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BVI Defends Record Amid Dispute Over Corporate Ownership Registers
The British Virgin Islands (BVI) government has strongly rejected allegations that it is shielding financial criminals through its proposed corporate ownership disclosure system. In a statement issued Monday, Premier and Minister of Finance Hon. Dr. Natalio D. Wheatley denounced recent criticisms as “misinformed, misleading, and malicious attacks” that misrepresent the territory’s regulatory framework.
“These [allegations] have sought to portray the territory as a rogue state; an outlier happy to facilitate corruption with a total disregard for global standards, robust regulation, and the principles of transparency and collaboration. This portrayal could not be further from the truth,” Wheatley stated.
The statement follows mounting scrutiny from British lawmakers who argue that the BVI’s proposed beneficial ownership disclosure system could obstruct efforts to combat illicit financial activity. MPs Joe Powell and Andrew Mitchell have accused the territory of creating loopholes that would allow financial criminals to evade detection.
Under the current proposal, only individuals involved in legal or regulatory proceedings related to financial crime would be able to request ownership information. Company owners would also be notified of such requests and given five days to object before any details are released. Critics contend that this system could enable criminals to relocate assets before authorities act.
“This could expose journalists to legal or physical intimidation when investigating high-risk stories on drug cartels, kleptocrats, or human traffickers,” Powell and Mitchell wrote in a letter to Premier Wheatley.
The BVI government, however, maintains that it has a “proven track record” of upholding international financial regulations. Wheatley cited the territory’s compliance with the U.S. Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard, and the Base Erosion and Profit Shifting framework as evidence of its commitment to global financial integrity. Additionally, the BVI has negotiated more than 100 tax information exchange agreements and developed a beneficial ownership platform accessible to law enforcement and tax authorities worldwide.
“We have collectively built a financial services industry that we are proud of—one in which our network of registered agents is held to the highest regulatory standards by the Financial Services Commission,” Wheatley said, contrasting the BVI’s oversight mechanisms with the UK’s Companies House, which does not require verification of beneficial owners.
The dispute comes as the UK government weighs potential intervention. Foreign Secretary David Lammy has prioritised efforts to combat illicit finance, with transparency in corporate ownership featuring prominently in discussions with overseas territories. The UK Foreign Office has reportedly urged the BVI to revise its approach, and speculation is growing that the UK could resort to an “order in council”—a rare measure historically used to override overseas territories’ governance on issues such as the death penalty and human rights.
Transparency International and other anti-corruption organizations have also raised concerns that the BVI’s proposals could undermine global efforts to tackle financial crime. A Westminster Hall debate scheduled for Wednesday is expected to highlight the issue.
Despite the escalating tensions, Wheatley defended the BVI’s position, stating that the territory remains “actively engaged in global anti-corruption efforts” and works closely with agencies such as the UK’s National Crime Agency, HM Revenue & Customs, and the Serious Fraud Office.
“The coordinated attack on the jurisdiction serves to mislead the public and pressure the UK Government to take colonial measures against the territory,” Wheatley asserted. “Financial crime is a global issue and tackling it effectively not only requires regulation, transparency, and collaboration but also fairness and honesty among all stakeholders.”
The UK government has yet to issue a formal response to the BVI’s latest statement.
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Former Deputy Premier Hon. Lorna G. Smith, OBE, has refuted claims that she has returned to the Virgin Islands Party (VIP) government.
Smith stated, “It is not true. I continue to serve the people of this territory to the best of my ability as an independent member of the Opposition to date.”
When pressed on whether she is engaged in discussions with Premier Dr. Natalio Wheatley about rejoining the government, Smith declined to elaborate, stating, “I have no further comment.”
Hon. Smith was dismissed from the government on October 23, 2024. She disclosed that she was informed of her removal through an official letter from Premier Wheatley that morning.
“At approximately 8:00 a.m. this morning, I received a letter from the Hon. Premier stating he requested that His Excellency the Governor revoke my appointment as Deputy Premier and Minister of Financial Services, Labour, and Trade,” Smith said in a statement to the media.
Premier Wheatley addressed the matter in a virtual statement, thanking Smith for her service while acknowledging the difficulty of the decision. “I do so with a heavy heart. She did not give me the confidence that she would remain with my administration for the duration of this term,” he said.
As a result of Smith’s removal, Third District Representative Julian Fraser was appointed Deputy Premier. Fraser, a former VIP member and current chairman of the Progressives United party, has aligned himself with the ruling VIP government.
Premier Wheatley emphasised that the leadership change was essential for maintaining political stability. “This is a necessary change to the composition of the government that provides my administration with political stability and a wealth of knowledge and experience which will serve us well over the course of the remainder of this House of Assembly,” he said. “Political stability is critical at this time to ensure we finalize the completion of governance reforms and effectively address the recommendations of the mutual evaluation report.”
Smith was elected as a Territorial-At-Large representative for the National Democratic Party (NDP) in the April 2023 general elections but later shifted her allegiance to help form the VIP-led government. Following her resignation from the NDP, she now serves as an independent opposition member in the House of Assembly.
The Family Support Network (FSN), a vital nonprofit organisation assisting vulnerable families in the British Virgin Islands, has received a timely donation from CIBC Caribbean to replenish its food pantry.
On January 21, representatives from CIBC Caribbean—including Nelson Ramirez, Relationship Manager, Platinum Banking; Roschelle Smith, Compliance Manager; and Valissa Graham, Business Banking Manager—presented several cases of sardines, tuna, and soda crackers to FSN Pantry Coordinator Sandra Mills. The donation was part of an internal initiative in which bank staff contributed their 2024 hurricane provisions to support the pantry’s efforts.
FSN’s pantry provides non-perishable food and essential household items to families in need, particularly those facing financial hardship or domestic crises. Recently, the organisation had been experiencing shortages of protein-rich staples such as canned fish, making the bank’s contribution especially critical. Mills expressed gratitude for the donation, emphasising its importance in meeting the dietary needs of those the FSN serves.
The Family Support Network offers more than just food assistance. The nonprofit serves as a critical resource for individuals affected by domestic abuse, providing counseling, advocacy, and long-term support, including employment training and resumé writing services to help clients rebuild their lives.
“CIBC Caribbean has been a steadfast partner in our mission,” said FSN Interim Executive Director Prudence Charles. “Through monetary contributions, gift baskets, and pantry supplies, their generosity has made a real difference in our ability to serve the community. We deeply appreciate their continued support.”
The bank’s ongoing collaboration with FSN reflects its commitment to social responsibility and community resilience across the Virgin Islands.
FSN serves clients on Tortola, Virgin Gorda, Jost Van Dyke, and Anegada. Those interested in supporting the organisation can contact the office via email at info@familysupportbvi.org. Donors and beneficiaries can drop off or collect items Monday through Friday at FSN’s office on Chalwell Street, Road Town, by appointment at (284) 542-2085. For emergencies, individuals can reach FSN at (284) 499-0999.
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This Valentine’s season, the Tortola Auto Group (TAG), the British Virgin Islands’ leading auto dealership, is giving residents another reason to fall in love—with a new car. Throughout February, TAG is hosting its “Deals 2 Love” sales event, offering exclusive incentives on a wide selection of vehicles, from sedans and SUVs to pickups by Hyundai, Honda, Changan, and GAC.
Running from February 1st to February 28th, the promotional event presents buyers with compelling perks, including complimentary NAGICO Insurance coverage, free servicing for a year, or cashback options to sweeten the deal.
In an effort to make car ownership more accessible, TAG has partnered with Republic Bank to provide financing options of up to 100% at an interest rate of 7.25%. Customers can also take advantage of an in-person Promotional Sale event on Saturday, February 15th, from 8:00 a.m. to 1:00 p.m. at the parking lot adjacent to Republic Bank in Road Town.
“Valentine’s Day is all about celebrating what you love, and for many, that includes finding the perfect vehicle,” said Shan Mohamed, TAG’s Managing Director. “We are committed to making this experience as rewarding as possible by combining quality vehicles with exciting deals.”
Republic Bank echoed its enthusiasm for the collaboration, emphasizing its support for customers seeking to finance their purchases. “Our Relationship Officers will be available on-site to assist with the pre-qualification process and provide insights into our financing requirements,” the bank stated.
For more details, prospective buyers can visit TAG’s showroom at Slaney Point, call 494-2600, or browse available inventory at www.tagbvi.com. Terms and conditions apply.
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