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House of Lords upholds Commons Bill on OTs public registry
The amendment will allow by 2020 all offshore accounts to have a public registry of their beneficial ownership.
It means that the Virgin Islands (VI) will have to implement a publicly accessible register of beneficial ownership of companies by January 1, 2020, however, Crown Dependencies and the rest of the world do not have to comply with this.
Bill Stands
It will result in the undermining of the VI's main revenue earner, causing the local economy to collapse, massive layoffs in government and the private sector, and residents living in poverty.
It was in January of this year that the same House of Lords voted down the amendments on a public registry, but today May 21, 2018, despite support from some Lords for the OTs' position they let the Commons Bill stand by accepting via content the decision on a public registry.
March is on
It means now that Her Majesty The Queen will assent to the Bill, bringing it into law.
In response the people of the Territory has organised a march on Thursday, May 24, 2018, to demonstrate to the 'mother country’ the local public objections to singling out of the OTs in the region while the world is not held to that same standard of a public registry for beneficial ownership.
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63 Responses to “House of Lords upholds Commons Bill on OTs public registry”
Most of our problems stem from a poorly managed Finance Ministry. The more revenue it gets, the more money it allows to be wasted. If we correct these bad financial habits, we will be good, even better than before.
We need to wise up and get past this, short term get slick on ease of doing business and not throttle what industry remains in red tape and waiting around for permits and still lacking proper office space, accommodation and connectivity; expand the business we have and then use this moral higher ground we are theoretically being forced toward to browbeat business in all countries that we are therefore the gold standard above all others for transparency. All of those dodgy entities saying wrongly that we are the route of all evil, we’ll be willl stand out front so by there own argument ALL FDI and aid ought to be routed via BVI going forward, no? How could they justify otherwise?
We will definitely lose some business, not all of which we want to keep. This whole saga does show up how we had become a one trick pony doing incorporating but we chased away the value added work or let it pass us by. Other OTs are more diversified and robust but with well-considered decisions, there is opportunity in this to get ahead.
And to anyone marching, let’s keep it focussed and intelligent. Anything else will be twisted and used against us.
and that they did.
Now we will get financial grants and other aid.
LET THERE BE LIGHT on them crooks!
Why march? Your constitutional rights have been affected. Today its financial services. Tomorrow, it will be the industry that your business is in.
I'll leave this poem with you to think about:
First they came for the Socialists, and I did not speak out—
Because I was not a Socialist.
Then they came for the Trade Unionists, and I did not speak out—
Because I was not a Trade Unionist.
Then they came for the Jews, and I did not speak out—
Because I was not a Jew.
Then they came for me—and there was no one left to speak for me
in our existance as a country.
It is time the hard decisions be made they do not need us and we do not need them. Let us chart a new course
without them, people let us not be afraid we have done well without them , we will succeed .
issue presented in the public. It has to do with crapping on visitors from much further away. Oh well, it's
about time anyway. At least the dominant human governments, countries and societies have shown their
true colors. We know their words have been false.
This bill was a severe head shot to the BVI; it can adversely impact the economy, employment, quality of life, standard of living........etc. It has the potential to set back the BVI’s economic growth and development. But it is no surprise that the HC and HL voted the way they did. Both UK government and opposition are about the UK’s interest, not the BVI’s; it has always been that way from 1672 to today. Where will the BVI go from here?
It will be morning in the BVI tommorow and it will require a patient and steady hand in plotting the way forward. The BVI does not have too many options. It can play with the hand it is dealt and work with the UK to maximize available opportunities or it can elect to go it alone. Independence is not a rosy option though. In the short-term, the BVI needs to shore up the financial services industry to the maximum extent practical. And for the long-term, it needs to work on diversifying the economy.
To name a few, infrastructure will not be developed, education will be affected, salaries will be affected, health services, jobs, rental apartments, supermarkets, loans repayment and the list goes on.
I would hope that the people of the BVI will take heed and start to prepare themselves for the shock. Is there an alternative source of income. Yes, though it is late, perhaps it is time to diversify the economy. The government needs to come to the people and solicit their support not for political election, but to ensure ALL of us work together.
We should be in a better position than we are in. We squandered the golden opportunity that we had. We wasted a power of money and not much to show for it. Even with a $1B GDP, the territory is not 1st World. What happened in the past is water under the bridge, spilled milk......etc so it time to look ahead and not repeat the mistakes. Some difficult and painful times are ahead; rough seas are ahead. However, the whole territory must work in unison to make it to shore safely and securely. Much sacrifice and belt tightening will be required. Leh we du dis ting!
No other options now apart from diversifying the economy, less restrictive red tape for small businesses, get alternative energy going, the Marine sciences up and running, agriculture needs revamping with a clear long-term view. All this energy wasted knowing fully well the HOL wouldn’t overturn this legislation as this was not the first or second attempt to get it passed.
The noise makers knew this all along and are just rallying the emotional supporters to their aid in defending the dwindling sector.
The haters who live among us, who have sucked on our nipples for years, are now crawling out of the woodworks, and are now showing their true colours, too, by the caustic and unnecessary comments they are making.
Just remember, people, today for me, tomorrow for you. We WILL rise again. Time is longer than twine, so continue to laugh. He who laughs last laughs best.