The Government of the Virgin Islands has introduced a revised Beneficial Ownership policy that limits access to company ownership records to parties who can demonstrate a legitimate interest. These parties typically include agencies or individuals involved in anti-money laundering, counter-terrorism, or national security investigations.
Premier Dr. Natalio Wheatley first outlined the changes in his May Territorial Address, noting that the policy would be implemented through the government’s secure VIRRGIN portal. One of the most notable provisions is the requirement to notify companies when an information request is made, giving them the right to object or appeal before any data is released.
Locally, the move has been welcomed by stakeholders who say the new approach strengthens due process and protects the privacy of law-abiding company owners. However, critics abroad argue that the updated rules may hinder investigative work.
Transparency International UK expressed concern over what it describes as tipping-off clauses within the policy. The organization warned that alerting companies to incoming requests could compromise active investigations and reduce the ability of enforcement bodies, NGOs, and journalists to carry out essential work.
In a public statement, the organization said the new policy is not compatible with international transparency standards and called for open registers that would allow greater public scrutiny of corporate ownership.
The introduction of the policy comes at a time when the British Virgin Islands remains on the Financial Action Task Force grey list, under increased monitoring for its financial oversight and compliance structures. The UK government has continued to press Overseas Territories to adopt fully public registries in alignment with British norms. Despite the pressure, the BVI government has maintained that its approach is grounded in fairness, balancing the global demand for transparency with individual rights to privacy and legal protection. Officials have stated that the framework is designed to prevent misuse of sensitive information while still enabling law enforcement access when appropriate.