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News

February 4th, 2025
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.

November 26th, 2024
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.

November 25th, 2024
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.

May 17th, 2023
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.

January 6th, 2023
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.

November 22nd, 2022
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.

October 5th, 2021
'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.

September 12th, 2021
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.

March 2nd, 2019
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.

August 22nd, 2018
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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