The Territory’s Beneficial Ownership Secure Search system (BOSSs) went live on 30th June establishing a mechanism that allows BVI law enforcement to share information with UK law enforcement quickly.
BOSSs is a technology-enabled searchable portal which facilitates the sharing and searching of BVI beneficial ownership information. The portal can be accessed by competent authorities in the BVI and the UK. During this week corporate service providers here in the Territory were required to upload the beneficial ownership information of their clients to BOSSs.
The subject of beneficial ownership – which is revealing of the substantive owner of a BVI company has been a concerning point here in the Territory with many worried that it can adversely affect the financial services industry.
Last year when the push to implement some form of beneficial ownership information exchange was in high gear persons in the community stressed that BVI’s financial services clients prize the fact that their information is kept private and here and it was opined that the publishing of such information may cause a drop in business for the BVI
Last week Premier and Minister for Finance Dr. the Hon. D. Orlando Smith lauded the implementation of BOSS. The BVI Leader said: “Through its electronic search engine, BOSSs will ensure there is even greater rigor in our systems and processes relating to beneficial ownership information.”
“Through its use of technology BOSSs perfectly blends the principles of privacy and security and is entirely fit for purpose. Working with BDO, we have developed a world class platform that will benefit all stakeholders, including corporate service providers, company owners and law enforcement agencies. I would like to express my appreciation to the private sector in the BVI for their support and partnership in making this initiative a success,” the BVI Leader added.
- Source: BVIHotpress.com