Eligible applicants can now request access to beneficial ownership information.
This, as the Government launched the new operational Legitimate Interest Access (LIA) system.
According to Government, the new system follows an extensive programme of legislative, operational and technical work and is aligned with the approach taken by other financial centres globally, including the European Union’s 6th Anti Money Laundering Directive (AMLD6).
It said this represents an important step forward in further strengthening The Virgin Islands’ financial system as part of the global fight against economic crime while protecting key privacy rights of individuals.
Delivered through the modern and secure VIRRGIN platform, journalists, academics and civil society actors will now be able to apply for access to verified information contained in The Virgin Islands’ Register of Beneficial Ownership in those instances where they can demonstrate a legitimate anti-money laundering, counter-terrorist financing or counter-proliferation financing purpose.
International law enforcement agencies already benefit from rapid, 24/7 access to beneficial ownership information through established information-sharing arrangements under the Exchange of Notes framework, and this will not change under the new system.
This enables timely and coordinated investigations into cross-border criminal networks and sanctions evasion schemes, as demonstrated by recent international action taken against the Prince Group.
Premier Dr. Natalio Wheatley said this regime represents a significant milestone of which they should all be proud.
The Premier stated that following a comprehensive domestic and international stakeholder engagement process, they have now established a balanced framework that strongly deters financial crime while protecting the right to individual privacy outlined by the Constitution.
He said the result is a historic achievement which will ensure The Virgin Islands retains its place as a trusted, internationally respected jurisdiction for decades to come.”
And Minister with responsibility for Financial Services and Economic Development, Lorna Smith, added that the Virgin Islands has long played a pivotal role in safeguarding the integrity of the global financial system.
Smith said this regime builds on that record by enhancing transparency and strengthening global efforts to tackle financial crime in accordance with best practice – reinforcing their position as a trusted and responsible financial centre.”