The Virgin Islands has taken essential steps to align its financial sector with international standards to fight financial crimes through the launch of a new system. Photo: Internet Source

According to a statement from the Financial Services, Economic Development & Digital Transformation, the LIA system follows an extensive programme of legislative, operational, and technical work. It is aligned with the approach taken by other financial centres globally, including the European Union’s 6th Anti-Money Laundering Directive (AMLD6). Photo: Facebook

On Wednesday, April 1, 2026, the Government of the Virgin Islands launched the new Legitimate Interest Access (LIA) system, which is now operational. This system enables eligible applicants to request access to beneficial ownership information.

According to a statement from the Ministry of Financial Services, Economic Development & Digital Transformation, the LIA system follows an extensive programme of legislative, operational, and technical work. It is aligned with the approach taken by other financial centres globally, including the European Union’s 6th Anti-Money Laundering Directive (AMLD6).

Important step against global economic crime 

The statement added, “This represents an important step forward in further strengthening The Virgin Islands’ financial system as part of the global fight against economic crime while protecting key privacy rights of individuals.”

The new LIA system, particularly following the regulatory shifts in the EU and UK Overseas Territories (e.g., Cayman Islands) from 2024 to 2025, provides structured, authorised access to beneficial ownership registers. This access enables journalists, NGOs, and businesses fighting money laundering to obtain sensitive company data.

“This approach is consistent with that taken by other Overseas Territories and reflects the broader international direction of travel for financial centres, including in the European Union, where access to beneficial ownership registers is now moving toward legitimate interest-based models following the 2022 Court of Justice of the European Union (CJEU) ruling," the statement added.

New platform provides increased access  

Delivered through the modern and secure VIRRGIN platform, the new system allows journalists, academics, and civil society actors to apply for access to verified information contained in the Virgin Islands’ Register of Beneficial Ownership when they can demonstrate a legitimate purpose related to anti-money laundering, counter-terrorist financing, or counter-proliferation financing.

The statement emphasised that the LIA reflects the Territory’s ongoing commitment to best practices while maintaining appropriate safeguards for individual privacy and data protection, which are subject to strict legal guarantees under the Virgin Islands’ Constitution. It is fully consistent with measures taken by jurisdictions worldwide, aligning with best practices in corporate transparency, anti-money laundering (AML), counter-terrorism financing (CFT), and counter-proliferation financing (CPF).

Historic achievement for VI 

Premier of the Virgin Islands, Dr. the Honourable Natalio D. Wheatley (R7) stated, “This Regime represents a significant milestone of which we should all be proud. Following a comprehensive domestic and international stakeholder engagement process, we have now established a balanced framework that strongly deters financial crime while protecting the right to individual privacy outlined by our Constitution. The result is a historic achievement which will ensure The Virgin Islands retains its place as a trusted, internationally respected jurisdiction for decades to come.”

Meanwhile, Hon. Lorna G. Smith, OBE,(AL), Junior Minister with responsibility for Financial Services and Economic Development, added, “The Virgin Islands has long played a pivotal role in safeguarding the integrity of the global financial system. This regime builds on that record by enhancing transparency and strengthening global efforts to tackle financial crime in accordance with best practice – reinforcing our position as a trusted and responsible financial centre."