Several amendments to British Virgin Islands (BVI) legislation are being planned so that the British overseas territory’s approach to beneficial ownership disclosure meets European Union (EU) requirements.
The Beneficial Ownership Secure Search System (BOSSS) Act is being introduced by BVI so that the Caribbean islands avoid being placed on the EU’s blacklist.
The territory is also increasing funding and staff to its International Tax Authority (ITA) as it deals with more requests for information relating to international tax matters.
Earlier this year BVI amended the BOSSS Act to work alongside the Economic Substance Companies and Limited Partnership (Amendment) Act of 2018 and sought to convince Britain that the BOSSS would be a better alternative to the UK-mandated public registers of company beneficial ownership.
“BOSSS can be an extremely effective aid to law enforcement authorities and much more so than the unverified public register which the UK hosts,” premier Andrew Fahie said in March.
Fahie has now told local media that BVI is now working to ensure that the islands’ ITA is adequately resourced in terms of staffing and financing.
The premier said the ITA performs a critical role in ensuring the smooth implementation and operation of international economic substance reporting requirements.
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