UK Lords voted against public register; Small victory for VI’s offshore sector
This is a measure that has been pushed by the European Union (EU), along with some in the UK House of Lords (HoL) and the lower House of Commons, who continue to falsely label the VI jurisdiction a “tax haven.”
The vote was 211 to 201 and was part of a clause to the Sanctions and Anti-Money Laundering Bill introduced by HoL Member Baroness Vivian H. Stern. The Bill now moves to the House of Commons for its considerations.
Win for the VI
A beneficial owner allows for the benefits of ownership in a financial services company even though the title of the company is in another name.
Some in the UK and the EU have been pressuring the Dr D. Orlando Smith (AL) led Administration, along with other OTs like Bermuda, Cayman Islands, Anguilla, Montserrat, and the Turks and Caicos, in what they claimed to be the fight against money laundering and tax evasion, to make the names of these beneficial owners public.
If this amendment to the Bill had passed it would have affected the above mentioned OTs, undermining the confidential nature of their transactions, and reducing business.
Baroness Stern, in her argument for the clause to be passed in the Bill, said the case to have the true owners known was made stronger because of the leaks of the Panama Papers, along with the most recent Paradise Papers, saying according to media reports “the leak shows how illicitly obtained money is protected from discovery by anonymity.”
Those Members who supported the OTs argued that the HoL cannot legislate for the OTs just like they cannot do for the Scottish Parliament without proper consultations.
Premier Smith pleased
Premier and Minister of Finance Dr The Honourable D. Orlando Smith (AL), who has come under fire for his slow handling of the Financial Services fallout and leaks and not vigorously defending the VI’s legitimate sector, said at a press conference last week Thursday January 25, 2018 that he was pleased for the support of all who voted against the clause.
Julian Willock, a former Permanent Secretary with the VI Government and who heads the consulting firm, Advance Marketing and Professional Services, often speaks to the regional and international media on the offshore financial sector. He said “while I am also pleased, as it was a small victory for the sector, be aware that the critics of what we do here will come back again through the backdoor trying to push the public disclosure issue, so I urge the premier and others in the sector to remain vigilant.”
Mr Willock, who is expected to run for political office in the Territory’s next general elections constitutionally due by 2019, gained public praise when he took on a BBC reporter after the Panama Papers leak and strongly defended the VI’s Offshore financial services sector.
Willock to the rescue again
Following the Paradise Papers leak last year, Mr Willock also again did a steller interview with the United States Public Radio, NPR, where he spoke out against the double standards of the bigger powers in wanting to stop the VI’s facilitation of global financial trade.
The young Virgin Islands businessman, before moving to the private sector, also served as a Director of the Water and Sewerage Department and, before that, was an Assistant Secretary in the Ministry of Natural Resources and Labour.
Mr Willock holds Bachelor’s and Master’s degrees in Political Science and Economics, and a certificate in public administration from the University of the West Indies.
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13 Responses to “UK Lords voted against public register; Small victory for VI’s offshore sector”
Like other industries jewelry stores and other avenues it can be used to launder money. But every preventative Law the BVI has been asked to pass it has.
this day and age. some banks deserve a nuclear enema too.