Paul Monaghan – 2015 Parliamentary Question to the Foreign and Commonwealth Office

The below Parliamentary question was asked by Paul Monaghan on 2015-11-04.

To ask the Secretary of State for Foreign and Commonwealth Affairs, what assessment he has made of the length of time it is taking the British Virgin Island government to respond to its consultation on a public register of beneficial ownership.

James Duddridge

The BVI Government issued a public consultation document in November 2013, seeking public opinion on whether or not the BVI should adopt a central register of beneficial ownership. The consultation process concluded in March 2014 and this was followed by a review and analysis of the submissions. The results were published in February 2015. Since then the BVI Government has been working with the financial services industry to develop proposals which led to the Statement made by the Premier in the House of Assembly on 3 November on changes to the BVI Business Companies Act and Anti Money Laundering legislation. We will continue to work with the BVI authorities so that the changes to their systems meet the three criteria that the Government has set out.