Overseas territories furious at UK’s ‘colonial era’ register
By Tom Carnegie, 2 May 18
The British Overseas Territories (BOTs) have slammed the UK Government for trying to force public registers of beneficial owners on the jurisdictions, describing it as an act of “constitutional overreach” and an “unacceptable act of modern colonialism”.
Premier Smith has issued a statement saying he rejects the idea that BVI’s democratically-elected government can be superseded by the UK parliament.
“Especially in the area of financial services, which has been formally entrusted to the BVI people,” Smith said.
He said the BVI is a sound and reliable financial centre, which has “worked harder than many bigger countries” to meet international standards.
“My government has always said that should public registers become the global standard, then BVI will comply.
“In the absence of a global standard, such an imposition by the United Kingdom is not only unfair and discriminatory but we believe that it would result in a material loss of jobs, output and government revenue in the territory and impede government’s ability to viably support its resident,” he said.
Tags: British Overseas Territories | Crown Dependencies | Public Register
