REMARKS BY PREMIER AND MINISTER OF FINANCE
DR. THE HONOURABLE D. ORLANDO SMITH, OBE
AT THE DECISION MARCH

MAY 24, 2018

Virgin Islanders and residents of this Territory, good afternoon.

We are deeply disturbed by the decision in the United Kingdom which threatens to impose public registers on the BVI.

The House of Lords earlier today debated the validity of a House of Commons amendment to require public central registers of beneficial ownership in the Overseas Territories (OT) during their Consideration of Commons Amendments to the Sanctions and Anti-Money Laundering Bill.

As of today, Friday, 11 May 2018, the fire at Cox Heath continues to be contained which means that the threat of the fire spreading has been eliminated at this time. Additional equipment to pump 1000 gallons of sea water per minute directly to the site to completely extinguish the core of the fire is being deployed.

The seabed surrounding Norman Island is the property of the Crown. The Willy T has been moored at the Bight under an annual seabed licence which expired in February, 2018. 

Today we convened a meeting of the National Emergency Operations Centre in response to the fire incident at Cox Heath.  I met with local emergency response officials as well as the Chief Fire Officer from the USVI in relation to the response and containment of the fire.

It is now just over a week since the UK Parliament accepted an amendment to impose public registers of beneficial ownership on the Virgin Islands and other Overseas Territories. My Government continues to consider this a top priority for the Territory and to actively evaluate the implications of that decision and explore all available options.

Good afternoon,

Last week the UK Parliament passed an amendment to the Sanctions and Anti-Money Laundering Bill, which introduces measures to tackle criminal activities, including money laundering across international finance. The amendment includes a requirement for the Overseas Territories to implement public registers of beneficial ownership by the end of 2020. 

I learnt today that the United Kingdom Parliament accepted the amendments for an Order in Council to impose public registers of beneficial ownership on the BVI and other Overseas Territories to take effect in 2020.

Good Afternoon Ladies and Gentlemen:

On Thursday in the House of Assembly, I made a statement about the legislative progress of a United Kingdom Parliamentary Bill, the Sanctions and Anti-Money Laundering Bill and its impact on the BVI.  The Report Stage and final stages of this bill are scheduled to be debated in the House of Commons tomorrow, Tuesday.