British Virgin Islands Illicit Finance 2025-02-25
2025-02-25
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Q1
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The British Virgin Islands missed a first deadline to set up a register of beneficial ownership and is now proposing limited access, which Lloyd Hatton argues would make it nearly impossible to trace illicit finance.
What assessment has the Secretary made of the effectiveness of steps taken by the British Virgin Islands to tackle illicit finance? The BVI will soon close the consultation on its proposal to grant only limited access to a register of beneficial ownership, which means it will be virtually impossible for even a select few to trace those using the BVI as a place to secretly stash their cash. This comes some five years after the first deadline was missed.
The BVI committed at the Joint Ministerial Council to improving access to its corporate register by June. I met BVI representatives just after that time last year, and my hon. Friend the Minister of State will meet the BVI again in the coming weeks. It is important that the public consultation on the proposed register will close this Friday, and we are working with the British Virgin Islands to improve its proposal.
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Q2
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Under the Sanctions and Anti-Money Laundering Act 2018, the British Virgin Islands is obliged to introduce open registers of beneficial ownership by the end of 2020 or face an Order in Council. The BVI has not done so, leading to it being in contempt of Parliament.
The Foreign Secretary will be aware that under the Sanctions and Anti-Money Laundering Act 2018, the British Virgin Islands is obliged to introduce open registers of beneficial ownership by the end of 2020, or face an Order in Council. It has not done so, it is in contempt of Parliament, so when will the Foreign Secretary issue the Order in Council?
I say to the right hon. Gentleman that if the agreed requirements are not met we will carefully consider what further steps to take. Our expectation remains clear: those registers will ultimately be public, and my hon. Friend the Minister of State will meet the BVI to make clear our expectations.
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