"The British Virgin Islands has never shied away from its responsibility in fighting illicit activity, and our commitment to balancing transparency with privacy remains unwavering." said Ayana Glasgow, Executive Director of International Business Regulations, Ministry of Financial Services, Economic Development, and Digital Transformation.
This sentiment was underscored at a critical BVI Finance Breakfast Forum, moderated by Elise Donovan, CEO of BVI Finance, to discuss the ongoing Consultation on the Rights of Access to the Register of Beneficial Ownership for BVI Business Companies and Limited Partnerships. The consultation which opened on January 17, 2025, ends on February 28th, 2025.
Ayana provided an insightful overview of the consultation process, highlighting key considerations, objectives, and the BVI's commitment to aligning with international standards while maintaining its position as a trusted and competitive financial jurisdiction.
"Our goal is to ensure that the framework we establish reflects best practices while protecting the legitimate interests of beneficial owners," Glasgow emphasized. "We must strike the right balance between transparency and privacy, and we welcome stakeholder feedback to refine this approach."
The discussion addressed concerns about the potential risks of exposure or abuse and the safeguards being put in place, such as exemption processes, appeals mechanisms, and notification protocols. Glasgow reassured attendees that the BVI remains steadfast in its stewardship of sensitive data and will implement robust protections.
The lively Q&A session saw participants raising crucial questions regarding the proposed categories of individuals eligible to request information and the measures in place to prevent misuse. Glasgow explained that the framework being developed would include mechanisms to grant exemptions and appeals, ensuring that individuals with legitimate concerns about data exposure could seek protection.
When asked about how the BVI compares to other jurisdictions in implementing access to beneficial ownership data, Glasgow noted that there is no universal standard and that different countries are adopting varied approaches. She reiterated that the BVI is committed to adhering to best practices while tailoring its policies to suit its specific financial services ecosystem. "We are trying to strike that balance where we maintain our reputation as a transparent jurisdiction while also ensuring that we do not compromise privacy and security unnecessarily," she stated.
Another key question centered on the potential for abuse of access requests. Glasgow reassured attendees that stringent eligibility criteria would be established to ensure that only those with a legitimate interest could obtain access. "This is why stakeholder input is crucial," she explained. "We want to make sure that the categories of access are well-defined, robust, and not open to manipulation or abuse."
Stakeholder participation is essential in shaping the final policy, and the consultation remains open until February 28, 2025. Feedback from industry professionals, regulators, and users of BVI companies worldwide is encouraged to ensure a comprehensive and effective framework. Comments can be submitted via email to boconsultation@gov.vg.
"We invite all stakeholders—whether in Asia, Europe, Latin America, or elsewhere—to actively engage in this process," said Glasgow. "Your insights will help us craft a policy that not only upholds global best practices but also ensures the BVI remains a premier international financial center."
For more information on the consultation and upcoming discussions, please email boconsultation@gov.vg
Click here to view the breakfast forum video
For further information please contact:
Shamahl A. Smith
Communications and Research Officer
ssmith@bvifinance.vg |Tel: 284-852-1957