Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7) has said legitimate interest access is the way to go when it comes to beneficial ownership information. Photo: GIS

Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7) said Baroness Margaret E. Hodge, the United Kingdom’s (UK) anti-corruption champion (left) and Minister for the Overseas Territories, Hon Stephen J. Doughty (right) have acknowledged legitimate interest access is the way to go when it comes to beneficial ownership information. Photo: UK Government

The VI is working on launching the Virtual Integrated Registry and Regulatory General Information Network (VIRRGIN) by early 2026. Photo: Internet Source

Public Registers of Beneficial Ownership is seen by the Virgin Islands (VI) as a threat to its highly regulated financial services industry, and the territory has maintained that it would comply once it was a global standard. In the meantime, the VI created a system whereby anyone having legitimate reasons to access the registers would be allowed to.

The United Kingdom (UK) took a firm decision that its overseas territories (OT) needed to implement new registers of corporate ownership last month. The deadline, which was in June 2025, was missed by some OTs, including the Virgin Islands (VI). 

During a press conference on July 21, 2025, Premier Wheatley sought to clarify this ongoing matter. 

The press conference was called to give the territory an update on his meeting with Minister for the Overseas Territories, Hon Stephen J. Doughty and other UK Government officials, July 14 and 15, 2025, during which several matters were discussed stemming from the Commission of Inquiry (CoI). 

UK acknowledges legitimate access is the way to go

Premier Wheatley also attended the UK-Overseas Territories Illicit Finance Dialogue during his visit to the UK. 

“As it pertains to the legitimate interest access, I’m pleased that Minister Doughty, the FCDO, and even Baroness Hodge- the anti-corruption czar- has acknowledged that legitimate interest access is the way to go,” Premier Wheatley said, despite wanting “fully public, open registers”.

Baroness Margaret E. Hodge, the United Kingdom’s (UK) anti-corruption champion, is set to visit the VI on either the invitation of Premier Wheatley or dispatched on a fact-finding mission by Minister Doughty, regarding the VI's slow pace in implementing measures to fight financial crime. 

We’re on the right track

The Premier added that the VI is “on the right track” when it comes to legitimate access and implementing illicit finance regimes. 

“The United Kingdom, of course, would have wanted our system to come online earlier; we acknowledge that, and we also acknowledge that they may have some challenges with some aspects of our policy.”

Premier Wheatley said he explained to Minister Doughty that the system and policy created by the VI was not done in isolation but following “strong consultation” with the industry, receiving sound legal advice, and after scrutinising constitutional safeguards like the right to privacy, the right to have personal data protected and managed responsibly. 

Global standard

“We also had to acknowledge that this is not a global standard and the best way to tackle any challenge and any problem is to have a global standard; so until we have that global standard, there are limitations about how far we can go,” the Premier said. 

The VI is working on launching the Virtual Integrated Registry and Regulatory General Information Network (VIRRGIN) by early 2026. 

VIRRGIN will replace the BOSS system currently used for beneficial ownership transparency.

“Minister Doughty, I believe, understood the position, and we pledged to have further ongoing dialogue,” he stated.