The Virgin Islands government continues to take marked steps toward reinforcing its commitment to global transparency and collaboration by launching a consultation on access to beneficial ownership information. Photo: Internet Source/File

Premier and Minister for Finance, Dr the Honourable Natalio D. Wheatley (R7) disclosed the initiative during a press conference on January 22, 2025, reiterating the importance of fostering a business-friendly and secure environment. Photo: VINO

This, according to Premier and Minister for Finance, Dr. the Honourable Natalio D. Wheatley (R7), who disclosed the initiative during a press conference on January 22, 2025, reiterating the importance of fostering a business-friendly and secure environment.

Addressing the media, Premier Wheatley was adamant, “We continue to persevere to ensure a business-friendly and secure environment.” He, as such, sought to highlight the government's focus on meeting regulatory requirements while maintaining the territory’s competitive edge in the global financial services sector.

The consultation, officially launched on January 17, 2025, centres on balancing transparency in combating illicit financial activity with safeguarding privacy and sensitive information.

'Legitimate interests'

“The issue of publicly accessible registers of beneficial ownership has been a focal point of global discourse over the years, particularly between the United Kingdom and its overseas territories and crown dependencies.”

He also added that recent developments, such as the European Court of Justice’s ruling on publicly accessible registers, have—poignantly—reinforced the need to protect legitimate privacy rights.

The Virgin Islands, he said, now aims to implement a system of access based on legitimate interests—a model that is designed to ensure that access to beneficial ownership information is “purposeful, proportionate, and subject to stringent safeguards.”

'Your insights will be vital'- Premier

Meanwhile, the Premier also used the occasion to update the territory on current affairs, he reaffirmed the administration's commitment to combating illicit financial activities, stating, “This initiative highlights the Virgin Islands' proactive approach to developing systems that meaningfully contribute to global financial integrity.”

With this in mind, he urged stakeholders to actively engage in the consultation process, emphasising their vital role in shaping policies that align with international best practices.

“Your insights will be vital in shaping a framework that not only addresses the concerns of the global community but also upholds the integrity of our financial services sector.”

The consultation, he posits, is expected to refine the territory’s regulatory framework to align with evolving international standards, ensuring the Virgin Islands remains a trusted and sustainable international financial centre.

“Together we can build a framework that fosters trust and collaboration, ensuring the long-term sustainability and reputation of the Virgin Islands as a responsible international financial centre.”