Public consultations on Registers of Beneficial Ownership access launched - Premier Wheatley said VI aims to implement a system of access based on legitimate interests

ROAD TOWN, Tortola, VI—The Virgin Islands government continues to take marked steps toward reinforcing its commitment to global transparency and collaboration by launching a consultation on access to beneficial ownership information.

This, according to Premier and Minister for Finance, Dr. the Honourable Natalio D. Wheatley (R7), who disclosed the initiative during a press conference on January 22, 2025, reiterating the importance of fostering a business-friendly and secure environment. Addressing the media, Premier Wheatley was adamant, “We continue to persevere to ensure a business-friendly and secure environment.” He, as such, sought to highlight the government's focus on meeting regulatory requirements while maintaining the territory’s competitive edge in the global financial services sector. The consultation, officially launched on January 17, 2025, centres on balancing transparency in combating illicit financial activity with safeguarding privacy and sensitive information.

'Legitimate interests'

“The issue of publicly accessible registers of beneficial ownership has been a focal point of global discourse over the years, particularly between the United Kingdom and its overseas territories and crown dependencies.” He also added that recent developments, such as the European Court of Justice’s ruling on publicly accessible registers, have—poignantly—reinforced the need to protect legitimate privacy rights.