BVI Government Confirmed its commitment to Public Register of Beneficial Ownership

The government of the British Virgin Islands has approved the commitment to introduce public registers of beneficial ownership for BVI-incorporated companies. Andrew Fahie, the Premier and Minister of Finance of the jurisdiction, informed the House of Assembly that the government would work towards a publicly accessible register of beneficial ownership for companies.

The Premier also emphasized that the progress of this issue would be “in line with international standards and best practices as they develop globally” and would aspire to match the EU’s most recent anti-money-laundering directive. He also said: “In advancing this commitment, we will be informed at all times by global best practice at the time within a timeframe that we consider deliverable.”

According to the Foreign Office Minister for the Overseas Territories and Sustainable Development, the BVI would be adopting public registers by 2023.