Following on from the recent news in the Cayman Islands that they will be implementing a centralized platform of beneficial ownership, the BVI has also now revealed their New Beneficial Ownership Secured Search System.
This is a new innovative technology platform called BOSS (Beneficial Ownership Secure Search System), which will go live in June 2017 enabling BVI law enforcement to share BVI company information and beneficial ownership data with UK law enforcement within 24 hours. BOSS is intended to showpiece the territories on-going commitment to ensuring its systems and processes remain market leading. This platform will require the following information to be loaded up in respect to each company :
- Incorporation name and number
- Registered Office Address;
- Date of Incorporation;
- Beneficial owner details:
- BO Name
- BO Date of birth
- BO Identifying details (passport details acceptable)
- Status of Entity
- Date Liquidation commenced (where applicable)
- Date Liquidation completed (where applicable)
- Reason why BO information is not provided
This new platform will have a searchable portal that will enable BVI law enforcement authorities with direct and immediate access to verified beneficial ownership information on any BVI company. The BOSS platform meets all international standards as defined by the Financial Action Task Force (FATF) and validates the territory’s ongoing commitment to providing the appropriate balance between privacy and transparency. It will have similar characteristics to the territories current exchange agreement with the UK Government, ensuring beneficial ownership information can be shared with treaty partners rapidly and efficiently. The BOSS system is part of the BVI’s commitment to :
- Improve the transparency surrounding the control of BVI business companies, including a commitment to compliance with the revised international standards adopted by the FATF;
- Review and revise, as necessary, regulations surrounding ‘legal persons’, ‘legal arrangements’ and ‘third party introducers’, respectively;
- Implement new standards for reduced timeframes for efficient and effective sharing of beneficial ownership information in line with the emerging global standard;
- Improve regulatory oversight and monitoring of Registered Agents by the Financial Services Commission;
- Consult further on the details of the subject of filing of registers of directors in the Registry of Corporate Affairs as a way of supporting greater transparency; and
- Complete our National Risk Assessment to identify and implement measures to strengthen our anti-money laundering and counter terrorist financing regime and the system of beneficial ownership information.
The Premier of the BVI Mr. Smith has commented ,
Over the past 30 years the BVI has carefully built a market leading financial services proposition and a robust regulatory framework. We believe the implementation of BOSSs will strengthen this even further and cement our position as a leading international finance centre. This initiative clearly demonstrates BVI’s commitment to cooperating with international law enforcement agencies to help identify and tackle instances where our structures are being used inappropriately. We’re delighted that this will put the territory at the very forefront of best practice in regard to obtaining and managing beneficial ownership information.