British House of Lords Voting Against Public Beneficial Owners Register

The amendment proposal for the Cayman Islands, British Virgin Islands and four other British Overseas Territories to implement public register of beneficial owners behind offshore companies registered in these jurisdiction was rejected in British House of Lords, by 211 to 201. The peers voted during the debate on the proposed Sanctions and Anti-Money Laundering Bill; the public register requirement was for the purposes of “preventing money-laundering”.

The amendment, if accepted, would allow the UK government to demand the offshore countries to provide details of companies’ owners. It was already the fourth time when the idea of public registers was discussed in the House of Lords.

In the opinion of the Conservative member of the Lords who argued against the proposal the law enforcement agencies do not support public registers as they actually don’t help law enforcement. He also noted that the UK overseas countries already shown themselves“extremely efficient in responding to the requests of policing and other agencies”.

Other concerns expressed included the potential identity theft that can be facilitated by the public register of beneficial ownership, as well as possible loss of business in favour of competitors. There were also warnings against legislating for self-governing overseas territories.

BVI Government Receiving US$65.5mn in Loans and Grants

The board of directors of the Caribbean Development Bank has approved that US$65.5 million will be provided to the government of the British Virgin Islands, in loans and grants. The loans are aimed to assist with the recovery, rehabilitation and reconstruction of social and economic infrastructure in the jurisdiction.

According to the preliminary assessment report estimates of the BVI government, there are US$3 billion in damage and losses from Hurricane Irma, which is three times the annual gross domestic product of the country. 

The rehabilitation and reconstruction project which includes several components is to strengthen the socio-cultural and economic preparedness and resilience of the British Virgin Islands to future climate-related hazards. It will be supported through US$65.2 million loan and US$300,000 grant.

In Autumn 2017, three immediate response loans were already approved by the Caribbean Development Bank, totalling US$2.25 million and an emergency relief grant of US$200,000 to the British Virgin Islands after the Hurricanes Irma and Maria, and Tropical Storm José.