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UK’s Baroness Hodge begins meetings with BVI leaders
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BVI News
(Photo by Getty Images)The BVI will face another major test this week as Baroness Margaret Hodge, the UK’s anti-corruption champion, begins a two-day visit for high-level meetings with political leaders and representatives of the financial services sector.
“Overseas Territories play an essential role in the UK’s global fight against corruption and economic crime,” Baroness Hodge said ahead of her visit.
NGOs and parliamentarians warn that delays in opening beneficial ownership data risk leaving the financial system vulnerable to abuse by money launderers, kleptocrats, and sanctions evaders.
Baroness Hodge’s findings are expected to inform the UK’s next steps on oversight of the BVI’s financial services sector.
The financial services sector accounts for roughly 60 percent of government revenue, making the stakes high for the BVI’s reputation and economic stability.
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