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by pltm
(PLTM) - If there was any question as to whether the BVI will bow to the United Kingdom’s (UK) request for automatic publishing, in full, lists of beneficial ownership of companies [who own offshore firms], Premier Hon. Dr. Orlando Smith has provided the answer.
Speaking this week at the 2016 Business BVI Asia Annual Regional Conference in Hong Kong, Premier Smith said the BVI’s position remains the same when it comes to beneficial ownership.
" ...We are committed to supporting the development of a global regulatory framework that is fit for purpose. However, I want to reassure you that we respect the need that many BVI clients have for privacy. The debate on beneficial ownership and our part within that is a clear demonstration of our approach," he said.
"We have noted the calls for public registers of beneficial ownership and we have said no to public registries."
Premier Smith said that the BVI's belief is that its own systems are strong and work well.
"As you will all know, to register a company in the BVI you must have a registered agent; that agent must be licensed by the regulatory authority and must undertake due diligence so that they are aware who a beneficial owner of a company is," he said, adding, " Whilst we contend that the systems that we currently have in place are effective, we recognize that new standards are emerging and as such we are improving our mechanisms for sharing information with competent authorities and for cooperating in mutual legal assistance matters."
The Finance Minister said that at the same time, the BVI also firmly believes that it is equally important to give you and your clients the assurance that they will vigorously guard their systems to ensure the highest levels of security are maintained to safeguard the levels of privacy and confidentially that clients value in BVI structures.
"It is our intention to continue to engage with influencers in this area. This will include HMG, the media, especially in the UK, as well as wider political stakeholders and civil society," Premier Smith said.
It was the UK's former Prime Minister, Mr. David Cameron who had requested for British Overseas Territories (OTs) and Crown Dependencies to provide full public ownership details, but the BVI refused. In May, it made international headlines when the BVI was not invited to Cameron’s anti-corruption summit in London, seemingly because of its refusal. BVI London Office Director, Mr. Benito Wheatley has also said in no uncertain terms, that the BVI has always been willing to cooperate with international standards, but that has to go through the proper channels. The UK now has a new Prime Minister, Theresa May. In August, Premier Smith had indicated that he could not say at that point if government will renegotiate the issue surrounding beneficial ownership with the new PM.
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