09/15/2022
Quarterly Economic Review June 2022
In addition, banks’ credit quality indicators improved in the second quarter, underpinned by the modest recovery in the economy and ongoing loan write-offs.
Regulation, Risk & Compliance
09/15/2022
BVI Business Companies (Amendment) Act 2022 - Summary of Key Changes
BVI Business Companies (Amendment) Act revisions effective 1 January 2023
09/15/2022
Cryptocurrency property sale overseen by CIMA
Although property sales are regulated by the Department of Commerce and Investment, cryptocurrencies are regulated by the Cayman Islands Monetary Authority
09/15/2022
Follow-on consultation on anti-money laundering exemptions
We are seeking feedback to the consultation from all interested parties by 14 October 2022
09/15/2022
Employment Arrangements for Public Holiday on Monday 19 September in Jersey and Guernsey
In Guernsey, the employer’s options will depend on the wording of the employment contract.
09/14/2022
Bank to force closure of BFN accounts
BFN was involved in about 100,000 transactions a year that may now end, including customers paying their American Express cards and also those paying overseas bills.
09/14/2022
Catalina receives Lloyd’s in principle approval
Catalina is a market leader in the legacy sector, and its expertise and robust capital resources are a welcome addition to Lloyd’s.
09/13/2022
UK Government’s Decision To Reject Bermuda’s Attempts To Legalise Cannabis ‘Should Not Come As A Surprise’
While some reports suggest the decision was made by Ms Truss instead of Mr Cleverly, and that the move will ‘destroy’ relations between the UK and Bermuda
09/13/2022
What You Need to Know About BVI Voluntary Liquidations
When preparing for the BVI voluntary liquidation of any entities that are soon to near or have reached the end of their life cycle, the process need not be complicated.
09/12/2022
CRS Compliance Form Filing Deadline in the Cayman Islands - Are You Ready?
The 15 September 2022 is the upcoming deadline for submitting the 2021 CRS Compliance Form with the Department for International Tax Cooperation (DITC) in the Cayman Islands.
09/12/2022
King Charles III: Antigua and Barbuda PM says he will hold republic referendum within three years
The prime minister of Antigua and Barbuda has said following the Queen’s death he will call for a referendum on the country becoming a republic within three years.
09/12/2022
Amendments to the BVI Business Companies Act
The current seven year period between a company being struck off the register of companies ("Register"), and being dissolved, is being abolished.
09/12/2022
Tribunal overturns MFSA fine for late submissions of accounts ‘due to COVID’
Curmi & Partners fined €5k for filing them three weeks after April 2020 deadline
09/12/2022
Need for a European centre of excellence for anti-money laundering, compliance
The European Single Rulebook has made compliance officers’ role more demanding
09/09/2022
Cayman Islands: Regulation Of Crypto Exchanges And Other Crypto Services In The Cayman Islands
According to information from the CIMA, 55% of the VASPs registered in Cayman are trading platforms with a daily transaction volume of USD5.1 billion (2 to 3% of total global volumes).
09/09/2022
Economic substance requirements for Jersey companies and LLCs
The Substance Law was amended on 1 September 2022 to extend its application to limited liability companies
09/09/2022
New Registration Requirement for Cayman Entities That Own Property in the UK
Entities that disposed of property or land after 28 February 2022 will also need to register and provide details of that disposal.
09/08/2022
Guernsey legal and regulatory update September 2022
The original proposal was to include the new requirement in the form of 'guidance'
09/08/2022
Economic substance requirements for Jersey companies and LLCs
The Substance Law imposes economic substance requirements on companies and LLCs that are tax resident in Jersey that undertake relevant activities in respect of financial periods commencing on or after 1 January 2019.
09/08/2022
Updated Procedures for De-Registration of Cayman Islands Mutual Funds and Private Funds
The revised Procedures represent the outcome of a consultation process that CIMA has undertaken in order to simplify and standardise the de-registration process for regulated funds, so that mutual funds and private funds can terminate their registrations