News
Public registers remain a concern for FSC- CEO Kenneth B. Baker
BAUGHERS BAY, Tortola, VI—The financial services sector in the Virgin Islands (VI)– one of two key financial pillars for the Territory- is facing an estimated 20 to 30 percent decline in business following mounting pressure from the United Kingdom (UK) to increase public access to beneficial ownership information.
UK agrees to ‘only legitimate interests access’ to VI’s company registers
LONDON, United Kingdom- The Virgin Islands, along with other Overseas Territories (OTs), in 2020 committed to implementing Public Registers of Beneficial Ownership by the end of 2023, providing it was a global standard.
Many investors cry foul over UK sanctions extended to VI, hurting business
ROAD TOWN, Tortola, VI- The average resident may not know that the United Kingdom (UK) Global Anti-corruption Sanctions enforced by His Majesty’s Treasury Department are having a devastating effect on the Virgin Islands (VI) economy.
OT’s & UK to establish 'technical working group' on Public Registers
ROAD TOWN, Tortola, VI- The Virgin Islands, along with other Overseas Territories (OTs) in 2020 committed to implementing Public Registers of Beneficial Ownership by the end of 2023, providing it was a global standard.
Crown Dependencies reconsider public registers of beneficial ownership
ST PETER PORT, Guernsey- Following the November 2022 ruling of the European Union Court of Justice to strike down the European Union (EU) mandate for public registers of beneficial ownership of all companies, the governments of Guernsey, the Isle of Man and Jersey have jointly announced they are delaying the implementation of legislation to implement full public access to registers of company beneficial ownership.
European court rules against EU on Public Registers of Beneficial Ownership
LUXEMBOURG CITY, Luxembourg- In a strong affirmation of the position taken by the [British] Virgin Islands and other British Overseas Territories over many years, the European Union Court of Justice today, November 22, 2022, struck down the European Union (EU) mandate for public registers of beneficial ownership of all companies.
'Pandora Papers' show London is a key hub for tax avoidance
LONDON, United Kingdom- While the United Kingdom has been pressuring the [British] Virgin Islands and other Overseas Territories to have Public Registers of Beneficial Ownership to fight against what it termed 'dirty money', the Pandora Papers has revealed London is a key destination of choice for some of the world’s richest and most powerful people to conceal their cash and avoid tax.
What about BVI? UK wants London exempted from global tax plan
LONDON, United Kingdom- In what has raised eyebrows and more criticisms of hypocrisy, the United Kingdom (UK) is seeking to have the City of London exempted from a new global minimum corporation tax system championed by the Group of Seven (G7) economies.
Public Registers: Premier Fahie warns Territory of worrying development
ROAD TOWN, Tortola, VI – Days after taking Office, Premier and Minister of Finance, Honourable Andrew A. Fahie (R1), has been met with an international conundrum regarding the decision by the United Kingdom (UK) to have the Virgin Islands (VI) implement Pubic Registers of Beneficial Ownership.
Public registers ‘fight’ will bring Constitutional review of UK powers over VI
ROAD TOWN, Tortola, VI - A legal fight between the United Kingdom (UK) and the Virgin Islands (VI), over the imposition of ‘public registers,’ will inevitably lead to a Constitutional review, with a focus on the powers of the UK to unilaterally impose legislation on the Territory.
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