On February 6, 2025, the Government of the Virgin Islands launched its 2025 Medium-Term Development Strategy (MTDevS), to guide the territory’s growth and development, congruent with the nation’s National Sustainable Development Plan (NSDP).

 Meanwhile, however Premier and Minister of Finance, Dr. Natalio Wheatley is facing pressure from the United Kingdom over his proposed new framework for a public register for company ownership which hopefully will enhance the islands appeal as a financial centre.

Legislative updates, effective 2 January 2025, have called for a change in BVI's framework for collecting beneficial ownership data via the so-names VIRRGIN platform. This is being cited as an enhancement of the Beneficial Ownership Secure Search System (BOSSs), which has managed such information since 2017.

As described, the draft policy outlines a framework for accessing the Register of Beneficial Ownership, balancing transparency with privacy rights. It introduces the concept of "legitimate interest," allowing specific stakeholders, including certain financial institutions, regulated non-financial businesses, media personnel, civil society organisations, and academic institutions, to access beneficial ownership information under defined circumstances.

Provisions are also made for exemptions to protect individuals who may face serious risks, such as kidnapping or fraud, minors or legally incapacitated persons, if their information is disclosed.

 The deadline for stakeholder response is 28 February 2025.

 Currently, The BVI is facing pressure from UK Members of Parliament (MPs) over the proposed framework for a public register of company ownership.

According to a report in the UK Guardian, “British MPs have accused the territory of attempting to weaken financial transparency measures, calling the draft policy a “shameful” effort to obstruct a crackdown on financial crime. The dispute has escalated to the point where UK lawmakers are threatening to impose an order in council — a rarely used legislative tool that would override local governance and force the BVI to comply.”

 The UK is pushing territories, including the BVI, to implement publicly accessible registers of beneficial ownership (PARBOs). The registers are meant to reveal the real individuals behind companies.

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