Premier Dr. Orlando Smith says his administration plans to seek legal advice on a decision made by the United Kingdom which he says, breaches a constitutional agreement with the territory.
he United Kingdom on May 1, announced plans to impose a public register that forces the territory to reveal information on beneficial owners with offshore companies – a policy that also affects other British Overseas territories.
“We do not feel that this is right constitutionally because when we negotiated the constitution in 2007 ..And just as the other territories such as Bermuda, such as Cayman; we will be seeking advice from a constitution expert on this matter, the Premier said on Wednesday.
Smith also said the move is not only a constitutional violation but also has an impact on human rights as the UK is infringing on the privacy of offshore company owners.
“Here, as a territory, we’ve had the most severe natural disasters in a hundred years in the Caribbean and the BVI took the brunt of it. I think it goes against human rights provisions to be able to now go and say ‘we are going to take away the other factor of your economy’. That doesn’t sound right.”
“I don’t think anybody would like to see their bank accounts being made public and this is a major factor as well,” he said.
The territory has until December 2020 to comply with the new policy.
