Background: On the 22nd of November 2022, The European Court of Justice (ECJ) made a significant ruling against public access to beneficial owner registers of EU companies. This decision, based on fundamental privacy rights, clashed with the Anti-Money Laundering Directive, leading EU states to restrict access.
On the 8th December 2023 the BVI Government published a press release to reaffirm its approach to beneficial ownership registers relating to the ECJ’s decision. The British Virgin Islands (BVI) Governor’s Office is collaborating to understand the impact of this ruling. As the BVI operates under UK representation, they’re navigating how to balance local governance with the ECJ’s decision on accessible registers.
Moreover, territories committed to implementing these registers faced a shift in context due to the ECJ’s emphasis on privacy rights. Though not directly under ECJ jurisdiction, the Virgin Islands acknowledges the ruling’s influence. They plan to incorporate a “legitimate interest test” for access, ensuring compliance while combating financial crime and upholding human rights obligations.
The commitment to international standards remains strong, with efforts to align with evolving global practices while maintaining transparency and respecting legal frameworks. Collaborations with the UK and other partners are ongoing to meet these evolving standards in implementing beneficial ownership registers.
You can refer to the official Government press release can be found here
