BRITISH VIRGIN ISLANDS – ELABORATION OF COMPUTER SYSTEM FOR SEARCHING OF INFORMATION ABOUT BENEFICIAR OWNERS
The Governments of the United Kingdom and the
British Virgin Islands
agreed on the Technical Protocol, and also exchanged the Notes relating to management (ownership) of companies by beneficial owners last year.
The agreement between Great Britain and the BVI primarily aims at detecting and preventing illegal activities in both states, as well as at prompt obtaining such information.
Both jurisdictions have obligations to ensure the completeness, relevance and accuracy of the information, provide security guarantees for storage of the information and submit the information immediately to law enforcement agencies of other jurisdictions.
Database – Beneficial Ownership Secure Search (BOSS)
As part of fulfilling its obligations to the UK, the BVI government instructed to elaborate special platform that would allow to develop database with its subsequent management. The Beneficial Ownership Secure Search is going to start its operation in June this year (2017).
It will be the portal providing the ability to search for data, which in turn will be useful to law enforcement agencies. Access to information concerning beneficial owners of any company registered in the BVI will now be direct and prompt.
The consulting company charged with elaboration and maintenance of the correct functioning of the BOSS system promotes its implementation and organizes presentations for registered agents in the BVI. It should be noted that there is still no local legislation that would oblige the agents of the BVI to participate in the system.
The basis for the implementation of the system is the agreement signed by the BVI and the UK one year ago. There is information (although without official confirmation) that the abovementioned legislation will be adopted this month, and it currently exists in the form of draft.
Representatives of the concerned field of activity did not approve the implementation of the said system due to the fact that the law enforcement agencies of the British Virgin Islands already have various means of obtaining information about the beneficial owners at their disposal.
Follow the course of events regarding the discussed issue with Law & Trust International. You can also apply for additional information to be clarified via phone call, in chat or during personal conversation at the company’s office.
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