BVI Legislation for New Private Government Search System for Beneficial Owners
As part of its ongoing commitment to fight against money laundering and increase of transparency, the BVI has passed new legislation, the Beneficial Ownership Secure Search System Act, 2017, that requires Registered Agents to upload certain information for the beneficial owners of all BVI companies and limited partnerships in a secure Government search system. (the “BOSS” system) This legislation has been recently approved and circulated among registered agents in the BVI as of 15th June, 2017 and entered into force on 30 June 2017.
The information accessible through BOSS will be the name, residential address, date of birth and nationality of each beneficial owner.
This new legislation is an addition to the existing AML legislation which requires the Registered Agents to keep information about the Beneficial Owners of all the BVI entities under their management.
BOSS allows beneficial ownership information to be shared with the UK, in accordance with the Exchange of Notes signed between the BVI and the UK Governments in April 2016 and provides specific BVI authorities with immediate access whenever a request of information is received for a corporate or legal entity registered in the jurisdiction. Only designated persons who have passed security vetting tests and who are considered to be fit and proper will have access to the BOSS system to run a search.
We further note that the BOSS Data Base is secured and only accessible by goverment officials and there is no public information available for the beneficial owners. For further information contact us.