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by pltm
(PLTM) - A new innovative technology platform, BOSSs (Beneficial Ownership Secure Search System), was unveiled to the industry on Wednesday, February 1, BVI Finance announced today, Friday, February 3.
The platform, which will go live in June, will allow BVI law enforcement to share information with UK law enforcement within 24 hours, and demonstrates the Territory's ongoing commitment to ensuring its systems and processes remain market leading.
At the heart of the new platform is a searchable portal that provides BVI law enforcement authorities with direct and immediate access to verified beneficial ownership information on any BVI company.
The platform was presented to 85 attendees by Mr. Neil Smith, Financial Secretary at BVI Finance’s breakfast forum.
Mr. Smith was joined by BDO’s Deputy Managing Director, Ryan Geluk, and Technical Risk Services Manager, Guy-Paul Dubois, representatives of the company that developed the platform.
The BOSSs system was developed in March of 2016 by a team comprised of key players at BDO and the International Tax Authority (ITA), the Financial Secretary and other industry professionals. Extensive tests have been conducted to ensure data protection.
According to BVI Finance, the BOSS platform meets all international standards as defined by the Financial Action Task Force (FATF) and demonstrates the Territory’s ongoing commitment to providing the appropriate balance between privacy and transparency.
It will operate in a similar way to the Territory's current exchange agreement with the UK Government, ensuring beneficial ownership information can be shared with treaty partners rapidly and efficiently.
“Over the past 30 years the BVI has carefully built a market leading financial services proposition and a robust regulatory framework. We believe the implementation of BOSSs will strengthen this even further and cement our position as a leading international finance centre," Smith said.
He added that this initiative clearly demonstrates BVI’s commitment to cooperating with international law enforcement agencies to help identify and tackle instances where the Territory's structures are being used inappropriately.
"We’re delighted that this will put the Territory at the very forefront of best practice in regard to obtaining and managing beneficial ownership information," the Financial Secretary stated.
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