The British Virgin Islands (BVI) Government’s UK delegation recently hosted a highly successful roundtable with senior figures from the UK’s financial services industry, marking a record attendance for such an event. The session provided a comprehensive update on the latest political, legislative, and regulatory developments in the Territory.
Held at BVI House in London, the panel session featured remarks from Premier, Dr. the Honourable Natalio D. Wheatley, Deputy Premier and Minister for Financial Services, Labour and Trade, the Honourable Lorna Smith, OBE, Ayana Glasgow, Executive Director of International Business Regulation, Ministry of Financial Services, and Kenneth Baker, Managing Director and CEO of the Financial Services Commission. At least 30 top executives from London’s leading corporate services providers and law firms active in the BVI attended, setting a record for participation at this annual event.
The discussion centred on the BVI’s progress in implementing the National Action Plan following the publication of the Caribbean Financial Action Task Force’s Mutual Evaluation Report (MER), alongside a broader legislative update. Specifically, Mr. Baker addressed amendments to the Business Companies Act and the transition from BOSS (the beneficial ownership register) to VIRRGIN (the corporate register). Ms. Glasgow discussed the latest developments on Publicly Accessible Registers of Beneficial Ownership, including the ongoing review of the "Legitimate Interest" test. The panel noted that further industry consultations would take place in the coming weeks.
Additionally, the panel provided an update on the BVI’s financial services diversification strategy, focusing on efforts to position the jurisdiction as a global centre of excellence for digital assets. This follows the introduction of the Virtual Assets Service Provider Act last year.
Commenting on the event, Deputy Premier and Minister for Financial Services, Labour and Trade, the Honourable Lorna Smith, OBE, said: “The UK is a critical market for BVI’s financial services industry, and we’re pleased to engage with key sector leaders here. As a leading international finance centre, we continually strengthen our regulatory and legislative frameworks to maintain world-class standards and uphold global expectations. The record attendance at the London Circle meeting underscores the growing interest in how we are evolving our products and services to meet industry needs.”