The British Virgin Islands (BVI) is facing increasing criticism from Westminster due to controversial plans to restrict transparency on companies ownership, which prompted accusations of a “shameful” effort to protect the role of specialization in money laundering and tax evasion.
A newly released consulting paper, proposing to limit the public’s access to the company’s records and grant its owners a pre -warning of investigations, from deputies and activists to combat corruption who say it is undermining the UK government to combat “dirty money”.
Former Development Minister Andrew Mitchell sharply condemned the BVI measures project, on the pretext that they were offered “fully contempt” to demand parliament in the external regions to adopt records of useful ownership that can be accessed to the public (PARBOS). Mitchell and his colleagues warn that the proposals will create an early alert system for “bad actors”, allowing them to liquidate assets and thwart investigations before law enforcement agencies can act. In addition, journalists who examine sensitive financial transactions will be exposed to potential legal threats and intimidation.
The row has increased calls to the UK government “in the Council”, a rare legislative tool that forces BVI to comply with the standards of transparency. At the same time, the Ministry of Foreign Affairs expressed disappointment with the proposals, indicating that it will pressure the region’s government to review its approach. If the confrontation escalates, it risks the creation of a constitutional clash between London and Bvi on the future ruling on the rules of financial secrecy in the region.
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