UK Anti-Corruption Champion visits BVI for transparency assessment

This week, Baroness Margaret Hodge, the UK’s Anti-Corruption Champion, is visiting the British Virgin Islands to assess the territory's progress regarding financial transparency and the implementation of beneficial ownership registers. Her visit highlights ongoing efforts in the UK to enhance security against illicit finance and money laundering, which remain high on the agenda.

Ahead of her scheduled meetings with local government officials and representatives from the financial and legal sectors on 23 and 24 September, Baroness Hodge stated, "The UK is committed to transparency and the international fight against illicit finance. Public beneficial ownership registers are an essential tool that help us all follow the money so that we can expose corruption and money laundering." This sentiment reflects her commitment to fostering a collaborative approach to tackling financial opacity.

Baroness Hodge emphasised the broader implications of secret corporate structures, explaining, "In today’s global context, secret corporate structures are not just used to launder money. They are also used to undermine democracies, fund conflicts, and engage in human rights abuses and terrorism. So transparency is vital for us all and we share responsibility for ensuring we promote it." This visit serves not only as an assessment but also as an opportunity to engage constructively with BVI leaders to better understand the challenges they face regarding transparency.

In November 2024, the British Virgin Islands joined other UK Overseas Territories in a commitment to implement beneficial ownership registers with legitimate interest access by June 2025, part of the UK’s broader strategy to bolster corporate transparency. While commitments have been made, concerns persist about the speed at which progress is being made towards fulfilling the UK’s minimum requirements for these registers.

During her visit, Baroness Hodge plans to evaluate both the advancements and obstacles present in implementing transparent ownership registers within the BVI. She will subsequently make recommendations to the UK’s Minister of State for the Overseas Territories, Stephen Doughty, who oversees UK engagement with the BVI on important matters such as governance and transparency. This visit underscores the UK’s continued dedication to combating corruption and promoting financial integrity across its territories.