The British Virgin Islands Ministry of Finance published remarks by Premier Dr. Natalio D. Wheatley at a Hong Kong Financial Services Round Table with BVI financial services firms and trust and corporate service providers, setting out the government’s approach to managing recent regulatory and compliance changes while maintaining the jurisdiction’s financial services model. The remarks emphasised alignment with international standards and engagement with external bodies including the Financial Action Task Force, the Organisation for Economic Co-operation and Development, the European Union and the UK Government, alongside continued use of industry consultation ahead of most policy, legal and legislative changes. They also referenced BVI participation in international sanctions regimes, Common Reporting Standard and Foreign Account Tax Compliance Act reporting, automatic exchange of information arrangements, and cooperation with UK and international law enforcement, and noted plans for continued dialogue with Asia-based stakeholders, including a further meeting in early second quarter 2025 by the Financial Services Commission. The speech highlighted ongoing consultations on beneficial ownership registers and the definition of legitimate interests.
Ministry of Finance (British Virgin Islands) 2025-02-17
British Virgin Islands Ministry of Finance outlines financial services policy approach and flags ongoing beneficial ownership register consultations at Hong Kong roundtable
The British Virgin Islands Ministry of Finance, via Premier Dr. Natalio D. Wheatley's remarks at a Hong Kong Financial Services Round Table, outlined its strategy for managing regulatory changes while maintaining its financial services model. This includes aligning with international standards, engaging with bodies like the Financial Action Task Force and the OECD, and consulting on beneficial ownership registers. Plans for dialogue with Asia-based stakeholders and cooperation with international law enforcement were also noted.