The offshore territories of the UK have failed to meet the deadline for publishing plans aimed at enhancing corporate transparency. This comes on the heels of criticism aimed at the British Virgin Islands (BVI) for introducing a cartoon character intended to combat financial crime, all while new laws remain unpassed.
Last year, regions such as the BVI and Bermuda committed to enacting legislation by April 2025 that would allow access to data for those with “legitimate interests,” hoping to implement these measures by June of the same year. However, sources indicate that four British overseas territories—BVI, Bermuda, Anguilla, and the Turks and Caicos—did not meet these deadlines.
Such delays could reinforce concerns regarding the secrecy commonly associated with UK offshore centers, potentially jeopardizing ongoing transparency efforts and straining relations between Westminster and local governments.
The BVI, which has been implicated in various international investigations related to financial misconduct, has yet to advocate for accessible ownership registers for concerned parties. In the meantime, the territory’s officials have launched a character named Riley Wright, a cartoon bird tasked with promoting “responsibility, integrity, global recognition, and transparency.”
Riley appears as a green parakeet in a suit, promoting broader initiatives to tackle money laundering and terrorism financing in collaboration with the BVI’s anti-money laundering efforts.
Joe Powell, head of the UK’s Parliamentary Group examining financial crime, remarked on the situation: “If BVI wishes to operate under the British flag and our legal framework, it must adhere to the transparency and integrity standards we uphold. Trivializing this serious global financial threat compromises efforts against money laundering.”
Powell continued, expressing disappointment over the continued delays from BVI and other territories, suggesting that the UK must carefully consider ensuring that these long-held commitments are upheld.
Establishing ownership data access for legitimate interests is considered a crucial step toward a fully functional register of beneficial ownership—a goal that advocates believe should be standard worldwide in combating financial crime.
Phil Brickell, another member of the Parliamentary Group, echoed these sentiments, expressing hopes for better collaboration moving forward.
A spokesperson for the BVI conveyed that Riley’s initiative is “an effective way to engage with the community and enhance understanding.” They emphasized that dismissing their efforts would misrepresent the scope of their international commitments.
Regarding ownership registration, they added that updates would be shared with the UK government as policies are finalized and made public soon.
A representative from the Bermuda government stated they are actively working on legislative measures to establish legitimate access to beneficial ownership registration.
A spokesperson from the UK Foreign Office reassured that all overseas territories are making progress and the government will maintain communication to ensure compliance with contractual obligations.
The Guardian is seeking comments from the governments of Anguilla and the Turks and Caicos.
