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.

The Premier of the British Virgin Islands (BVI), Dr. the Honourable D. Orlando Smith, OBE, and the Leader of the Opposition, Honourable Andrew Fahie, have called on the United Kingdom (UK) Government and Parliament to respect the Virgin Islands Constitution ahead of the House of Lords consideration of the Sanctions and Anti-Money Laundering Bill on May 21 and its provisions on public central registers of beneficial ownership in the Overseas Territories.

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.

Following yesterday’s decision by the UK’s House of Commons to force the Overseas Territories to adopt public registers of beneficial ownership of companies, the Premier of the British Virgin Islands responded swiftly to reassure the financial sector and those who use its services around the world.

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.

Managing Director and Chief Executive Officer of the BVI Financial Services Commission, Dr. Robert Mathavious has been appointed Chairman of the Recovery and Development Agency Board.

New BVI probate rules are of critical importance to owners of BVI Companies, the majority of whom reside in Asia, experts from the international law firm Ogier told a BVI House Asia seminar.