TORTOLA, British Virgin Islands, CMC — The British Virgin Islands (BVI) has introduced a new system granting restricted public access to company ownership records, signaling a policy approach that differs from the United Kingdom’s push for fully open registers.
The newly implemented Legitimate Interest Access (LIA) regime allows journalists, researchers, and civil society groups to request beneficial ownership information, but only if they can demonstrate a legitimate link to investigating financial crime.
Premier Natalio Wheatley described the initiative as a “significant milestone,” saying it strikes a balance between deterring illicit activity and protecting individual privacy.
However, the move falls short of the full transparency long advocated by the UK, which has encouraged its Overseas Territories to adopt publicly accessible registers, particularly in the wake of concerns raised during the Commission of Inquiry.
BVI officials say their controlled-access model reflects evolving global standards, pointing to similar shifts in Europe following a 2022 court ruling that limited unrestricted public access on privacy grounds.
Junior Minister for Financial Services Lorna Smith said the system strengthens transparency while reinforcing the territory’s reputation as a responsible financial center.
Authorities also emphasized that international law enforcement agencies will retain round-the-clock access to ownership data, ensuring investigations are not compromised.
Despite these assurances, critics argue the system may not go far enough, as scrutiny of offshore financial centers remains high.
The UK has consistently maintained that full public access is essential for accountability and combating illicit finance, but has yet to respond to the BVI’s latest measures formally.
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