BVI and UK Governments Agree to Enhanced Sharing of Information by June 2017
The BVI Government has agreed to establish and maintain an electronic platform that will allow “the automatic right to unrestricted and timely” access for law enforcement agencies in the UK to accurate and current beneficial ownership information on corporate and legal entities incorporated in the BVI by the end of June 2017.
The proposed beneficial ownership platform comes as part of a raft of international initiatives to speed up the provision of specific information to law enforcement authorities conducting official investigations, of which the UK’s Overseas Territories and Crown Dependencies are leading the charge in respect of tax and transparency. As with the recently announced Cayman Islands beneficial ownership platform, the BVI information will not be available publicly.
As a provider of services our policy is to have beneficial ownership information for the companies we administer and thus we expect little disruption from the planned platform. We will update our clients with details of the new platform as soon as they are released.
For more information please liaise with your usual Marbury contact.