Gov’t hits back at UK claims over transparency delays

The government has rejected what it called “highly misleading” claims published in the UK Guardian, accusing the territory of failing to meet deadlines for financial transparency reforms.

Premier and Minister of Finance Dr Natalio Wheatley said in a statement on Wednesday that the BVI “strongly refutes the highly misleading portrayal of the territory in recent international press reports,” which suggests the government is undermining efforts to fight illicit finance.

The Guardian reported that the BVI had missed a key April deadline to publish plans for opening access to beneficial ownership data for those with a “legitimate interest,” part of a UK transparency initiative. The outlet also criticised the BVI for unveiling a cartoon mascot, Riley Right, before passing the relevant legislation.

Dr Wheatley defended the campaign as a legitimate tool to increase public awareness.

“Tackling such an issue requires engagement from all stakeholders. As is appropriate, we have undertaken a range of local initiatives, which include our new campaign featuring Riley Right, to educate the VI community on key issues such as money laundering and how to safeguard against it in a simplified and engaging way,” he stated.

The Premier said the campaign complements, not replaces, international obligations.

“To view this campaign in isolation is not only reductive — it fundamentally misrepresents the scale and seriousness of the reforms we have undertaken,” he said. “It neither replaces nor diminishes our international commitments. On the contrary, it reinforces them.”

Dr Wheatley said the BVI has already enacted legislative reforms and created new institutional frameworks, including a Sanctions Unit, in line with Financial Action Task Force (FATF) standards.

“Our substantial progress on beneficial ownership transparency demonstrates this commitment,” he added.

He said the government reaffirmed its pledge in 2024 to implement legitimate interest access and had extended a public consultation to ensure stakeholder input.

“We are now in the final stages of policy development. The resulting framework will be submitted to the UK government imminently and made public shortly thereafter,” Dr Wheatley said.

The Premier also pointed to the technical upgrades underway, including migrating beneficial ownership data to the government’s VIRRGIN corporate registry platform, which replaces the previous BOSS system.

“These actions underscore our unwavering commitment to transparency, good governance, and international cooperation,” he said.