Premier Natalio “Sowande” Wheatley has struck a defiant tone by insisting that the Virgin Islands will go its own way despite pressure from British politicians to publicly disclose who owns VI-registered companies.
Mr. Wheatley used his annual Territorial Address last week to hit back at critics in the United Kingdom parliament who have demanded that the VI grant unrestricted public access to the beneficial ownership register it plans to launch next month.
The premier has faced criticism from senior Labour and Conservative members of the UK House of Commons, who have claimed that the planned register will not be sufficiently transparent to deter money crime.
“Following an extensive public consultation process, which concluded in March 2025 and generated substantial feedback from a broad range of stakeholders, the final policy and legislative amendments are now being refined,” Mr. Wheatley said during his May 20 address. “Stakeholder engagement is scheduled for June 2025 to support smooth and effective implementation.”
Mr. Wheatley insisted that the VI register must protect privacy despite UK calls for it to be more open.
To that end, he has said, access will be restricted to people with a “legitimate interest” in the register.
“The final version will preserve privacy safeguards, clarify who may access information, the conditions under which access may be granted, and establish mechanisms to protect individuals at risk of serious harm such as fraud, harassment or kidnapping,” he said in his Territorial Address.
Shrugging off British criticism, the premier said the plan is in the territory’s best interest.
“Once enacted, this framework — representing a major policy milestone — will enhance the territory’s beneficial ownership regime in a manner that is responsible, proportionate and consistent with our constitutional principles and international obligations,” Mr. Wheatley said.
Grey list
While he did not directly address the Paris-based Financial Action Task Force’s looming decision on whether to sanction the VI, the premier did insist the territory has been complying with the watchdog’s recommendations on addressing money crime.
“Key changes included updates to the Financial Services Commission Act, the Anti-Money Laundering and Terrorist Financing Code of Practice, and sector-specific legislation such as the Securities and Investment Business Act and the Banks and Trust Companies Act,” he said. “These reforms enhanced regulatory effectiveness and alignment with international standards.”
The FATF is likely to decide whether to place the territory on its grey list of jurisdictions that require extra monitoring when it holds its four-day plenary meeting from June 10.
With a grey-listing likely to damage the territory’s reputation, the premier insisted the government is on top of the situation.
“Discussions also covered FATF recommendations, sanctions enforcement and cooperation mechanisms between authorities,” he said.
Some 360,000 companies are registered in the VI, which has an estimated population of less than 40,000 people.
In England and Wales, which have a population of about 61 million, some 4.5 million companies are registered.
