BVI Finance welcomes the UK Government’s decision to postpone legislation seeking to force the BVI and other financial jurisdictions to adopt public registers of beneficial ownership by the end of next year.
A group of UK Parliamentarians had tabled an amendment to the Financial Services (Implementation of Legislation) Bill, looking to use an Order in Council to force the Overseas Territories (OTs) and Crown Dependencies (CDs) to enforce public registers by the end of December 2020.
The UK Government has indicated it will need further time to consider the amendment and a future date for a vote has not been confirmed.
Commenting on the postponement, Elise Donovan, Chief Executive Officer of BVI Finance, said: “We are pleased with the UK Government’s decision to postpone the vote on the amendment to its financial services bill. As previously expressed by Premier Fahie, it is concerning that some elements in the UK Parliament refuse to recognise the quality of the BVI’s leading financial services industry and robust regulatory framework as acknowledged by international standard setters, including the FATF and OECD.
“We, at BVI Finance and alongside the Government and industry, are committed to ensuring the BVI’s voice is heard on the matter and will continue to do everything we can to protect the interests and future of the jurisdiction.”