British Virgin Islands commits to public register of beneficial owners
Source: The Guardian
British Virgin Islands commits to public register of beneficial owners
Announcement follows years of tax evasion scandals involving BVI shell companies
David Pegg
Thu 1 Oct 2020 13.29 BST Last modified on Tue 6 Oct 2020 12.06 BST
The government of the British Virgin Islands has finally committed to introducing public registers of beneficial ownership for companies incorporated in the tax haven.
The announcement, made in the islands parliament, comes after years of tax evasion and money laundering scandals, in which shell companies incorporated in the territory regularly played a central role.
Andrew Fahie, the premier and minister of finance, informed the House of Assembly in a heavily caveated statement last week that the BVI government would work towards public registers of beneficial ownership.
Subject to our reservations below on the format that the publicly accessible registers of beneficial ownership is to take, Fahie said, your government commits to work in collaboration with HMG [Her Majestys Government] towards a publicly accessible register of beneficial ownership for companies.
Fahie said progress would be in line with international standards and best practices as they develop globally and would aspire to match the EUs most recent anti-money-laundering directive.
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Read more:
https://www.theguardian.com/world/2020/oct/01/british-virgin-islands-commits-public-register-beneficial-owners-tax-haven