The British Virgin Islands Ministry of Finance published a statement by Premier and Minister of Finance Dr Natalio Wheatley rejecting international media reports that the Territory’s Riley Right public awareness campaign undermines the fight against illicit finance, and describing it as complementary to wider reforms aligned with international standards. The Government framed the campaign as a local initiative to educate the community on money laundering risks, noting that the Financial Action Task Force (FATF) requires awareness of financial crime risks among non-financial services professionals. It also pointed to a broader reform programme, including a legislative agenda aligned with global standards, new guidance, and new institutional frameworks such as a dedicated Sanctions Unit. On beneficial ownership transparency, the statement reiterated the Government’s November 2024 Joint Ministerial Council pledge to introduce “legitimate interest” access to beneficial ownership information, and highlighted work to migrate beneficial ownership information to the VIRRGIN corporate registry platform, replacing the Beneficial Ownership Secure Search system to support information sharing with law enforcement. A consultation on the legitimate interest policy was extended and is now in the final stages of policy development, with the resulting framework to be submitted to the UK Government imminently and published shortly afterwards.
Ministry of Finance (British Virgin Islands) 2025-05-07
British Virgin Islands Ministry of Finance rebuts criticism of the Riley Right campaign and signals imminent submission of beneficial ownership access framework to the UK Government
The British Virgin Islands Ministry of Finance, led by Premier Dr. Natalio Wheatley, refuted claims that the Riley Right campaign undermines efforts against illicit finance, asserting it complements reforms aligned with international standards. The campaign aims to raise local awareness of money laundering risks, as required by the Financial Action Task Force. The Government also emphasized its commitment to beneficial ownership transparency, including migrating information to the VIRRGIN corporate registry and developing a "legitimate interest" access policy.