BVI's Beneficial Ownership Database Goes Live
by Mike Godfrey, Lowtax.net, Washington
07 July, 2017
The British Virgin Islands' beneficial ownership database has been launched.
The "Beneficial Ownership Secure Search system" (BOSSs) is a searchable platform, which provides the territory's law enforcement authorities with direct and immediate access to verified beneficial ownership information on the ownership of companies in the territory. The platform also meets the international standards of the Financial Action Task Force, the global body tasked with combatting money laundering and countering the financing of terrorism.
The territory's government says BOSSs has so far seen significant activity, with information for tens of thousands of companies already uploaded to the platform. The British Virgin Islands' Ministry of Finance said it is working closely with industry to get the remaining companies onto the system as soon as possible, with a six-month grace period in place before penalties will be imposed.
Commenting on the BOSSs platform, Executive Director of the territory's Office of International Business (Regulations), Neil Smith said: "BOSSs is an innovative technology-enabled searchable portal that marks a step change in the way beneficial ownership information on any British Virgin Islands' company is held, accessed, and, where appropriate, shared with competent authorities in the British Virgin Islands and the UK. It was developed following an Exchange of Notes with the UK in April 2016."
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