‘No magic bullet’ to fight illicit wealth
Baroness Hodge arrived in the Territory on Monday, September 22, 2025, to assess progress in implementing commitments on beneficial ownership registers. She met with key figures in the Territory’s ...
Baroness Hodge arrived in the Territory on Monday, September 22, 2025, to assess progress in implementing commitments on beneficial ownership registers. She met with key figures in the Territory’s financial services sector during her visit. Honest & open discussions During a short meeting with the press on Thursday, September 25, 2025, Baroness Hodge said she believes she met everyone who would have been of interest to her. “I think we've had very honest and open discussions.
So I'm going back so heartened by their willingness, really, to engage with us, to try and create a partnership, to find a way forward.” Baroness Hodge reiterated that fighting illicit money is important and revealed that an agreement to have further discussions was reached. “There is a council coming up in November, and hopefully by then we will have made progress.
That is where I'd love to be.” No magic bullet on fighting illicit wealth Asked whether she is convinced the Territory has strong mechanisms in place and is working to combat illicit finance, Baroness Hodge said there is still much to do. “I think they're on a journey. I think there is much more left to do, and there isn't a magic bullet.
There isn't a magic bullet on fighting illicit wealth. You've got to take a whole lot of initiatives and a whole broad agenda.” Baroness Hodge said there are four points to fighting illicit finance. “You need transparency, which is why we're, you know, promoting public registers of beneficial ownership.
Not too much regulation, because you want businesses to flourish…You need tough enforcement, and I think there's a way to go here, and there's a way to go in Britain as well on that. And then you need proper accountability.” UK & VI wants financial sectors to prosper Baroness Hodge added that her overall message to the VI and the UK is that they both have an important financial services sector in their economies and want them to prosper. “There is a legitimate business that takes place here in BVI, particularly where it's a multi-country sort of deal.
So, you know, a German doing something in a country in Africa, and they want to have a tax-neutral entity. So there aren't any tax complications in making that deal. We want more of that.” She did, however, say the VI has a ‘reputation” for attracting illicit wealth, and if it is not dealt with, in the long run, “good money will not want to be associated with that reputation”.
Baroness Hodge said it is the same in the UK and therefore a “similar challenge” is being faced. In a X post today, September 26, 2025, Baroness Hodge called her week in the VI informative. "Both sides now understand each other's priorities better. There's work ahead, but I leave encouraged by the willingness to progress beneficial ownership reform." She said she will discuss the next steps with Minister of State for the Overseas Territories, Stephen J.
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