They are back! UK’s House of Commons to vote on Public Register for OTs
According to a BBC News article on April 26, 2018 the House of Commons is expected meet on Tuesday May 1, 2018 and high on the agenda is an amendment that will force OTs like the Virgin Islands to make public beneficial owners of financial services companies. According to the article, Members of Parliament (MPs) will debate the amendment to the Sanctions and Anti-Money Laundering Bill.
While there is strong support on both sides of the argument, some believe that supporters for the bill will "defeat the Government in the Commons vote.”
What does the Amendment mean for the VI & other OTs
The bill stipulates that, “the UK government help overseas territories set up a public register of the beneficial ownership of companies within its jurisdiction - and, by December 31, 2020, prepare an Order in Council requiring the government of any British Overseas Territory that has not introduced a publicly accessible register to do so,” the article said.
The financial services sector, one of the two main economic pillars of the VI, is mostly effective when the confidentiality of ownership is maintained. A public register would likely undermine the financial sector by greatly reducing business.
VI defenders
Premier and Minister of Finance, Dr The Honourable D. Orlando Smith (AL) has defended the VI’s decision to keep beneficial owners registers private and the notion that the territory is a tax haven.
However, it was Mr Julian Willock that mounted the greater defence when he took on a BBC reporter after the Panama Papers leak and strongly defended the VI’s Offshore financial services sector and again when he spoke in an interview with the United States Public Radio, NPR, against the double standards of the bigger powers in wanting to stop the VI’s facilitation of global financial trade.
After the announcement of the victory in the House of Lords in January of this year, Mr Willock, a political candidate and former Government Permanent Secretary, had cautioned the premier and others in the Financial Services Sector to “remain vigilant” as it was his belief that “the critics of what we do here will come back again through the backdoor trying to push the public disclosure issue.”
In an invited comment on the upcoming meeting of the House of Commons, the aspiring politician said lobbyists of the Beneficial Ownership Register “are back again and will not stop until they undermine our financial services sector."
Mr Willock further told our newsroom that "the objective has not changed to reduce or eliminate our ability to make honest money from this sector..."
He urged the Dr Smith led administration to keep fighting to preserve our legitimate right and role in facilitating global financial trade.
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18 Responses to “They are back! UK’s House of Commons to vote on Public Register for OTs”
You should start by getting ya ass off this blog and go actually do something from just blowing a bunch of smoke like these government reps.
We are we no situation anymore to banter, let's get moving ahead and except whats about to happen. BVI is broken and needs help. The people need assistance in so many ways, the U.K. will not be looking at new range rovers for government employees but schools being repaired and working from the ground up for the people.Sadly everyday I hear of more people leaving, belonger and all.
Remaining strong is challenging.
privacy of the individual is essential and is a basic right. those trying to get 'public registries' and pubic disclosure
of individuals private bank accounts and assets, are themselves criminals and sick in the head. this business of
trying to defend invasion of privacy in the name of 'money laundering' is plain nuts. the usa started this under
Obama, whether you like to acknowledge that or not, since you welcomed him here right after Trumps inauguration.
But now the European Union (or is it the Soviet Union?) demands everyone everywhere turn out their pockets,
as well. Just say no. I didn't move to the BVI to be under European rule. That is crap.
I agree with Smith here that this is an affront to the constitution. However after the Development Authourity ACT it is obvious that our Government's failure to behave as a proper steward over the last decade or so has left them as effective as a limp penis trying to have sex.
Pardon the pun they are now impotent and unable to stand up against this or anything else thrown at them. Unfortunately us BVIslanders will be reduced to peasants and left with nothing more than a mess of pottage in the new gentrification of the BVI that will follow their catastrophic failures.
Long live the parasitic political oligarchy! (said in as sarcastic a tone as possible)