BVI Introduces Beneficial Ownership Disclosure Rules

The British Virgin Islands (BVI) has introduced new beneficial ownership disclosure rules to enhance transparency and combat financial crime. The rules aim to provide authorities with accurate information about the true owners of companies registered in the territory.

Background

The Financial Services Commission Act, 2001 established the BVI Financial Services Commission as an autonomous regulatory authority responsible for regulating and supervising financial services in and from the BVI.

New Rules

Under the new rules, companies incorporated or registered in the BVI will be required to maintain a register of beneficial ownership information. This information will include:

• Name
• Address
• Date of birth
• Shareholding percentage

The Commission has emphasized that the purpose of these regulations is to ensure that beneficial ownership information is accurate, up-to-date, and accessible to authorities.

Impact

Companies that fail to comply with the new rules may face penalties and fines. The introduction of beneficial ownership disclosure rules is a significant step forward for the BVI, which has faced criticism in the past over its lack of transparency and regulatory oversight. The move is expected to enhance the territory’s reputation as a responsible international financial center and provide greater assurance to investors and businesses operating in the region.

Importance

The Commission has also emphasized the importance of transparency and cooperation in preventing financial crime and ensuring the integrity of the BVI’s financial system.

Next Steps

For more information on the new beneficial ownership disclosure rules, please contact the British Virgin Islands Financial Services Commission at [insert contact details].