UK MPs threaten Order in Council over BVI registers
The BVI is facing mounting pressure from UK Members of Parliament (MPs) over their proposed framework for a public register of company ownership.
According to a report in the UK Guardian, British MPs have accused the territory of attempting to weaken financial transparency measures, calling the draft policy a “shameful” effort to obstruct a crackdown on financial crime. The dispute has escalated to the point where UK lawmakers are threatening to impose an order in council — a rarely used legislative tool that would override local governance and force the BVI to comply.
The UK has been pushing for overseas territories, including the BVI, to implement publicly accessible registers of beneficial ownership (PARBOs). These registers are meant to reveal the real individuals behind companies, a move that anti-corruption advocates argue is essential to curbing money laundering, tax evasion, and financial crime.
Loopholes
However, MPs and campaigners have strongly criticised the BVI’s recent proposals, warning that they contain loopholes that would make it nearly impossible to determine company ownership.
Under the BVI’s draft policy, only those with a “legitimate interest,” such as law enforcement agencies, businesses, journalists, and civil society groups, would be able to access company ownership data. However, they would need to be directly involved in regulatory or legal proceedings related to financial crime or a criminal case where a court determines the data is necessary for the investigation. Furthermore, the company owner would be notified of any request for information and given five days to object.
In a letter to Premier Dr Natalio Wheatley, MPs Joe Powell and Andrew Mitchell argued that the proposed framework could “expose journalists to legal or physical intimidation when investigating high-risk stories on drug cartels, kleptocrats, or human traffickers.” They also warned that the notification process could act as an early alert system for “bad actors,” giving them time to liquidate assets before authorities intervene.
Shameful
Mitchell, a former development minister, condemned the BVI’s approach, 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 wish to travel under the British rule of law, under our flag and under our monarch, they must also accept our values.”
The BVI government has maintained that it is committed to transparency and combating financial crime but insists that implementing open registers requires a “tailored approach.” The government has previously stated that it supports the principle of public registers but believes they should only be implemented when they become a global standard, ensuring that the BVI is not placed at a competitive disadvantage compared to other financial jurisdictions.
The UK’s Foreign Office has also expressed concern over the BVI’s proposals, urging the territory to strengthen its approach. Officials reportedly conveyed their stance during a summit with overseas territories last November. Transparency International, a leading anti-corruption watchdog, has also raised alarms over the BVI’s position, calling for stronger measures to prevent illicit financial activity.
The BVI government has not officially commented on the latest criticism, but the debate highlights the growing tension between the UK and its overseas territories over financial regulations. The outcome of this dispute could have lasting implications for the BVI’s financial services industry and its constitutional relationship with the UK.
MPs are expected to discuss the progress of beneficial ownership registers during a debate in Westminster Hall this week.
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honestly speaking we need the order in council, our ministers will never reign in corruption because they benefit from it
You don’t not even an ounce of sense. Do you realize the nonsensical post that you just made?
Mirror
at this very moment HMRC is looking at the BVI with open eyes due to Abramovich , Chelseas old owner who opertated a business while in the UK that was based in the BVI through a trust company. He owes more than £1billion and if you think they aint coming to collect that, this proposal of allowing people to hide with bring the axe down from the UK.
What would you do for over a Billion dollars???
In the BVI we sit down and accept any old bullshit especially when it comes from the Great UK! Where in the BVI do we have a billion dollars hidden for anybody? It’s clear that these MPs are illiterate and have no idea about our financial services offerings.
Think rationally. No one is saying that there is a billion dollars here in BVI. The value would held through a company structure held by or via a BVI company
I think that was just simply a way of tracking down criminals.I think even other countries of the world are going through the same thing.international lawmakers are in every country doing the same thing.terrorist,sex trafficking,drug trafficking,etc.that is the problem.
under our flag and under our monarch, they must also accept our values.WTF
These people own companies and doing their dirty laundry in the bvi, we need to stop covering and collecting Pennies for each Dollar and start having integrity and busting these criminals!
Amen to that.
What is shameful is that the UK own offshore banking laws are far weaker than the BVI own! Yet they want to be here preaching to us? Don’t mind them clowns in the House of Commons. They only talking this ignorance because they are clueless and not wealthy enough. Check the House of Lords!
Sound like a lot of money washing local and outside but what to expect when drew was rdy to use the port’s a shipment point for Coco.
. watch out for them drugs man/woman businesses
Iam,gas affli,h&f,4deh culctha(not really in thing ATM) I’m not sure
BVI barely have local banks so where are the billions hidden in BVI? These people are so f**king stupid! The irony of it all is the Russians and others have all their money in London and they are here messing with us over nonsense. The real issue here is that they do not like the fact that all these brown people are down here living good lives, good houses, good properties, great jobs and great standard of living while they are in the city living ‘hand-to-mouth’, that is all this is about. This is not about combatting money laundering or anything. Again, show me which bank in the BVI have billions hidden for anyone. We set up corporate structures, most of which have their bank accounts overseas. If you want to follow the money, follow the banking jurisdictions. If you want the real bad guys, check Delaware, London, New York!
There are private banks in the BVIs. Also, a strategy used is to have a BVI company manage assets and cash in other equally opaque jurisdictions.
And what they REALLY want is to stop the competition or get a cut. And we fall for it everytime. And the People you have their own motives for the UK to come in because they think they are entitled to run the BVI applaud and and every opportunity to point and say “see” this is why we need you to come in.
The same way a journalist is not allowed to walk into a bank and look through people’s bank accounts, it’s the same way they cannot expect to walk into the registry or a registered agent to access people’s private information. The proposal by the BVI is for those with legitimate interests like law enforcement etc. would follow the necessary process to obtain required private information. This is nothing new in the world when it comes to dealing with persons delicate financial information. You also need to ask yourself who polices the UK’s pretend public register. Go to the UK’s Company House and type ‘Donald Duck’ and see how many companies DD is beneficial owner of. I hope our leaders grow some balls and tell the UK to go F**K THEMSELVES!
WE THINK WE SMART ,AND TRYING TO PLAY GAMES WITH THE WHITE BOYS AS WE DOES DO ON THEM ISLAND PEOPLE , BUT THE TOMMYS IS MORE CUNNING , AND IS WATCHING EVERY MOVE WE TRY THEN AGAIN WE HAVE WIGO ON TMHIS THRONE ON HIS YELLO SITE THROWING ROCKS AT THEM , WHICH IS ONLY THROWING GAS ON THE FLAMES , SO THIS EGOTISTICAL NERD IN HIS CRAVING FOR ATTENTION IS REALLY ATTRACTING ATTENTION TO US , THANK YOU WIGO , WE REALLY NEED TRANSPARENCY
Your values used to be slavery. I guess we were supposed to accept that too.
The UK will enforce the Order in Council in the BVI and send these corrupt politicians to prison because the UK MP’s have a ‘legitimate interest’ in the future of the BVI. .
The BVI has been a parasite economy for too long, allowing wealthy individuals to divert tax money out of their home countries and hide it in the BVI.
And no we do not want to remain under the British Crown. Free us please.
Our stance on this needs to remain the same. Until it’s a global standard and everyone offering these services has to do it we not doing it. I think that’s reasonable. Otherwise you only seeking to put us at a disadvantage. These offshore clients don’t have no loyalty to bvi they will just do the same thing somewhere else if bvi not working out for them any more. I don’t see how you fixing the problem of tax evasion when only a handful of your overseas territories has to comply with this nonsense.
The more evidentual reasons to get from under these colonial not serving or care about the Black skins boots.
They arenot stupid at all.
They are on an campaign to flood. he local people with false information and lies, fool them, sway their thinking in their favor.
Once the brain washing has occured, the people will then rebel against itsel, opening the iteded door for them o come in and take over.
Hence, we must not besimple minded. They have rooms full of computers and minds who do nothing elsebut spread propaganda. This is not a new, it has been going on for decades now. Theyjust havenotgotten to where they want to beyet. But their propaganda machines spies and destabilisers are here doing their work.
Last, looking at all the daily comments on this site, the cognizant eye and mind can discern most to not of loccal thinking.
The white UK man has never had a good thought for he Black Tortolian and never, never will If hecould turnback the hands of time he will, but that empire is slowly sinking in the west.