Starting next year, the Virgin Islands will have as little as one hour to produce beneficial ownership information requested by United Kingdom law-enforcement authorities, according to an agreement between the two jurisdictions, which was signed on April 8 and published last Thursday.

The “exchange of notes” agreement — a result of years of discussion between VI and UK officials — will require the territory to establish an electronic platform where VI authorities will be able to search the ultimate owners of corporate and legal entities registered here.

The platform won’t be publicly searchable, but UK authorities will have access to any information they request within 24 hours or less unless the request is classified as urgent — “in which case [the VI] will provide it within one hour or such other time period as may be agreed,” according to the agreement.

“In calculating these times, no allowance will be made for office hours, weekends, or public holidays,” the agreement stipulates.

David Cameron

UK Prime Minister David Cameron last week touted the agreement as the first time in history the British government will have “full access” to beneficial ownership information from the VI.

“For the first time, UK police and law enforcement will be able to see exactly who really owns and controls every company incorporated in these territories: Cayman Islands, British Virgin Islands, Bermuda, Isle of Man, Jersey – the lot,” he said.

Premier Dr. Orlando Smith said the agreement signifies the territory’s commitment to strengthening an already robust regulatory regime.

“The new agreement will further enhance the BVI regime, which already surpasses that of many other jurisdictions in the world,” he said. “It will also … protect our business and the interests of BVI.”

Public register?

Other UK officials — including Ed Milliband, who was the opposition leader before stepping down when the Labour Party lost the UK elections in May 2015 — have called for the VI to establish a publicly searchable registry.

Dr. Smith, however, has balked at those calls, and Mr. Cameron has said his administration will encourage but not force the VI and other British overseas territories to open their registers to the public as the UK plans to do.

The VI has until July 2017 to implement the electronic platform and the other provisions of the agreement.

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