Premier hits back at ‘malicious’ UK attacks

Premier Dr. Natalio Wheatley has pushed back against UK lawmakers’ claims that the British Virgin Islands (BVI) is attempting to weaken financial transparency measures.

UK Members of Parliament (MPs) criticized the territory’s proposed framework for a public register of company ownership, arguing that it obstructs efforts to combat financial crime. The BVI’s draft policy would grant access to ownership data only to individuals with a “legitimate interest,” such as law enforcement agencies, businesses, journalists, and civil society groups. However, some UK MPs have condemned the proposal as a “shameful” attempt to shield financial criminals.

Premier Wheatley strongly rejected these allegations, stating that the BVI is an active partner in the fight against financial crime and works closely with UK enforcement agencies, including the National Crime Agency (NCA), His Majesty’s Revenue and Customs (HMRC), and the Serious Fraud Office.

“The coordinated attack on the jurisdiction serves to mislead the public and pressure the UK Government to take colonial measures against the territory,” Wheatley said. “Financial crime is a global issue, and tackling it effectively requires regulation, transparency, and collaboration—but also fairness and honesty among all stakeholders.”

The Premier emphasized that the BVI is not a safe haven for illicit activity and pointed to the territory’s strict regulatory oversight, which surpasses that of the UK’s Companies House, where no verification of beneficial owners is required.

“Our financial services industry operates under some of the highest regulatory standards in the world,” Wheatley said. “Non-compliant firms face fines, licence suspensions, or revocations.”

Wheatley also stressed that the BVI has consistently exceeded international transparency standards for over 40 years and has enforced UK sanctions, including those imposed in response to Russia’s invasion of Ukraine.

UK’s push for stronger measures

UK MPs, including Andrew Mitchell and Joe Powell, have urged the BVI to adopt fully open registers to prevent corruption and money laundering.

Mitchell, a former development minister, accused the BVI of helping criminals launder illicit funds, stating, “This is nothing other than a shameful bid to continue to manage stolen funds and assist in money laundering from sources close to the sex trade and the drugs trade.”

He added, “If the BVI wishes to travel under the British rule of law, under our flag, and under our monarch, they must also accept our values.”

In a letter to the Premier, the MPs warned that the “legitimate interest” requirement could expose journalists to legal or physical intimidation when investigating drug cartels, kleptocrats, and human traffickers. They also argued that the policy’s notification process could serve as an early warning system for criminals, giving them time to move assets before authorities intervene.

The UK Foreign Office as well as Transparency International, a leading anti-corruption watchdog, has also criticised the BVI’s stance.