The Government of the Virgin Islands has published a new policy governing access to its Register of Beneficial Ownership for BVI Business Companies and Limited Partnerships, marking a further step in the Territory’s adherence to international standards on corporate transparency and financial crime prevention.
The policy, announced today, follows a stakeholder consultation process and is positioned as a key development in the Territory’s ongoing alignment with global best practices in anti-money laundering (AML), counter-terrorism financing (CFT), and counter-proliferation financing (CPF).
British law enforcement authorities already maintain real-time access to beneficial ownership information in the BVI—an arrangement that has supported efforts to combat cross-border illicit activity. The newly published policy sets out a framework through which parties with a legitimate AML, CFT, or CPF purpose may request access to information on beneficial owners who hold a 25% or greater stake in a company, using the BVI’s VIRRGIN platform.
The policy outlines specific safeguards for data protection. Companies subject to a query will be notified, and a structured process will govern any objections, appeals, or exemption requests. Additional provisions address applicable fees, penalties, and protections against misuse of information.
Implementation of the policy will follow a transitional period during which technical system upgrades, guidance dissemination, and exemption application processing will be undertaken.
The Financial Services Commission (FSC), the Territory’s financial regulator, will launch a series of “Meet-the-Regulator” sessions beginning this week. The sessions will offer industry stakeholders a forum to engage with regulators on the upcoming regulations that will put the policy into force.
The new framework builds on a broader reform effort initiated in early 2024, during which the Territory enacted more than 20 legislative updates, including amendments to the BVI Business Companies Act, the Banks and Trust Companies Act, and its Anti-Money Laundering Code. Beneficial ownership records have also been migrated from the previous BOSS system to the more advanced VIRRGIN registry. Additional guidance has been issued to enhance monitoring practices and strengthen the BVI’s financial resilience.
Premier Dr. Natalio D. Wheatley stated, “As a respected and responsible international finance centre, the BVI is committed, as it has done for the past forty years, to playing its role in deterring the global challenge financial crime brings.”
He added that the framework reflects “three years of significant investment, legislative and regulatory reform” and aims to balance transparency with privacy and economic competitiveness.
Deputy Premier and Minister for Financial Services, Honourable Lorna Smith, OBE, echoed the sentiment. “This policy reflects a thoughtful and balanced approach to legitimate access to beneficial ownership information,” she said. “The BVI has demonstrated once again that it is not only responsive but proactive in safeguarding the integrity of the global financial system.”
The Government has indicated that the policy will take effect following completion of the transitional implementation phase.
