Got TIPS or BREAKING NEWS? Please call 1-284-442-8000 direct/can also WhatsApp same number or Email ALL news to:newsvino@outlook.com;                               ads call 1-284-440-6666

VI's position on PARBO will continue to meet human rights obligations - Gov't

-Position to align with ECJ affirmation of privacy & data protection as fundamental human rights
“The safeguarding of these fundamental human rights necessitates the application of a ‘legitimate interest test’ to determine access for those parties whose request for beneficial ownership information is genuinely aimed at preventing or combatting money laundering and terrorist financing,” Deputy Premier and Minister for Financial Services, Labour and Trade, Hon. Lorna G. Smith said. Photo: GIS/File
A government statement added that the VI for many years, has played a proactive and significant role in the international arena, battling against the misuse of its financial sector for money laundering, terrorist financing and other illicit purposes where transparency is key to this but so is respect for international law. Photo: Internet Source
A government statement added that the VI for many years, has played a proactive and significant role in the international arena, battling against the misuse of its financial sector for money laundering, terrorist financing and other illicit purposes where transparency is key to this but so is respect for international law. Photo: Internet Source
ROAD TOWN, Tortola, VI – While British Overseas Territories (OTs) and Crown Dependencies including the [British] Virgin Islands (VI) have previously committed to the implementation of publicly accessible registers of beneficial ownership, commonly referred to as PARBO, the Virgin Islands has taken a new position based on a recent decision by the European Court of Justice.

The commitment to implementing PARBO was on the basis of European Union (EU) Member States' implementation of the EU Fifth Anti-Money Laundering Directive, however, the decision late last year by the European Court of Justice changed the international context, affirming privacy and data protection as fundamental human rights which must be respected and appropriately weighed when providing such access.

Given this, a release from the Government of the Virgin Islands (VI)  has indicated that the Government has determined that while the Virgin Islands does not fall within the ambit of the ECJ, in light of legal opinions received on the ECJ judgement and the constitutionality of creating a PARBO in the Virgin Islands, it considers that its approach must take into account the ECJ judgement to help minimise the risk of legal challenges on human rights grounds.

“The safeguarding of these fundamental human rights necessitates the application of a ‘legitimate interest test’ to determine access for those parties whose request for beneficial ownership information is genuinely aimed at preventing or combatting money laundering and terrorist financing,” Deputy Premier and Minister for Financial Services, Labour and Trade, Hon. Lorna G. Smith said.

VI plays a significant role sector 

A government statement added that the VI for many years, has played a proactive and significant role in the international arena, battling against the misuse of its financial sector for money laundering, terrorist financing and other illicit purposes where transparency is key to this but so is respect for international law.

“The Minister has therefore confirmed that the Government will, continue to undertake the technical work of designing and building systems that deliver on its commitment to implement a PARBO consistent with the standards to be identified in the implementation review of the EU’s Fifth Anti-Money Laundering Directive, but this will be done in way that ensures its human rights obligations are met,” the Government release detailed.

Hon Smith added, “Our commitment to international standards is unwavering. We are not just participants; we are collaborators and leaders, sharing vital information and insights to aid global efforts in the fight against financial crime."

Hon Smith said an example of this is the exchange of information agreement with the UK which has been critical in freezing over US$400 million in assets in accordance with relevant obligations under the Russian sanctions regime.

8 Responses to “VI's position on PARBO will continue to meet human rights obligations - Gov't ”

  • The watchdog (09/12/2023, 14:58) Like (2) Dislike (3) Reply
    The uk making life difficult for us again Lawd help us
  • Lb (09/12/2023, 15:00) Like (3) Dislike (3) Reply
    Pretty savvy response! Lorna is still in our corner
  • hmm (09/12/2023, 23:14) Like (0) Dislike (1) Reply
    Registers of beneficial ownership are required in multiple countries for foreign entities that carry out various types of businesses. Even. The rogue US jurisdictions such as Nevada North Dakota and Wyoming have it. The UK already requires it for entities holding real property. Once it is. It accessible to mischief makers just keep it moving. Folks need to stop responding to the dog whistles.
  • Citizen (10/12/2023, 02:26) Like (1) Dislike (1) Reply
    Where is a plan to consider the several options to address the challenges surrounding the global minimum tax?
  • Malcolm X (10/12/2023, 07:25) Like (1) Dislike (1) Reply
    INTERNATIONAL BUSINESSES have been TAX FREE for years an years in the bvi; it is quite evident that there are many locals who are barely grasping at straws to make financial ends meet.
  • jack (10/12/2023, 10:55) Like (1) Dislike (0) Reply
    What about all the payroll taxes paid that affect locals more than the off shore sector?
  • Working hard (11/12/2023, 07:21) Like (0) Dislike (1) Reply
    I see someone working hard to keep the laundromat open.


Create a comment


Create a comment

Disclaimer: Virgin Islands News Online (VINO) welcomes your thoughts, feedback, views, bloggs and opinions. However, by posting a blogg you are agreeing to post comments or bloggs that are relevant to the topic, and that are not defamatory, liable, obscene, racist, abusive, sexist, anti-Semitic, threatening, hateful or an invasion of privacy. Violators may be excluded permanently from making contributions. Please view our declaimer above this article. We thank you in advance for complying with VINO's policy.

Follow Us On

Disclaimer: All comments posted on Virgin Islands News Online (VINO) are the sole views and opinions of the commentators and or bloggers and do not in anyway represent the views and opinions of the Board of Directors, Management and Staff of Virgin Islands News Online and its parent company.