get advice from the businesses that operate financial services and they will advise you how to get it back together. That is assuming that you listen to what they say and have the balls to implement it!

  3. strupes says:

    I thought we had britain eating out the palm of our hands??

    • Vicky says:

      You do realize that it’s the opposition in the UK and not the Government are the ones pushing this right? The May Administration have voted in BVI and the other OTs favor every time this came up but this time because of the make up they were outnumbered.

  4. Aight says:

    If you running or holding public office I say you should declare ALL interests to avoid any conflict of interest. Now these ‘ministers’ and their ilk all are running scared due to this. How many of our ministers have businesses that benefit from government contracts or providing services every month to said BVi Government? I can care less about a Russian or some other despot interests being on a register. Those whom have nothing to fear shouldn’t get their knickers in a twist – it’s rather those with dirt to hide that are all shook up rite now.

    • Free Soul says:

      We already have something like that in BVI and it is called the Register of Interests but no elected official has declared anything.

  5. Political Observer (PO) says:

    Ah wah ah gawn hay, meh son! Why does the Premier have to channel the Guv? Why can’t the Guv speak for himself? Here is a news flash. Though the Guv seems like a decent guy, he is here representing Her Majesty, not the BVI. Cattle feed where they are tied or penned. Assume that the UK pays the Guv salary and it does not we should have some say on who is apppointed as Guv; people are loyal to whoever is paying their salary. The Guv is here punching his career progression ticket.

    If the Guv is publically disagreeing with the UK, it is a Trojan Horse; it is a mirage; it is make believe. No doubt, the FCO may be giving him a likle latitude. It seems like the BVI is out to sea with a disable engine and a piece of oar. However, it has to work diplomatically, strategically, tactically and proactively to minimize the damages from the implementation of the register of beneficial ownership. Behaving emotionally, impulsively and reactively is not helpful, particularly when it has so few options and little leverage. Under the current status, the UK is holding the trump card.

  6. Reality says:

    This is irrelevant as the UK Government have decided it will happen so it will the No Direction Party were planning for it anyway – isn’t that what the Premier told us last week – don’t worry we all cool we planned for this eventuality years ago…..then he held an emergency meeting!

  7. VI says:

    This is the beginning of the cavity. More to come as the new UK government attempts to destroy all who they see as treats to their economic agenda. We are feeling the toothache, and they are hoping we will pull the tooth by going independent to destroy us once and for all. Sad the mother country is behaving like this to their OTs

  8. Rubber Duck says:

    I asked a former Governor what he regarded as his number one task. “ To keep the UK govt off our backs “ he said.

  9. Starvin’ Marvin says:

    Wasn’t BvI Fs built on the underwritten fact that the UK ties enabled it to be viewed as reliable and therefore promotable worldwide in the wake of Noriega’s fall? So if BvI goes independent whom internationally (Beijing maybe..hmm) would promote our FS? What if the U.K. and EU blacklisted us? What would FS look like in the aftermath of such?

  10. Boo says:

    I hope Gov also backs the COI on the Port project.

  11. devon says:

    This place is crumbling !

  12. lol says:

    lol Gov playing baba black sheep with the Premier

  13. Brad Boynes says:

    England is a B-tch. B-tch now.????

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