Junior Minister for Financial Services, Labour and Trade, Hon Lorna G. Smith, OBE (AL), has said there is, in fact, a need for Overseas Territories (OTs) of the United Kingdom to have more collaboration. Photo: Internet Source

(L-R) Talking Points Co-hosts Damion C. Grange, Violet Thomas-Gaul, guests for Financial Services, Labour and Trade, Hon Lorna G. Smith, OBE (AL), Executive Director of International Business Regulations, Ms Ayana I. Glasgow, and Co-host Elvin G. Grant. Photo: Facebook

During Talking Points on Monday, September 15, 2025, on ZBVI 780 AM, Co-host Elvin G. Grant remarked, “One of the statements that government put out, maybe a year or so ago, was that the OTs were going to work together in a collaborative fashion to sort of push back against some of these narratives that were being put forward by the OECD [Organisation for Economic Co-operation and Development], the [United Kingdom] UK government and so on.”

He asked Hon Smith about the progression of this initiative and if a steering group or working group was in place for collaboration among OTs. 

There is need for greater collaboration 

Hon Smith said that while the OTs meet annually for the Joint Ministerial Council Meeting between the Overseas Territories and the United Kingdom, as well as the OTs' annual meeting to discuss “matters of mutual interest”, there is no established OTs group. 

“I would say, quite upfront, there is a need for greater collaboration between the Overseas Territories, and it is something that we need to, as Overseas Territories, make more of an effort to achieve.”

Several OTs missed the June 2025 deadline to implement new registers of corporate ownership set by the UK. Minister for the Overseas Territories, Hon Stephen J. Doughty, had said then that the UK government is committed to “tackling illicit finance”. 

Legitimate access & a global standard

Grant, in setting the foundation for his next question, said that when it comes to legitimate access, it seems that different OTs are tailoring to their particular market, and in some way, undermines other OTs. 

“So, for example, there’s been a little bit of pushback against our definition…is there anything you’d like to say about that?” He asked. 

Hon Smith said it needs to be made clear that there is “no global standard” for public registers and explained that, in terms of the Overseas Territories, even including the Crown Dependencies, they all have different models and different products. 

“For instance, Bermuda is a leader in insurance, BVI is a leader in companies, corporations, and Cayman is a leader in funds…the BVI has come up with a policy that is based on legitimate interest access.”

This policy, she reiterated, is one the government is pleased with, Hon Smith continued. 

“It is one that we are confident satisfies the needs of our clients as well as satisfying the needs of persons who have an interest in pursuing illicit activities.”