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BVI Passes Legislation to Create New Private Government Search System on Beneficial Ownership

BVI Passes Legislation to Create New Private Government Search System on Beneficial Ownership

The BVI Government has passed new legislation that requires Registered Agents for BVI entities to make certain information on the beneficial owners of all BVI companies and limited partnerships accessible by a secure Government search system.

 

The new law - the Beneficial Ownership Secure Search System Act, 2017 (the “Act”), which enables the creation of a new Beneficial Ownership Secure Search System (“BOSS system”) – is in addition to the BVI’s existing AML legislation, which already requires Registered Agents to collect and maintain beneficial ownership information for the entities to which they provide services.

 

The Act, which enters into force on 30 June 2017, was drafted to implement the terms of the Exchange of Notes which the Governments of the BVI and the United Kingdom entered into on 8 April 2016. It provides the legal framework for recording accurate beneficial ownership information and the disclosure of that information to law enforcement authorities in jurisdictions with which the BVI has entered into bilateral agreements similar to the UK Exchange of Notes.

 

At the moment, only UK authorities can request the BVI authorities to provide beneficial ownership information that will be accessible through the BOSS system. The information accessible through BOSS will be the name, residential address, date of birth and nationality of each beneficial owner of a BVI company or limited partnership.

 

It is anticipated that amendments to the Act will be made shortly, but we believe these will be technical in nature and narrow in scope.

 

By Courtesy of TridentTrust

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