Premier insists BVI won’t allow fishing expeditions in registries
Premier Dr Natalio Wheatley has insisted that the BVI will not permit “fishing expeditions” into its beneficial ownership registers, defending the territory’s approach to company transparency.
The Premier’s comments come as the territory prepares to implement a new system of legitimate interest access. Dr Wheatley explained that the BVI has already demonstrated responsibility by exchanging beneficial ownership information swiftly with competent authorities such as those in the United Kingdom.
“We won’t allow fishing exercises. We won’t allow persons just to go around in a register going through persons’ personal data without being able to demonstrate that they have a valid reason for being able to do that,” Dr Wheatley stated.
He said the government’s approach balances transparency with privacy, noting that international courts have struck down the concept of open public registers.
“The concept of a completely open register has been dismissed and dispelled by the court,” Dr Wheatley explained. “There are laws that protect persons from those types of things, and we have to honour and respect those laws”.
The Premier recalled that a 2018 amendment to UK legislation had sought to impose open registers on overseas territories, with a deadline of December 2023. He said negotiations with the Foreign, Commonwealth and Development Office, along with legal precedents such as a 2022 European Court of Justice ruling, helped the BVI resist that requirement.
“We were able to avoid that happening through our negotiation, through using reason with the Foreign and Commonwealth and Development Office and the United Kingdom government,” Dr Wheatley stated. Under the framework adopted by the BVI, access will be available only to those who can demonstrate a legitimate interest, with a high threshold for private citizens.
“You cannot elevate regular citizens to the status of law enforcement,” Dr Wheatley argued.
He added that companies will have the right to be notified when information is requested and may object if disclosure could endanger beneficial owners. The new regime, set to take effect in April 2026, was developed following public consultation and industry collaboration.
Beneficial ownership details will only be disclosed where there is clear evidence of wrongdoing or legitimate grounds for investigation. The policy includes exemptions for cases involving national security, minors, or risks of fraud, kidnapping or intimidation.
The Premier emphasised that financial services remain central to the territory’s economy, contributing about 60 percent of government revenue, and that protecting the industry’s reputation is critical.
“We have to defend them. And we have to make sure that they work well, that they function well, that they’re well-regulated,” he insisted.
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Did C.O.S-C not have a radio show thi week? We are being starved of real news. I don’t have a radio. Help.
“You cannot elevate regular citizens to the status of law enforcement,” – Why? Our law enforcement are regular citizens. Most of them aren’t even citizens, to be fair. They seem to feel they don’t need to be vetted, so they’re just like the rest of us.
“…following public consultation and industry collaboration”… yeah, yeah… we have all heard this before. Did the “consultation and collaboration” happen before or after the decision was made?
Continuing to help criminals and terrorists protect their dirty money, and squandering the rewards to the public anyway, whilst ignoring or actively destroying the other key industries which might keep us fed when financial services are gone.
Good job buddy, you didn’t have to try too hard to sound like an idiot. Would you like the BVI Beacon, BVI News or VINO to have access to your bank accounts? WTF is the difference? Privacy is not a crime! There is a reason the Police need a warrant to search your house as opposed to just barging in and searching because they ‘think’ you are doing something wrong. If someone is using a BVI entity for wrongdoing and the necessary law enforcement agencies request the information, they will get it. How hard is that to understand?
Is a valid reason “public interest”?
Hon. Premier, charge for the privilege… The BVI has a gov’t fee or license for pretty much everything else except the air we breathe… So charge for the privilege of browsing the database. $100 per individual enquiry, or maybe $200. Keeps the riffraff out that way.
$1,000.00 per word of looking. Keep their backslides in their own lane from snooping on us. They think we are still their colonial slaves. Time for revolt then.
Go snoop in same UK and Delaware in USA. Poor mankind, sah!!
The BVI’s proposed access regime is not compatible with global corporate transparency efforts. Genuine beneficial ownership disclosure should empower investigators to detect suspicious activity and expose corruption—not create bureaucratic barriers that protect those with something to hide
From a professional criminal justice perspective.
My gut is telling me that public access to beneficial ownership registers is unlawful. My simple reason is citing serious interference with and access to my personal data rights. Those personal and fundamental rights are legal and must be protected.
is simply an artificial person. Human persons must have the privilege to search the artificial persons for the human person members and directors names. Nothing less!
Why suffer the BVI people for a few mafia and drug cartels hide their monies here because they financing political parties with campaign finances?
You want a moomoo like me to think it’s something patriotic to stand up for the people against the UK and this registry thing?