BVI News

UK’s House of Lords also approves public register policy

The upper house of UK parliament known as the House of Lords has accepted the policy that forces the British Virgin Islands and other Overseas Territories to reveal the names of beneficial owners of offshore companies registered in those jurisdictions.

The policy, which is an amendment to the UK’s Sanctions and Anti-Money Laundering Bill, passed in the House of Lords on Monday, May 21.

This comes exactly three weeks after the UK’s lower parliamentary house (the House of Commons) first passed the amendment.

And with support from both the upper and lower houses of UK parliament, the amendment is now expected to be given to Her Majesty the Queen for Royal Assent.  The BVI and other Overseas Territories have until December 2020 to comply.

It is feared the policy will drive business from these Overseas Territories towards other less regulated jurisdictions that also provide financial services.

More to come.

‘This could alter our relationship with the UK’ — Premier

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32 Comments

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  1. Sky says:

    Wow, what a timing!

  2. Boss says:

    The LORDS have spoken. INDEPENDANCE. LOL.

    • Ok says:

      Yeah you probally have no clue what that mean. Ok “we independant now nobody can tell us what to do!” Wants to go sxm, st thomas to shop or puerto rico or miami. “You need a visa to visit here”. “I never knew independance means that now we now have to pay another country to defend our shores because we have no army that we must set up our own trade deals and that there is a big chance that the country can become more corrupt because there is no regulation, price control and that we can become blacklisted” you must really think that the change will not be drastic…watch people apply for green card and run to america….the complication for somewhere as small as the bvi would be crazy….I dont know about you guys but I do like the idea of being able to move back and fourth (we use st.thomas airport to get around think about needing a visa now) and being able to live in 2 countries..

  3. Reader says:

    This is not the end. Jehovah God is still Lord, is still in control and is still the Alpha and Omega, the beginning and the end. He is Creator, Redeemer, ultimate Provider and ultimate Savior.

  4. wow says:

    THE NDP IS BAD NEWS….FLOODS, HURRICANES AND NOW THIS

  5. Sky says:

    March we must!

    • Theo says:

      I really dont get why people think a march will do anything. sure go ahead and do it, but the UK has no vested interest in the BVI, only the tycoons do.

  6. Cubanish says:

    No independence

  7. @Sky says:

    March to go where????????

    Alyo better go chill aLyon behind down by the Sunday morning well and accept the change.

    We don’t want no indecence. UK British citizens we will stay.

    Only special interest groups talking crap all day.

    I heard one about how she gotta pay some made to clean she house.

    Tek you lazy behind up and clean your own house now. Cut back on your high pedestal and live like we normal people.

    All the cronies who got all that peddle back tax money or dirty money from hiding the Russian mofis money must come public lets see the millions you have hiding.

    Corrupt nincompoop!

    • @ Making a fool of says:

      You need to listen to yourself and you will realize that you sound like a ja*k a*s. It will affect the entire country do get ready to cook on three stones and bring water in your head.

  8. WOW says:

    Every week something going wrong under this NDP gang. It is just one plague after a next. The NDP have a curse on the BVI.

  9. daniel says:

    let us MARCH to express our dsgust @ so called mother country’s stupidity @ this stage o our civilisation britain to act likee this is very unbecoming

  10. Political Observer (PO) says:

    There are dark gathering clouds swirling violently over the BVI. In August 2017, it was inundated by a historic flood; in September 2017, it was devastated by 2 Cat 5 hurricanes (Irma and Maria); and now in May 2018, the UK parliament is imposing a change in the Sanctions and Anti-Money Laundering Bill that requires that OTs established a register of beneficial occupancy.

    This bill was a severe head shot to the BVI; it can adversely impact the economy, employment, quality of life, standard of living……..etc. It has the potential to set back the BVI’s economic growth and development. But it is no surprise that the HC and HL voted the way they did. Both UK government and opposition are about the UK’s interest, not the BVI’s; it has always been that way from 1672 to today. Where will the BVI go from here?

    It will be morning in the BVI tommorow and it will require a patient and steady hand in plotting the way forward. The BVI does not have too many options. It can play with the hand it is dealt and work with the UK to maximize available opportunities or it can elect to go it alone. Independence is not a rosy option though. In the short-term, the BVI needs to shore up the financial services industry to the maximum extent practical. And for the long-term, it needs to work on diversifying the economy.

    • Onething says:

      There are other ways of going independant. Look at st.maarten and aruba they are independant countries within the kingdom of the netherlands or maybe a status change like a commonwealth or even the french west indies option…..full independance with a seat on the united nations would’nt be a sensible option..thats if you want to consider that.”some bvi people” are too proud for their own good and would’nt like the idea of joining the other caribbean islands in joining the EC…..frankly hiding money used for terrorism, tax evasion, wars and other bad practices should’nt be something to be proud of. I just want to know though is how you people would feel about visas going to the usvi, america and other places?

      • One more thing says:

        I like how you insinuate money is being hidden for terrorism and other crimes. Goes to show how little you know about the BVI and its industry.

    • well, well well says:

      You have been expecting it, say you have been preparing for it, it has happened….. Why are you fighting it? Accept it, where is plan B, which you should have in place already. STOP with the nonsense, focus on recovery, fix the island with the recovery money and MOVE ON! If there is dirty money let it go elsewhere! The Financial Pilar is and will still be here for honest companies. It is not like the Financial Service will dry up and blow away. We have the God given product and opportunity (via loan guarantees) to make the BVI’s better than ever. Leaders, Opposition, et al.. sit down, talk, organize, focus on country rather than party and personal gains.

      • Reasonable Man says:

        “Well, Well” is right. This industry is much more than about secrecy. There is still a need for a tax and regulatory neutral jurisdiction for offshore business interests to conduct business from. It has lost attractiveness for only a smaller part of its clientele. The benefits of English law, the body of talent that exists here now, the assurance association with the UK provides and the good reputaion of the BVI in general all remain.

  11. strupes says:

    THAT TRIP ANDREW AND DOC MADE WAS A WASTE OF TIME AND MONEY

  12. Hodgie says:

    Some people taking this thing for a joke. Will affect everyone on these little islands miserably. Don’t matter which P you all support. But everything in the dark must come to light. Not we’ll all see what our economy is made of. For sure we have been living off other people dirty monies. So if we have nothing hiding then we shouldn’t have a problem. Glad I didn’t waste my money like the government been doing for years.

  13. Sam the man says:

    If you remember Dr Smith reassured us all that they had been planning for this event expecting it to become a fundamental requirement – I for one am looking forward to hearing about all the preparation work that has been done and the options moving forward as financial services are the main economic pillar and we must evolve to survive. Global financial transparency is coming and it’s futile to organise a petulant March (instigated by a ——!) that defies the anti money laundering legislation! We will look like a$$es!!! The argument that it’s unconstitutional and we should be allowed to continue with our secretive dealings of dirty money is a v poor one and we should be ashamed to have been led blindly down this path by the wolf in sheeps clothing – but heh he has the connections and lots of money so let’s be his pawns….

  14. Reality says:

    This will be good on so many fronts for the BVI – stop a get rich quick mentality and a focus on hard honest work to support yourself and your family….House prices will soon correct to much more affordable levels and we can focus now on tourism,fishing a and agriculture. It hasn’t been right for the NDP to oppose this anti money laundering legislation and I fear there recent visit to the UK and First Ladies outspoken comments will have damaged relationships….remember we need the UK more than it needs us and they supported us excellently after Irma – Independence would be v foolish but the way the ” No Direction Party” lead us I wouldn’t be surprised….

  15. Lordie says:

    Snap ELECTION a fe come!

    Run it!!!

  16. Bvimike says:

    What needs to happen is support economic diversification and boost tourism. New industries must be supported and new resort projects be allowed to develop in an effort to boost tourism numbers. This should include legalization of marijuana which is booming in North America and would be a boom to tourism expenditures.

  17. Laura says:

    This is the outcome of the collateral damage of selfish leadership.Our leaders remain anemically disengaged with the real world and the effects their ruthless and power hungry actions have and continue to have on our nation.But who do we have to blame for this car crash non one but ourselves, we the populace voted them in.. led by people who cared more about (and exert) power as opposed to purpose and balance of the livelihood of our little nation. Time for assertive action now BVI. The wakeup call has long passed us by.#wheretogowhattodo

  18. Eagle eye says:

    We can’t allow these white people to put us back into slavery and up to date they haven’t paid for their ignorant pass as yet

  19. Sam the man says:

    Maybe now that the legislation against money laundering will happen the March on Thursday should actually be to demand:-

    – His talked about financial recovery plans as this legislation was expected to happen – yet to see if he made this up?

    – His visual aids about recovery which he talked about over a month ago – where are they?

    – His prediction on 20 March 2018 that the economy will grow by an amazing 6% next year – will he admit that this was just a foolish prediction/guess?

    – His role in stepping in to fix the immigration mess promised on 16 Feb 2018 – the reality is he’s done nothing and things if anything have got worse – so much for the slick digital computerized process promised….

    We must make our leaders accountable rather than just drift on clueless and lacking any vision at all – that goes for everybody without exception on the NDP party….

    • Ovah su cabesa says:

      The March on Thursday is not about “whether or not legislatiom against money laundering will happen”..no offense, please take my suggestion in the spirit inteded. Learn to read. Amazing how many bloggers are pitifully informed due to inability to read and most importantly,comprehend. Walking breathing functioning illiterates in a country where education is free.

  20. Bye BVI says:

    Time to sell property and march out of the BVI before all value drops….

  21. BVI says:

    The BVI like Cayman Islands will challenge the U.K. Parliament decision on constitutional grounds. I dare say they have a very good case.

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