Government Launches Consultation on Beneficial Ownership Transparency

The Virgin Islands government has commenced a public consultation on the rights of access to beneficial ownership information, an initiative aimed at enhancing transparency and aligning with evolving international standards. Premier Hon. Natalio D. Wheatley announced the development during the first press conference of 2025 on January 24.

“Last Friday, the government of the Virgin Islands launched its consultation on the rights of access to beneficial ownership information, marking a significant step in our ongoing commitment to transparency and international collaboration,” stated Premier Wheatley.

The consultation comes in the context of global discussions about publicly accessible registers of beneficial ownership. These discussions, particularly between the United Kingdom, its overseas territories, and Crown dependencies, centre on balancing the need for transparency in addressing illicit financial activity with the protection of privacy and prevention of misuse of sensitive information.

Premier Wheatley referenced the recent European Court of Justice ruling, which highlighted the importance of protecting legitimate privacy rights while promoting global transparency efforts. In response, the Virgin Islands is considering a system of access based on legitimate interests, ensuring that access to sensitive information is proportionate and subject to stringent safeguards.

“This shift reflects an evolving understanding of the need to balance transparency and fairness while ensuring that access to sensitive information is purposeful, proportionate, and subject to stringent safeguards,” said Premier Wheatley.

The consultation represents a step towards refining the Virgin Islands’ framework for beneficial ownership information access, in line with international best practices and expectations. It aims to address the challenges associated with implementing a globally consistent approach to beneficial ownership registers.

Premier Wheatley called for stakeholder participation, stating, “Your insights will be vital in shaping a framework that not only addresses the concerns of the global community, but also upholds the integrity of our financial services sector.”

The financial services industry remains a significant contributor to the Virgin Islands’ economy.