The UK’s Anti-Corruption Champion, Baroness Margaret Hodge, is currently in the territory to assess progress in implementing commitments on beneficial ownership registers.
Speaking ahead of her meetings with government officials and financial and legal sector representatives, scheduled for 23 and 24 September, Baroness Hodge said the UK is committed to transparency and the international fight against illicit finance.
Baroness Hodge stated that public beneficial ownership registers are an essential tool that help us all follow the money so that we can expose corruption and money laundering.
The anti-Corruption Champion said further that in today’s global context, secret corporate structures are not just used to launder money, citing they are also used to undermine democracies, fund conflicts, and engage in human rights abuses and terrorism.
As she puts it, transparency is vital for them and they share responsibility for ensuring they promote it.
According to Baroness Hodge, this visit is an opportunity to engage constructively with leaders and stakeholders in the British Virgin Islands to better understand the challenges they perceive in implementing beneficial ownership registers.
She said she looks forward to open, collaborative discussions that support our common goal of strengthening financial transparency.”
A news release from the Office of the Governor says that in November 2024, the British Virgin Islands joined the other UK Overseas Territories in committing to implement beneficial ownership registers with legitimate interest access by June 2025, as part of the UK’s efforts to enhance corporate transparency.
The release states that while commitments have been made, concerns remain about the pace of progress towards implementing registers that meet the UK’s minimum requirements.
It said during her visit, Baroness Hodge will assess the progress and challenges in implementing transparent registers in the BVI.
She will make recommendations on the required next steps to the UK’s Minister of State for the Overseas Territories, Stephen Doughty, who oversees the UK’s engagement with BVI on matters including governance and transparency.
Minister Doughty will consider Baroness Hodge’s findings following the visit.