Arab Press

بالشعب و للشعب
Saturday, Jul 12, 2025

BVI Supports Initiatives to Fight Financial Crime: Elise Donovan

BVI Supports Initiatives to Fight Financial Crime: Elise Donovan

The description of the BVI in Bloomberg Businessweek bears no resemblance to the innovative and forward thinking jurisdiction into which the BVI has developed over recent decades. We appreciate the corrections that have already been made. However, there are still a number of misleading statements and inaccuracies:


  • The concepts of public registers and transparency are conflated. One does not equate to the other, as recognized by law enforcement authorities. To clarify, the BVI is not against publicly accessible registers of beneficial ownership. Our position has always been that the BVI will adopt such an approach once it becomes the global standard. Currently it is not. Moreover, the BVI shares company beneficial ownership information with both its own and U.K. law enforcement authorities.

  • Throughout the article, it is suggested that the BVI is against transparency stating that the BVI is “one of the most vocal opponents of the worldwide transparency drive.” This is false. The BVI was an early adopter of the OECD’s Common Reporting Standard (CRS) for the automatic exchange of tax information; the BVI adopted and implemented the EU Directive on the Taxation of Savings Income and has signed 28 tax information exchange agreements; the BVI has signed a FACTA agreement with the U.S. and U.K.; the BVI is a member of the BEPS Inclusive Framework; the BVI is a respected and active participant in all relevant international bodies including the Financial Action Task Force and Financial Stability Board regional bodies, the global standard setter for the securities sector (IOSCO) and the Egmont Group, the global grouping of 158 Financial Intelligence Units which share expertise and intelligence to combat money laundering and terrorist financing. The jurisdiction was one of the first movers when it came to anti money laundering legislation which has, in turn, benefited other finance centers. The BVI is therefore clearly and demonstrably a supporter of initiatives to improve international co-operation in the fight against financial crime and the sharing of necessary information.

  • The article states the EU has threatened the BVI with ‘blacklisting’. In fact, the BVI was assessed by the EU alongside 91 other countries, including the U.S., for the purposes of creating a list of non-cooperative jurisdictions. Subsequently, the BVI committed to economic substance requirements and implemented the required legislation. The BVI has been deemed compliant and is not and was never on an EU ‘blacklist’.

  • The representation of the Beneficial Ownership Secure Search system (BOSSs) platform fails to take numerous key points into consideration. For instance, whilst BOSSs is accessible by only two people, this is done for security of the information and to close off access. Those who access it are responding to requests. BOSSs is an innovation that has been widely applauded and recognized by the U.K. Government as a world class example of its type.

  • The reference to loopholes “allowing, for instance, trusts and corporations listed on stock exchanges to escape scrutiny” is inaccurate. Having companies which are owned by listed companies is not a loophole to avoid disclosure of beneficial ownership information. Listed companies have many shareholders. Plus, share registers of listed companies are public documents and therefore easily accessible. The jurisdiction is proud that blue chip companies listed on the world’s major stock exchanges use BVI companies within their corporate structures. As far as Trusts are concerned, again there are no loopholes. If the trustee of a trust is a BVI company it must be licensed by the Financial Services Commission, the BVI’s financial services regulator.

  • The original article stated that the cost to incorporate a company with less than 50,000 shares is $450 with the cost to renew the same. This has now been corrected to state that this is only the Government fee. However, it must be noted that the government fee can never be the total cost of incorporation. A BVI business company can only be incorporated through a licensed corporate services provider which must, through its own due diligence procedures, identify and confirm the beneficial owner, unlike the UK for example where no such verification take place. If the provider fails in this duty it can be severely penalized, with the removal of its license as the ultimate sanction. This means that the actual cost of incorporation in the BVI is around $1500 with the cost of renewal around $700 – significantly more than in the U.K., for example. The article further states that the BVI hosts around a third of the world’s offshore companies. This ignores that as of 2017 many more companies were registered in London (3.9m); Hong Kong (1.34m) and Delaware (1.18m).

  • The mentions of different options for a public register in the BVI are hearsay. The BVI Government ultimately decides its position on public registers, no one else.

  • Instead of utilizing the content provided by those interviewed who are practicing in the BVI today, the reporter has instead disproportionately relied on tales from the 1970s when the global financial regulatory architecture was in its infancy and attitudes were very different. The information significantly skews the article presenting the BVI in a wholly negative light, taking no account of the contribution the BVI now makes to the global financial regulatory framework.

The BVI was leveled by two catastrophic category five hurricanes only 18 months ago. It should be commended for getting so quickly up on its feet, albeit with continuing infrastructure challenges which we of course recognize and will continue to remedy. We, in the BVI, always try to engage, to inform and educate, even with those who have a different point of view.

Elise Donovan
Chief Executive Officer, BVI Finance

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×