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  by pltm
• May 24, 2018
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(PLTM) - The Sanctions and Anti-Money Laundering Bill received the Royal Assent and became an Act yesterday, May 23 bringing into force the United Kingdom’s move to impose public registers on Overseas Territories including the BVI.

However, the people of the BVI including politicians have come together to march through the streets of Road Town this afternoon to register their rejection over the move which will severely affect the economy.

The BVI government has stated that the changes to the financial services sector are not likely to occur until another two years.

Premier and Finance Minister Hon. Dr D. Orlando Smith at a joint press conference held with Opposition Leader, Hon. Andrew Fahie said that, the government is committed to pursuing all available legal channels to ensure that publicly available beneficial ownership registers are introduced in the BVI only if and when they become a global standard, which would establish a level playing field for all.

“According to the rule of law and the BVI’s constitution, the fundamental rights of privacy of all persons, including citizens and corporate entities, must be protected and upheld,” he said yesterday afternoon.

Premier Smith said that, they believe this is a deeply flawed policy because the BVI has the Beneficial Ownership Secure Search System (BOSSs) which balances privacy and transparency – two fundamental elements which underpin ‘our’ globally recognised and internationally compliant approach to beneficial ownership information.

“Honourable Fahie joined me on the delegation which went to express our views in London. His presence and continued engagement is testament to the unified approach we are taking to tackle this together as a Territory,” Premier Smith stated.

The Finance Minister assured that, government remains focused on the fight against financial crime and ensuring that law enforcement authorities have access to verified beneficial ownership information.

He noted that, it will also do all in its power to ensure that the financial services sector remains an integral part of the BVI’s economic future.

Today’s march is being held from 4.00 pm at the Sunday Morning Well to the Government House and speakers will include, Premier Smith, Hon. Fahie, Leader of the Opposition, Hon. Kedrick Pickering, Deputy Premier, Bishop John Ivan Cline, and the Decision March Organiser, Ms. Patsy Lake, 1968 Positive Action March Leader.

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