BOSS PLACES BVI ON THE CUTTING EDGE OF BENEFICIAL INFORMATION
Written by Fuze Team on July 16, 2020
The Beneficial Ownership Secure Search system (BOSSs) continues to place the Virgin Islands on the cutting edge of beneficial ownership information exchange with the capability of responding to requests in real time.
That’s according to Premier and Minister of Finance Andrew Fahie who in a live broadcast on the Financial Services Industry said that the BOSS system platform has enabled the Virgin Islands to also rise to meet European Union standards on data collection with an efficiency and effectiveness that some of their competitors may envy.
The BVI’s Beneficial Ownership Secure Search system (BOSSs) is a cutting-edge electronic search engine that enables the relevant BVI Authorities to have a searchable database with information on BVI Companies and their beneficial owners. This system was pioneered in the Virgin Islands to facilitate the sharing and searching of BVI Beneficial Ownership information.
Premier Fahie said that the Government wrote to the United Kingdom Government last week reiterating the Territory’s continued commitment to the exchange of beneficial ownership information with the UK under the Exchange of Notes on Beneficial Ownership signed in 2016.
The Premier said that the Government continues to be very pleased that UK law enforcement, including the National Crime Agency, continues to find this arrangement effective. The Virgin Islands, in this regard, communicated that this jurisdiction has been deemed largely compliant by the Financial Action Task Force.
“Beneficial Ownership information in the system will also be available to other authorities in the Virgin Islands to ensure that they are able to meet their international obligations. Importantly, the system will not be accessible by the public.”
Andrew A Fahie
He explained that his Government took the opportunity in the letter to highlight that the BVI continues to meet and adhere to the highest international standards as a responsible, cooperative and quality financial centre.
