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Public Registers: VI dodges ‘Financial Bullet’

-as British PM yanks Bill forcing implementation by December 2020
The Virgin Islands (VI) and other Overseas Territories and Crown Dependencies yesterday, Monday, March 4, 2019, dodged a ‘Financial Bullet’ when British Prime Minister, Ms Theresa M. May ‘yanked’ the House of Commons led, Financial Services Bill. Photo: VINO/File
The move was met with strong criticism by members of the House of Commons in support of the amendments. Photo: Internet Source
The move was met with strong criticism by members of the House of Commons in support of the amendments. Photo: Internet Source
The Bill, if enacted would have forced territories such as the VI, to implement 'Public Registers of Beneficial Ownership' by December 2020—a requirement that threatens to cripple the VI’s Financial Services Sector, according to leading experts (Photo Depicts the HQ for VI's Financial Services Commission). Photo: Internet Source
The Bill, if enacted would have forced territories such as the VI, to implement 'Public Registers of Beneficial Ownership' by December 2020—a requirement that threatens to cripple the VI’s Financial Services Sector, according to leading experts (Photo Depicts the HQ for VI's Financial Services Commission). Photo: Internet Source
Recently elected VI Premier, Honourable Andrew A. Fahie, had on Friday last warned those residing in the Territory of the ‘worrying development.’ Photo: VINO/File
Recently elected VI Premier, Honourable Andrew A. Fahie, had on Friday last warned those residing in the Territory of the ‘worrying development.’ Photo: VINO/File
WESTMINISTER, London, UK - The Virgin Islands (VI) and other Overseas Territories and Crown Dependencies yesterday, Monday, March 4, 2019, dodged a ‘Financial Bullet’ when British Prime Minister, Ms Theresa M. May, ‘yanked’ the House of Commons led, Financial Services Bill.

The Bill, if enacted would have forced territories such as the VI, to implement 'Public Registers of Beneficial Ownership' by December 2020—a requirement that threatens to cripple the VI’s Financial Services Sector, according to leading experts.

Own Jurisdiction, Democratically Elected Govt’

Moments before the decision to pull the Bill was announced, the Prime Minister's official spokesman said Crown Dependencies are their own jurisdictions with their own democratically elected governments.

As such, "they are responsible for their own fiscal matters.

It was noted that "given the beneficial ownership amendments were tabled on Thursday (February 28, 2019), it is only right their implications are given proper consideration."

Her Majesty’s Treasurer, also came out in support of the pulling of the Bill, saying, “the Beneficial Ownership amendments were tabled on Thursday, and we want to give them proper and thorough consideration…The Government will not move the Bill today but will reschedule it to ensure that there is sufficient time for proper debate.”

Arrogant Snub

The move however, was met with strong criticism by members of the House of Commons in support of the amendments.

According to a UK Mirror report, Dame Margaret E. Hodge, described the move as a "deliberate and arrogant snub" to Parliament.

Andrew J.B. Mitchell of the British Conservative Party said it was an "egregious sleight of hand by the Foreign Office."

Hilary J.W Benn of the Labour Party said, "Not only is tackling financial crime and money laundering essential for the reputation of this country but if the government feels that it can get away with changing a date that has been contained in an amendment to legislation which has been passed by this House.

"If it can do it on this bill then what is to stop it doing it on lots of other bits of legislation?"

Speaker John S. Bercow, called the entire situation, "a very odd state of affairs altogether."

Naomi Hirst, Senior Anti-Corruption Campaigner at the campaign group Global Witness, said:  "It’s outrageous that the Government has pulled today’s vote on transparency in the UK’s territories.”

Concerned

Recently elected VI Premier, Honourable Andrew A. Fahie (R1), had on Friday last warned those residing in the Territory of the ‘worrying development.’

Hon Fahie in an address to the VI and its residents on Friday March 1, 2019, said, it was important to bring to the attention of the people of the VI a new development in the UK Parliament that is of great importance to the Territory.

The Premier was adamant the amendments to bring forward the implementation deadline is being sponsored and promulgated by “those who are misinformed about the BVI and to date do not appreciate our role in international business and the world economy.”

According to Premier Fahie, the VI Government has already begun liaising with the UK Government and other OTs and Crown Dependencies , “who the amendments will also affect.”

He disclosed that, “they too are concerned as we are about what is happening and are considering what measures to take.”

It is unclear when the Bill will be returned to the UK Parliament for debate and a likely vote.

11 Responses to “Public Registers: VI dodges ‘Financial Bullet’”

  • wize up (05/03/2019, 10:40) Like (7) Dislike (18) Reply
    change in the administration or what!!!!!
  • ... (05/03/2019, 10:40) Like (8) Dislike (17) Reply
    VIP prayers did this
  • Yes.. (05/03/2019, 11:42) Like (28) Dislike (14) Reply
    Fahie's first win!
  • $$$ (05/03/2019, 11:43) Like (9) Dislike (1) Reply
    Will the UK take its tax dollars to fill the hole left by its decision!!!!
  • Proud of my VIP (05/03/2019, 16:41) Like (9) Dislike (9) Reply
    Very nice Premier. The goal of the OTs should be to have an arrangement with the UK where these attempts should not be allowed to be reintroduced once it has been regected.
  • The TRUTH (05/03/2019, 21:09) Like (2) Dislike (0) Reply
    The Cabal is on the run. People all over the world are waking up at an alarming rate, making the elite very nervous, they are not quite sure what to do now. Their time has run out and despite all attempts the tide is turning. Its time for all who love freedom and justice to unite and bring peace to our planet.
  • Political Observer (PO) (05/03/2019, 23:46) Like (6) Dislike (0) Reply
    It would be a big cause for celebration for the OTs if PM Teresa May pulling the bill were permanent. It is a temporary reprieve of the inevitable. Dame Magaret Hodge is not going to let the issue rest. IMO, PM Teresa May is skating on thin ice so she may only a be partner for a likle while. Moreover, UK folks will look out for the UK (both the Opposition and Government). The UK is of the opinion that the UK is losing money from the success of the OTs financial sector.

  • Best for job (06/03/2019, 00:21) Like (6) Dislike (9) Reply
    Thank god we have an vip government as myron cannot handle this like Fahie
  • cromwell (07/03/2019, 13:58) Like (0) Dislike (0) Reply
    People need to read the commentary by the Prime Minister's official spokesman, the official stated that the Crown Depebencies, not the Overseas Territories, are their own jurisdictions.
    This is not over.


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