10/01/2020
British Virgin Islands to unmask secret company owners
Anti-corruption campaigners hailed a victory for transparency and the fight against hidden movements of huge sums of money.
Regulation, Risk & Compliance
10/01/2020
More sophistication being seen in use of captives
The requirements for exempted companies and LLCs to state the nature of the business will also now be included on annual returns.
10/01/2020
CIMA rules on segregation of assets for mutual funds and private funds
A fund must appoint a service provider (which includes an administrator, auditor, custodian, investment advisor, investment manager, operator, prime broker, promoter or registrar or any of their delegates) to ensure safekeeping of the fund’s financi
09/30/2020
Further Amendments to the Cayman Islands Companies Law, LLC Law and SIBL
In the Amendment Laws, gazetted on 20 August 2020, certain information relating to Cayman Islands companies and limited liability companies will be publicly searchable from 1 October 2020.
09/30/2020
Bfsb Chief Shortlisted For International Awards
The International Investment Awards are the longest-running event of their kind.
09/30/2020
DOJ Crackdown on Swiss Banks Generating Leads for IRS
The DOJ’s Swiss Bank Program, announced in 2013, allowed Swiss banks to resolve potential criminal liabilities in the U.S. by agreeing to certain requirements.
09/30/2020
Isle of Man advice firm hit with £63,000 fine
The Authority is satisfied that the directors of IFSL recognise and accept their failings.
09/29/2020
Bahamas strengthens legal framework in fight against financial crime
The FATF and the Caribbean FATF have been unable to carry out their scheduled onsite reviews, due to the covid-19 outbreak.
09/29/2020
BVI named in 'FinCen Files' leaks
The BVI has been caught in the new exposé from the International Consortium of Investigative Journalists that reveals major flaws in the global anti-money laundering safeguards
09/29/2020
New Cayman Registry & Regulator tech make filings easier for Private Funds etc
Private Funds that changed from regulated to unregulated under the Registration Requirements from 7 August 2020 will need to update their filings at the Registry before 31 December 2020.
09/29/2020
The Bahamas Must Comply with the Rules that Govern Operating in the Global Financial Ecosystem
The DPM said the Bill provides for the specific inclusion of the Non-Profit Organization limited by Shares and the Segregated Accounts Company in the definition of entities covered by the Act.
09/29/2020
Banks must do more to stop financial crime, says deVere
These revelations have prompted deVere, one of the foremost financial consultancies in operation
09/28/2020
Best destinations offering visas for remote workers including Caribbean islands
Destinations such as Barbados, Bermuda and Estonia are all offering special visas for remote workers who need a change of scenery
09/28/2020
Government On Track To Meet Performance Targets Despite COVID, Says EPOC
The Jamaican Government, GOJ, collected $143.9 billion in taxes, which was 7.5 per cent more than it expected.
09/28/2020
Caribbean Development Bank to lend US$70 million to The Bahamas, St Lucia to counter COVID-19 fallout
CDB estimates that GDP will contract by 14 per cent in The Bahamas and by almost 19 per cent in St Lucia in 2020.
09/27/2020
Bahamas Makes significant Strides In Fight Against Financial Crime: Update on The Bahamas’ National Identified Risk Framework
The Securities Commission of The Bahamas and the Insurance Commission of The Bahamas also established AML Analytical Units in 2019 to maintain ongoing vigilance regarding AML/CFT/CFP compliance of the securities and insurance licensees and registrants, re
09/27/2020
Wealthy Britons step up citizenship shopping to thwart Brexit
Investment migration seen as volatility hedge and component in high net worth portfolio value defence strategy
09/27/2020
Guernsey legal and regulatory update Q3 2020
The GFSC has also recognised that there are increased information security risks as a result of licensees being unable to (or choosing not to) operate in their traditional office space with the acceleration of working from home which has followed the pand
09/25/2020
How the FinCen Papers provide an opportunity to improve the Suspicious Activity Report (SARs) regime
Buzzfeed has had these SARs for over a year.
09/25/2020
OECD/G20 Inclusive Framework on BEPS shows progress in implementing tax transparency through Action 13 Country-by-Country reporting
This is to ensure a timely and consistent implementation across the world, which is key to the success of CbC reporting.