BVI News

Gov’t moves to convince UK to dump public registers, rely on BOSSs

Premier Andrew Fahie (foreground) beside former Premier Dr D Orlando Smith.

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.

READ: What are public registers

“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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  1. i dont care wha a man seh says:

    They need to send Fraser along with Fahie to the UK to negotiate this deal

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    • Thames says:

      No, send Dancia. She is the best one suited for this.

      Plus this would be a good opportunity for Andrew and her to settle their differences.

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      • @Thames says:

        I am in the Financial services industry and I must admit that the new Premier is doing an excellent job. He is doing better than most ever thought he would.

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  2. Ausar says:

    This is a good move, Andrew!

    On this issue, the offense approach, in its incept, works best!

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  3. Next step says:

    What we need to be discussing is ways we can work around such implentations. Instead od focusing mainly on the UK decisions has the Government meet with the stakeholders in the BVI what measures are in place for plan B

  4. Eagle eye says:

    Now we need Dancia Penn to run for the fourth district under vip to deal with these situations.

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    • Quiet Warrior says:

      The VIP has a candidate, Luce Hodge-Smith,, for D-4. Dancia exercised her option to run independent for an at Large seat. Of course she can run independent for D-4.

  5. The General says:

    Dude. I think that ship has sailed. Delay to 2023 is fine, but they’re not going away entirely. Note the differing treatment of caribbean jurisdictions and offshore centres physically closer to EU in blacklisting today.

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  6. Let Fahie Do His Job says:

    these other characters will only F..k things up.

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  7. Politico Nuevo says:

    It will be Herculean battle to take the fight to the UK on this issue but it is battle worth waging. Dame Magaret Hodge is not going to let this issue rest. As such, the VI should not fight this battle alone. It should be partner with other OTs in waging this battle. There is strength in numbers and unity.

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