Premier Andrew Fahie has said the focus of his office is now to convince Britain how the BVI’s Beneficial Ownership Secure Search system (BOSSs) is a better alternative to the UK-mandated public registers of company beneficial ownership.
“BOSSs can be extremely effective aids to law enforcement authorities and much more so than the unverified public register which the UK hosts,” Premier Fahie said.
Fahie then described the UK’s campaign to legislate for the BVI in terms of public registers as a “constitutional overreach”.
He made those statements following the UK government’s position that it needs more time to contemplate the amendment to its Financial Services Bill.
The amendment would force the BVI to implement public registers by 2020 — three years earlier than the 2023 reprieve the BVI was recently granted.
“The UK government has indicated that it will need further time to consider the amendment and a future date for a vote has not been confirmed. While we welcome this move, we remain vigilant,” he said.
“In particular, the government of the BVI will continue to engage with UK government ministers and parliamentarians, outlining the reasons why we reject the basis of the amendment and the amendment itself,” Premier Fahie added.
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