The information about more than 100,000 secret firms registered in the British Virgin Islands, leaked from the Panamanian company Mossack Fonseca, which has local office, has a great impact on the jurisdiction. According to the Bloomberg agency, BVI is now under increased scrutiny as it was involved more than any other country (including Cayman Islands which has distanced itself from the countries mentioned in the confidential data).
UK Prime Minister David Cameron is urged to take action in relation to the British Virgin Islands, and it is even suggested that he should take “direct rule” of the overseas territories that do not comply with UK tax law. According to Bloomberg’s agency, “The revelation that more than half of the companies exposed by the Panama Papers was registered in the British Virgin Islands has put a spotlight on the UK’s awkward and ambiguous relationship with its overseas territory.”
In its turn, the BVI government issued a press release where expressed confidence in its regulatory structures, and promised a “thorough investigation” into their alleged misuse or abuse.