Question to the Foreign, Commonwealth & Development Office:

To ask His Majesty's Government what assessment they have made of the percentage of companies registered in the British Virgin Islands which are held via a trust or complex legal arrangement; and whether legitimate interest registers will allow for the identification of the ultimate beneficiaries of corporate structures in the British Virgin Islands.

Financial Services, including in relation to information on beneficial ownership, are a devolved matter for the Government of the British Virgin Islands (BVI). Whilst it is not unusual to hold companies through legal arrangements, including Trusts, this Government expects Overseas Territories, including the BVI, to implement accessible registers of beneficial ownership as a way of mitigating the risk that these structures are abused by those seeking to hide illicit gains. The Minister of State, Stephen Doughty wrote to Premier Wheatly on 26 January to reiterate that this Government expects that the BVI's proposals for legitimate interest access registers will uphold the highest possible standards of transparency and demonstrate a clear commitment to openness and robust oversight. This Government's ultimate expectation is that the OTs launch fully public registers of beneficial ownership.