The Virgin Islands (VI) and other Overseas Territories and Crown Dependencies yesterday, Monday, March 4, 2019, dodged a ‘Financial Bullet’ when British Prime Minister, Ms Theresa M. May ‘yanked’ the House of Commons led, Financial Services Bill. Photo: VINO/File

The move was met with strong criticism by members of the House of Commons in support of the amendments. Photo: Internet Source

The Bill, if enacted would have forced territories such as the VI, to implement 'Public Registers of Beneficial Ownership' by December 2020—a requirement that threatens to cripple the VI’s Financial Services Sector, according to leading experts (Photo Depicts the HQ for VI's Financial Services Commission). Photo: Internet Source

Recently elected VI Premier, Honourable Andrew A. Fahie, had on Friday last warned those residing in the Territory of the ‘worrying development.’ Photo: VINO/File

The Bill, if enacted would have forced territories such as the VI, to implement 'Public Registers of Beneficial Ownership' by December 2020—a requirement that threatens to cripple the VI’s Financial Services Sector, according to leading experts.

Own Jurisdiction, Democratically Elected Govt’

Moments before the decision to pull the Bill was announced, the Prime Minister's official spokesman said Crown Dependencies are their own jurisdictions with their own democratically elected governments.

As such, "they are responsible for their own fiscal matters.

It was noted that "given the beneficial ownership amendments were tabled on Thursday (February 28, 2019), it is only right their implications are given proper consideration."

Her Majesty’s Treasurer, also came out in support of the pulling of the Bill, saying, “the Beneficial Ownership amendments were tabled on Thursday, and we want to give them proper and thorough consideration…The Government will not move the Bill today but will reschedule it to ensure that there is sufficient time for proper debate.”

Arrogant Snub

The move however, was met with strong criticism by members of the House of Commons in support of the amendments.

According to a UK Mirror report, Dame Margaret E. Hodge, described the move as a "deliberate and arrogant snub" to Parliament.

Andrew J.B. Mitchell of the British Conservative Party said it was an "egregious sleight of hand by the Foreign Office."

Hilary J.W Benn of the Labour Party said, "Not only is tackling financial crime and money laundering essential for the reputation of this country but if the government feels that it can get away with changing a date that has been contained in an amendment to legislation which has been passed by this House.

"If it can do it on this bill then what is to stop it doing it on lots of other bits of legislation?"

Speaker John S. Bercow, called the entire situation, "a very odd state of affairs altogether."

Naomi Hirst, Senior Anti-Corruption Campaigner at the campaign group Global Witness, said:  "It’s outrageous that the Government has pulled today’s vote on transparency in the UK’s territories.”

Concerned

Recently elected VI Premier, Honourable Andrew A. Fahie (R1), had on Friday last warned those residing in the Territory of the ‘worrying development.’

Hon Fahie in an address to the VI and its residents on Friday March 1, 2019, said, it was important to bring to the attention of the people of the VI a new development in the UK Parliament that is of great importance to the Territory.

The Premier was adamant the amendments to bring forward the implementation deadline is being sponsored and promulgated by “those who are misinformed about the BVI and to date do not appreciate our role in international business and the world economy.”

According to Premier Fahie, the VI Government has already begun liaising with the UK Government and other OTs and Crown Dependencies , “who the amendments will also affect.”

He disclosed that, “they too are concerned as we are about what is happening and are considering what measures to take.”

It is unclear when the Bill will be returned to the UK Parliament for debate and a likely vote.