UK wants to dictate our economic progress
Junior Minister for Financial Services Lorna Smith has stated that the United Kingdom tries to dictate the shape of the Virgin Islands’ economy, arguing that such interference undermines the people’s right to self-determination.
Speaking in the House of Assembly, Smith said the UK’s approach to issues like public access to the registers of company beneficial ownership shows an ongoing attempt to control how the BVI manages its financial services industry — a key pillar of the local economy.
“What I’m seeing today is the administering power, that is the United Kingdom, dictating what the economy of the Virgin Islands should look like,” Smith told the House. “And I say this on the basis of deep experience.”
Smith anchored her remarks in the United Nations General Assembly Resolution 2635 of 1970, which affirms that all peoples have the right to determine their political status and pursue their own economic, social, and cultural development without external interference.
She said while the Virgin Islands has long championed transparency in its financial services, the UK’s insistence on “unfettered access” to beneficial ownership registers goes beyond global standards.
“There is no global standard in relation to public access to registers of beneficial ownership,” Smith said, noting that the BVI had already invested heavily in systems like the Beneficial Ownership Secure Search (BOSS) system, which provides verified information to law enforcement within hours if necessary.
Smith pointed out that the European Court of Justice ruled two years ago against such open access based on privacy rights, and that even many EU member states and the Crown Dependencies have not introduced public registers.
She said the BVI has sought to strike a balance between privacy and transparency through its new “legitimate interest” policy, which allows access to beneficial ownership information for those who can prove a connection to anti–money laundering or counter–terrorism investigations.
Despite those measures, Smith said, “This has not been good enough for the United Kingdom.”
The junior minister also questioned whether the governor’s role in representing both the UK and the Virgin Islands was being fairly carried out, saying the arrangement now appears “very lopsided.”
Smith’s comments come amid growing debate over the BVI’s constitutional future and the call by some leaders for greater political and economic autonomy from the UK.
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We need you to tell us what happened to our 5 Million dollars that was put in the Bank of Asia. You direct of our economic affairs where you want to benefit who you want. Give us a simple answer, why was the money put in that bank and who authorized it. Two simple questions and neither you or Natalio could answer for months now?
And our infrastructure looking like this ? have you been drinking that Kool-aiD , if its such a success why do we need their financial AiD •¿• ( while our master weatie & company has double their salaries and sh*t on the poorer class / remember we came with two empty hands and we will leave with two empty hands ,” LIVE AND LET LIVE ” DON’T BE SO GREEDY •
You all could fix all the roads, bring new school, bring new water line, bring new Road Town, bring everything new we still voting you all out. Fix as much as you all can. Enjoy your pensions.
Anyone but you or HOA13 is fine.
What happened to our $5Million?
This woman would do anything for power. Look how she drank Natalio’s left over kool-aid that was mixed by Andrew Fahie. She has no shame whatsoever.
There has been no economic progress. Quite the opposite. You’ve helped bring disrepair to the BVI time and again whilst continuing to line the pockets of yourself, your friends and your family. Sit down and shut up. You’re a disgrace.
What economic progress Delilah talking about. Ain’t got nothing happening here and it isn’t the UK’s fault that every Caribbean country has gone past us. It is your fault for joining that government that you campaigned against and called incompetent. When Natalio fired you you went all about calling him incompetent. And within two months you joined back the incompetent government for power. You want to have the ministry for yourself because Natalio doesn’t pay attention to anything and all he want to do is travel all over and do no work. So you get to run show. Power hungry
The CoI gave a few clues as to why our economic progress is as it is; that and refusing the UK loan guarantee.
Can we dictate that you tell us why that money was given to BoA? Can we also dictate that you pleeease never run again? We do not want you back in the House. You betrayed us big time and we just want you gone now.
If the BVI gains independence who’s gonna pay for their new salaries the people? BVI survives off of tourism and if independence were to be put into play don’t you think tourism would reduce?
Speaking of economics… Where’s our $5 MILLION ???
Are telling us what to do?
Without the UK economy and NAFTA where would the British Virgin Islands (BVI) be in terms of having an economy?
Stealing
It’s very simple, make the registers publicly available online and via API.
Simply exclude the personal information from it such as residential addresses, date of births. It’s done here in the UK as such and as a British country, they are simply seeking to have alignment across British countries.
The banks and other financial institutions use it to verify identities and perform due diligence checks when those businesses apply for products.
It’s the kind of work that needs to be done to give the likes of PayPal confidence that they can allow money to be settled into those business accounts from overseas in real time because they know the BVI institutions have done the required due diligence.
You already have this information in the BOSS system. Redact the necessary information and make it available. These companies will not be surprised.
Same Natalio dictating us? Lol
this junior minister should refrain from any public comments until the missing $5 million deposited in HER Bank of Asia is found!!!