The British Virgin Islands Ministry of Finance has published a policy setting out how beneficial ownership information for BVI business companies and limited partnerships can be accessed and on what basis. The framework allows parties with a legitimate anti-money laundering (AML), counter-terrorism financing (CFT) or counter-proliferation financing (CPF) purpose to request information, limited to individuals holding 25% or more of a company’s ownership or control, while introducing privacy and due-process safeguards. Requests will be made through the VIRRGIN platform, with registered companies notified of any query and an objections and appeals process before data is released. Beneficial owners can apply for exemptions, and the policy sets out fees, penalties and privacy rules intended to guard against misuse by requesters; UK law enforcement authorities already have direct and immediate access to BVI beneficial ownership data. The policy is framed as part of broader reforms since early 2024, including updates to more than 20 core laws and migration of beneficial ownership data from the legacy BOSS system to VIRRGIN. Draft regulations are expected to enact the policy, and the Financial Services Commission will hold “Meet-the-Regulator” sessions over the coming weeks to discuss implementation and gather industry feedback. Implementation will follow a transitional period to support system enhancements, user testing, guidance dissemination and the processing of exemption applications.

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