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  by pltm
• May 22, 2018
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(PLTM) - The recent visit by the Premier and the Opposition Leader to London to sway House of Commons members appeared not to have carried enough weight to have the United Kingdom (UK) rethink its decision to impose via imperial legislation, public registers for Overseas Territories (OTs) including the BVI. Yesterday, the House of Lords debated the validity of a House of Commons amendment to require public central registers of beneficial ownership OTs during their Consideration of Commons Amendments to the Sanctions and Anti-Money Laundering Bill.

Following the debate, the controversial amendment remained.

“I welcome the many positive statements made by highly respected Peers in the Chamber on the Constitutional position of the British Virgin Islands and other Overseas Territories who are of the view that the United Kingdom (UK) proceeding to impose public registries on the territories is a violation of the well-established principle of self-governance and ignores the international standards met by the BVI and other OT Financial Centres on beneficial ownership of companies and information exchange, particularly with UK law enforcement,” Premier Hon. Dr D. Orlando Smith said.

He lamented, “Despite these strongly expressed views, the amendment remains in the Sanctions and Anti-Money Laundering Bill which moves on to its next stage and eventually onward to Her Majesty the Queen for Royal Assent.”

Premier Smith maintained that such a move will affect the BVI’s economy and that the BVI will continue to fight against it.

“Our view on public registers of beneficial ownership has not changed. They are not required by any global standard and we will continue to defend our right not to have a public register until such time that they do become a global standard,” he stated.

A bipartisan march is planned through the streets of Road Town to the Governor’s House on Thursday May 24.

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