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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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BVI and U.N. Commission Call for Stronger Caribbean–Latin America Cooperation on Development Goals
Benito Wheatley, the British Virgin Islands Special Envoy, and José Manuel Salazar-Xirinachs, Executive Secretary of the United Nations Economic Commission for Latin America and the Caribbean, urged closer cooperation between the Caribbean and Latin America to accelerate progress on sustainable development goals during a regional forum in Santiago, Chile.
The meeting took place during the 9th Meeting of the Forum of the Countries of Latin America and the Caribbean on Sustainable Development, held April 13 to April 16 in Santiago.
Both officials noted that implementation of the Sustainable Development Goals stands at 19 percent, with four years remaining before the 2030 deadline, underscoring the need for increased coordination and investment across the region.
Mr. Wheatley, speaking in his capacity as vice chair of the 40th session of the commission, commended the organization’s work on development challenges and policies aimed at advancing economic and social outcomes. He emphasized the need to strengthen technical cooperation between Latin America and the Caribbean, particularly in resilience, investment and technology, citing fiscal constraints driven by debt and responses to external shocks.
Mr. Salazar-Xirinachs reaffirmed the commission’s support for the sustainable development of the British Virgin Islands and the wider Caribbean, noting that small island developing states, while largely middle-income, remain vulnerable to external economic and environmental shocks and require continued international support.
He also commended the British Virgin Islands for its role at the forum, including its leadership of a Caribbean panel moderated by Mr. Wheatley in his capacity as vice chair of the Caribbean Development and Cooperation Committee. The panel focused on implementing the Antigua and Barbuda Agenda for Small Island Developing States through South-South cooperation.
Mr. Wheatley reiterated the territory’s commitment to the 2030 Agenda and to advancing regional priorities, including climate resilience.
“Through our various leadership roles within U.N. ECLAC, the British Virgin Islands will continue to advocate for the Caribbean to ensure the subregion’s priorities, including climate resilience, are taken into account in the intergovernmental deliberations of the wider region on the 2030 Agenda,” he said, adding that greater collaboration between the Caribbean and Latin America would be necessary to advance the goals within the remaining timeframe.
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Penn Appointed Leader of the Opposition in Virgin Islands
His Excellency the Governor, Daniel Pruce, on Tuesday appointed Honourable Marlon A. Penn, Representative for the Eighth District, as Leader of His Majesty’s Loyal Opposition in accordance with Section 70 of the Virgin Islands Constitution Order, 2007, formalizing a recommendation from Opposition members and the National Democratic Party.
Hon. Penn signed the Instrument of Appointment and the Oath for the Due Execution of Office during a ceremony at Government House on Tuesday morning.
The appointment follows a recommendation submitted to the Governor by the four elected Opposition members of the House of Assembly, who, after consultation, identified Hon. Penn as the member commanding majority support within the Opposition, as required under the Constitution.
In a statement issued April 21, the National Democratic Party said the recommendation reflected the confidence of both Opposition members and the party in Hon. Penn’s leadership. “The appointment reflects the confidence of the Opposition Members and the National Democratic Party in the leadership, experience, and commitment of Honourable Penn to effectively represent the interests of the people of the Virgin Islands,” the statement said.
Hon. Penn was elected Political Leader of the National Democratic Party during the party’s national convention held April 18 at Maria’s by the Sea. The convention brought together 121 delegates from across the territory and resulted in the selection of a new leadership team ahead of the next general election.
During the convention, Hon. Penn secured 65 votes in a contested race against Mark H. Vanterpool, who received 39 votes, and Hon. Ronnie W. Skelton, who received 17 votes. Hon. Melvin Mitch Turnbull was elected deputy chairman with 64 votes, defeating Hon. Myron V. Walwyn, who received 57 votes. Paul A. Hewlett was confirmed as president unopposed, and Andrea Walters was elected vice president, defeating Troy Christopher.
Other officers elected included Messena Vanterpool-Pompey as secretary, Sharnette Chalwell as assistant secretary, Eldon Solomon as treasurer, Cathy-Ann Bascombe as assistant treasurer, Dorilyn Edwards as chaplain, Aaliyah Inniss as chairperson of the Youth Movement and Lisa Smith as chairperson of the Women’s Movement.
Following his election as Political Leader, Hon. Penn said the outcome marked a new phase for the party. “I am profoundly grateful and honoured for the support and confidence vested in me to lead the party into the next general elections,” he said.
Hon. Turnbull said the leadership team would prioritize unity and policy-focused initiatives. “Our focus is on unity, rebuilding trust, and advancing practical solutions that improve the lives of the people of these Virgin Islands,” he said.
Hon. Penn has represented the Eighth District in the House of Assembly since 2011 and previously served as Minister for Health and Social Development. He also served as Leader of the Opposition from 2019 to 2022 following the general election that year.
Under the Virgin Islands Constitution, the Governor appoints the Leader of the Opposition from among members of the House of Assembly who command the support of the majority of Opposition members.
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Premier Wheatley Urges Businesses to Pass Cost Savings on to Consumers
Premier Hon. Dr. Natalio D. Wheatley has called on businesses across the Virgin Islands to ensure that recent government relief measures translate into lower prices for consumers, as the Territory grapples with rising living costs.
The appeal was made during a national address on Thursday, April 16, where the Premier outlined a series of temporary measures aimed at easing the financial burden on households and businesses affected by global fuel price increases and supply chain disruptions.
“We encourage businesses to pass on these savings to consumers,” Wheatley said, emphasizing that government interventions are intended to provide direct relief to residents.
The government’s measures include reductions in import duties, port fees and electricity costs, all designed to lower operational expenses for businesses. Officials said these changes are expected to reduce the cost of importing goods and managing day-to-day operations.
However, Wheatley indicated that the effectiveness of these measures will depend in part on how businesses respond, particularly in pricing goods and services.
“Every effort must be made to cushion consumers from the onslaught of rising prices,” he said.
The Premier’s comments highlight a broader concern about whether reductions in business costs will be reflected at the consumer level. Economists have noted that while government interventions can lower input costs, market prices do not always adjust immediately, depending on business practices and broader economic conditions.
Small island economies like the Virgin Islands are particularly sensitive to price changes due to their dependence on imports and exposure to global market fluctuations. In such environments, collaboration between government and the private sector is often seen as critical to stabilizing prices.
Wheatley said the government has engaged directly with the business community, including a recent meeting to gather feedback and encourage cooperation in implementing the relief measures.
Businesses, he said, have indicated a willingness to work with the government, and some of their recommendations have already been incorporated into the policy response.
The government is also moving to strengthen oversight through proposed amendments to the Consumer Protection Act, which would introduce mechanisms to address price gouging and ensure fair pricing practices.
The measures announced remain subject to Cabinet approval and legislative processes, with implementation expected to begin in May.
Wheatley said continued cooperation from businesses will be necessary to ensure that the intended benefits reach households.
“With prudent action and a sober response, we can weather this storm together,” he said.
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