The deadline for Overseas Territories to implement a public register of beneficial ownership for their respective finance industries was June 2025
British Virgin Islands flag. Photo: Dorian Hodge/ Pexels
Sister territory, the British Virgin Islands government has been put on alert after UK MPs called for an Order in Council for failing to make their beneficial ownership list public.
The deadline to create a list for its financial services industry was revised for June 2025.
Labour MP Stephen Doughty responded to questions raised in the House of Commons last week to explain that the UK Government expects “rapid and robust action to be taken, given the crucial importance of tackling illicit finance and increasing transparency.
He added, “We have set out that we expect access to be granted to a wide range of legitimate users, that registers should enable proactive investigations and should act as a deterrent to those seeking to conceal illicit gains.”
The British Virgin Islands failed to meet the deadline last month and instead delivered a new policy stating limiting those who request beneficial ownership details, who have legitimate purpose.
Currently, the Bermuda Monetary Authority hold information of Bermuda’s centralised register of beneficial owners.
Under Bermuda law, the information on the central register will not be publicly available although consultation on the matter began in November 2024, to establish a unified register.
The Bermuda government appears to be on track to align with UK guidelines, to make public a beneficial ownership register by October this year.
A spokesperson for the Ministry of Finance explained, “Bermuda already maintains a live electronic Beneficial Ownership register and has done so since 2019.”
“What is being executed upon is the implementation of an updated register, that will facilitate the revised FATF Recommendation 24 requirements, and eventually permit legitimate interest access.”
The system is expected to go live in October, in keeping with EU member states under the deadline of July 2026.
The UK Parliament, against wishes of the former Conservative government, legislated to require a draft Order in Council forcing any British Overseas Territory that has not introduced a publicly accessible register of beneficial ownership to do so by 2020.
That deadline was revised to June 2025.
The spokesperson added, “It is intended that this system will go live in October of 2025 and legitimate interest access will be aligned with the timeline provided to EU member states under the 6AMLD in July of 2026.
OTs include as Bermuda, B.V.I., Turks and Caicos and Anguilla.
