UK Wants to Dictate BVI Economy
Junior Minister for Financial Services Lorna Smith told the House of Assembly that the United Kingdom is attempting to dictate the shape of the Virgin Islands’ economy, particularly through demands for public access to beneficial ownership registers. Smith argued this interference undermines the BVI’s right to self-determination and warned it risks upsetting the balance between transparency, privacy and economic stability.
Junior Minister for Financial Services Lorna Smith accused the United Kingdom on Thursday of attempting to dictate the economic direction of the British Virgin Islands, saying demands for open access to company beneficial ownership registers amount to undue interference in local affairs.
Speaking in the House of Assembly, Smith framed her criticism around United Nations General Assembly Resolution 2635 (1970), which affirms peoples’ rights to determine their political status and pursue economic development free from external interference. She said the UK’s push for “unfettered access” to ownership data goes beyond global norms and undermines the BVI’s ability to manage a sector that is a key pillar of the local economy. "What I’m seeing today is the administering power, that is the United Kingdom, dictating what the economy of the Virgin Islands should look like," Smith told lawmakers, adding the comment was made “on the basis of deep experience.” She also questioned whether the governor — who represents both the UK and the BVI — is currently balancing those roles fairly, saying the arrangement appears “very lopsided.” Smith noted the territory has long supported transparency while also protecting legitimate privacy interests.
The BVI has invested in systems such as the Beneficial Ownership Secure Search (BOSS) system, which provides vetted information to law enforcement within hours when required, and has introduced a “legitimate interest” access policy allowing parties with a demonstrable connection to anti–money laundering or counter‑terrorism investigations to obtain ownership information.
She pointed to a European Court of Justice ruling two years ago that rejected open public access to ownership registers on privacy grounds, and observed that many EU states and Crown Dependencies have not implemented public registers. Despite these measures, Smith said, “This has not been good enough for the United Kingdom.” Her remarks come amid growing local debate over the BVI’s constitutional future and calls from some leaders for greater political and economic autonomy from the UK.
For residents and businesses, the dispute highlights an ongoing tension: meeting international transparency standards to protect the jurisdiction’s reputation while preserving privacy safeguards and the territory’s control over its economic policy. As the debate continues, officials will need to balance international regulatory pressures with domestic priorities, including protecting jobs, investment and the integrity of the territory’s financial services industry.
Primary source: BVI News