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Efforts to increase the UK鈥檚 security and resilience to illicit finance and money laundering are at the top of the agenda this week, as the UK鈥檚 Anti-Corruption Champion, Baroness Margaret Hodge, visits the British Virgin Islands to assess progress in implementing commitments on beneficial ownership registers.聽聽聽

Speaking ahead of her meetings with government officials and financial and legal sector representatives, scheduled for 23 and 24 September, Baroness Hodge said:聽聽聽

The UK is committed to transparency and the international fight against illicit finance. Public beneficial ownership registers are an essential tool that help us all follow the money so that we can expose corruption and money laundering. 聽

In today鈥檚 global context, secret corporate structures are not just used to launder money. They are also used to undermine democracies, fund conflicts, and engage in human rights abuses and terrorism. So聽transparency is vital for us all and we share responsibility for ensuring we promote it.聽聽聽聽

This visit is an opportunity to engage constructively with leaders and stakeholders in the British Virgin Islands to better understand the challenges they perceive in implementing beneficial ownership registers.聽聽聽聽

I look forward to open, collaborative discussions that support our common goal of strengthening financial transparency.

In November 2024, the British Virgin Islands joined the other UK Overseas Territories in committing to implement beneficial ownership registers with legitimate interest access by June 2025, as part of the UK鈥檚 efforts to enhance corporate transparency. While commitments have been made, concerns remain about the pace of progress towards implementing registers that meet the UK鈥檚 minimum requirements.聽聽

During her visit, Baroness Hodge will assess the progress and challenges in implementing transparent registers in the BVI. She will make recommendations on the required next steps to the UK鈥檚 Minister of State for the Overseas Territories, Stephen Doughty, who oversees the UK鈥檚 engagement with BVI on matters including governance and transparency. 聽聽聽

Minister Doughty will consider Baroness Hodge鈥檚 findings following the visit.