BVI, Caribbeanand International News

BVI should have ‘under the radar’ talks with UK on public register

BVI should have ‘under the radar’ talks with UK on public register

Attorney and Partner at financial services firm Conyers Dill & Pearman, Robert Briant, has argued that muted talks between the BVI and United Kingdom (UK) governments may be the best approach in reaching a consensus over the contentious issue of a public register of beneficial ownership for the financial services industry.
Beneficial owners are persons who enjoy the benefits of ownership in a company even though the title of the company is in another person’s name. However, the aforementioned ‘register’ would reveal the names of beneficial owners publicly.

Briant argued that, although clients of his firm have not been asking questions about new developments since a European Court ruling against the implementation of a Register of Beneficial Ownership in EU member states, there should be considerations over the ‘subtlety of the approach’ with the UK.

“There is something about not rocking the boat — vis-à-vis clients — so definitely we should have under-the-radar conversations with the UK government through our government and the regulators and the UK government,” Briant said on the Talking Points show recently.

The attorney argued that working ‘under the radar screen’ has worked very well for the BVI in the past and posited that regulators such as the Financial Services Commission (FSC) and other stakeholders should continue to discuss the international standard adopted by the BVI on the issue.

COI and its impact

In the meantime, Briant did not share a concern that the fallout from the BVI’s Commission of Inquiry (COI) may have impacted the financial services industry to a significant degree. 

The threat of direct UK rule has hovered over the territory ever since the release of a damning COI report, leaving the hastily formed Government of National Unity to implement closely-monitored governance reforms with a host of deadlines to be completed over two years.

“I don’t see the two [COI and financial services] being connected. I suppose if the [House of] Assembly lost its power, it’s a question of who would impose a public register, so that’s a concern for sure and the UK may be more ready to do it than the Assembly,” Briant said. 

He further argued that, whether the COI has any effect on the BVI’s financial services industry or not, the FSC and other stakeholders should contribute to the discussion of beneficial ownership.

Related Articles

Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
UK chaos: Hong Kong emigrants duped by false prospectus
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
If a country is denied the right to independence by another, it is not in a union. It is in a dictatorship.
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
British PM Rishi Sunak pledges further action on strikes to 'protect lives'
Tax fraud verdict again exposes illusion of Trump the master businessman
Tax fraud verdict again exposes illusion of Trump the master businessman.
Double standards: UK lawmakers attack EU chief over Ireland claims
Yellen hints at ‘national security’ probe into Twitter purchase
Elon Musk reinstates Donald Trump's Twitter account.
George W. Bush and Barack Obama will hold back-to-back disinformation conferences
Mission Improbable: Tom Cruise & Queen Elizabeth