International
Virgin Islands Adopts Cautious Approach to Beneficial Ownership Registers Amid Shifting International Landscape
In response to the shifting international landscape surrounding publicly accessible registers of beneficial ownership (PARBOs), the Government of the Virgin Islands has outlined its stance, balancing transparency with the imperative to respect fundamental human rights.
All Overseas Territories (OTs) and Crown Dependencies, including the Virgin Islands, had previously committed to implementing PARBOs in alignment with the European Union (EU) Fifth Anti-Money Laundering Directive. However, the decision last year by the European Court of Justice (ECJ) injected a new dimension into the discourse by underlining privacy and data protection as fundamental human rights that must be considered when providing such access.
While the Virgin Islands doesn’t fall within the ECJ’s jurisdiction, the government, in light of legal opinions on the ECJ judgment and the constitutionality of establishing a PARBO in the territory, acknowledges the need to consider the ECJ judgment to mitigate the risk of potential legal challenges on human rights grounds.
Hon. Lorna Smith, Minister for Financial Services, Labour, and Trade, emphasized the importance of safeguarding fundamental human rights. She stated, “The safeguarding of these fundamental human rights necessitates the application of a ‘legitimate interest test’ to determine access for those parties whose request for beneficial ownership information is genuinely aimed at preventing or combating money laundering and terrorist financing.”
Despite this cautious approach, the Virgin Islands has a long-standing history of actively combatting the misuse of its financial sector for illicit purposes. Minister Smith highlighted the commitment to transparency while respecting international law. The government will continue technical work to design and build systems aligned with the EU’s Fifth Anti-Money Laundering Directive, ensuring compliance with emerging standards, all while upholding human rights obligations.
Minister Smith affirmed the unwavering commitment to international standards, emphasizing the Virgin Islands’ role as collaborators and leaders in the global fight against financial crime. An exemplar of this commitment is the exchange of information agreement with the UK, which played a critical role in freezing over US$400 million in assets in accordance with relevant obligations under the Russian sanctions regime.
Looking ahead, the government pledges ongoing engagement with the United Kingdom (UK) and other partners to stay abreast of evolving regional, international, and global standards and best practices in implementing PARBOs. The delicate balance between transparency and respect for human rights remains a focal point as the Virgin Islands continues its commitment to combat financial crimes on the international stage.
The United States has announced that Venezuelan President Nicolás Maduro is under indictment on federal drug trafficking and narco-terrorism charges, formally asserting that the Venezuelan leader faces criminal prosecution in U.S. courts.
The announcement, made amid sharply escalating tensions between Washington and Caracas, confirms that Maduro is accused of conspiring to flood the United States with cocaine in coordination with armed groups and corrupt officials. U.S. prosecutors allege that Maduro played a central role in a criminal enterprise that used Venezuela as a key transit hub for narcotics destined for American cities.
The case remains pending in U.S. federal court, with American officials saying the indictment will stand until Maduro appears before a judge.
The BVI Airports Authority is advising the traveling public of current regional airspace restrictions resulting from a notice issued by the Federal Aviation Administration.
The notice affects U.S.-registered aircraft and U.S.-based carriers operating within the Caribbean region. As a result, flights to and from the Virgin Islands may be subject to delays, diversions, rescheduling, or cancellations, depending on individual airline routing and operational decisions.
The Authority emphasized that these restrictions are outside its control and are being managed directly by the affected airlines in accordance with applicable regulatory requirements.
Passengers are strongly advised to:
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Contact their airline directly for the most current and accurate information regarding flight status; and
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Confirm flight details before traveling to the airport, as schedules may change with limited notice.
The BVI Airports Authority said it remains in close communication with airline partners and relevant aviation stakeholders and will continue to provide updates as additional information becomes available.
The Authority thanked the public for its understanding and cooperation, noting that safety remains the top priority.
Former President Donald J. Trump claimed on Saturday, January 3, that U.S. forces had detained Venezuelan President Nicolás Maduro and Venezuela’s first lady Cilia Flores Mr. Maduro and removed him from Venezuela during an overnight military operation.
In a statement posted in the early hours of Saturday, Jan. 3, Mr. Trump said American forces had carried out what he described as a decisive operation in and around Caracas, asserting that Mr. Maduro and Ms. Flores were taken into custody and flown out of the country. Mr. Trump did not specify which U.S. agencies were involved or where Mr. Maduro was being held.
There was no immediate confirmation from the White House, the Pentagon, or the State Department. As of early Saturday, U.S. officials declined to comment, and no formal announcement had been issued by the Biden administration or military leadership.
Reports of explosions in Caracas circulated on social media shortly before 2 a.m. local time. Journalists from CNN reported hearing multiple blasts and observing power outages in parts of the capital, though the cause and scope of the incidents remained unclear.
Venezuela’s vice president, Delcy Rodríguez, said in a televised address that the government had not been able to confirm the whereabouts of Mr. Maduro or Ms. Flores. She accused the United States of what she called a “criminal military aggression” and said Venezuela had placed its armed forces on high alert. Her claims could not be independently verified.
In Washington, Senator Mike Lee, Republican of Utah, said he had been briefed by Secretary of State Marco Rubio, who told him that Mr. Maduro had been detained under longstanding U.S. criminal indictments. Senator Lee said the operation was intended to enforce an arrest warrant and ensure the safety of U.S. personnel involved.
Mr. Maduro has been indicted by the U.S. Department of Justice since 2020 on charges including narcotrafficking, narco-terrorism, and conspiracy to import cocaine into the United States. U.S. prosecutors have accused him of leading the so-called Cartel of the Suns, allegations Mr. Maduro has repeatedly denied, calling them politically motivated.
For years, the U.S. government has offered millions of dollars in rewards for information leading to Mr. Maduro’s arrest. Until now, the charges had not been enforced through direct military action.
Legal experts said any U.S. military operation on Venezuelan soil would raise immediate constitutional questions, particularly in the absence of congressional authorization. Senator Lee himself has previously expressed concern over presidential war powers and the lack of a formal authorization for the use of military force.
Across Latin America, governments have historically opposed foreign military intervention in the region, and diplomatic reaction was expected to be swift. As of Saturday morning, Venezuelan state media had not acknowledged any detention of Mr. Maduro, and his location remained unknown.
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