UK Anti-Corruption Envoy Finds BVI Progress Lagging
The United Kingdom’s Anti-Corruption Champion, Baroness Margaret Hodge, said the British Virgin Islands has fallen behind on its commitment to implement public beneficial ownership registers, setti...
The United Kingdom’s Anti-Corruption Champion, Baroness Margaret Hodge, said the British Virgin Islands has fallen behind on its commitment to implement public beneficial ownership registers, setting a new target of early 2026 for completion. Hodge visited the territory from Sept. 22 to 24, meeting with government officials and representatives of the financial and legal sectors to assess progress on corporate transparency reforms.
She will submit her findings to Stephen Doughty, the U.K. minister of state for the Overseas Territories, who will decide on next steps in Britain’s oversight. Overseas Territories in November 2024 in pledging to establish registers with “legitimate interest access” by June 2025. While the framework and political commitment are in place, Hodge concluded that the territory has not yet met the U.K.’s minimum requirements. “The UK is committed to transparency and the international fight against illicit finance,” Hodge said during her visit. “Public beneficial ownership registers are an essential tool that help us all follow the money so that we can expose corruption and money laundering.” The BVI launched its Beneficial Ownership Secure Search system in 2018, giving U.K. law enforcement access to company ownership data.
However, officials acknowledged that key elements of the new regime, including the technology and regulatory framework for broader “legitimate interest” access, remain under development. Government leaders have said additional systems — including the Virtual Integrated Registry and Regulatory General Information Network — will be rolled out to support the new transparency regime by early 2026.
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Primary source: JTV