01/17/2022
Economic Substance for Jersey Funds
The purpose of this note is to provide some information about the impact of the economic substance regime on Jersey’s funds industry.
Regulation, Risk & Compliance
01/14/2022
Guernsey: Guidance on application of economic substance rules for partnerships published
Another significant part of the partnerships substance rules is the available exemptions.
01/14/2022
Cyprus: Legislative amendments intended to prevent tax abuse published
The laws do not indicate the effective date of application of WHT to jurisdictions added to or removed from each updated version of the EU black list.
01/14/2022
Standard Bank fined £350,000 for failing to abide by anti money laundering rules
That order was meant to effectively freeze a Standard Bank customer’s accounts, the details of which were not disclosed.
01/13/2022
Being on top of Ultimate Beneficial Ownership Compliance
While for lawmakers it is still a field for further discussion, companies in different jurisdictions are required to be compliant with the UBO laws already set out.
01/12/2022
Malta Chamber to government: disqualify tax cheats from public procurement
Malta Chamber says inaction is hurting tax-compliant businesses
01/12/2022
Mauritius officially off the EU list of high-risk third countries
On the basis of the recent removal of Mauritius from the FATF grey list achieved through firm commitment and prompt implementation of the FATF action plan, the Commission has concluded that Mauritius do not have strategic deficiencies anymore in its AML/C
01/12/2022
Bahamas delisted from EU AML blacklist
The engagement with the EU DG FISMA began in August 2020 and culminated with The Bahamas' submission of additional information and data in early October 2021.
01/11/2022
SICAV fund fined over 'millions invested without robust controls'
The FIAU found Southern Cross failed to adequately document its internal procedures to fight money laundering and did not properly screen its customers before accepting their money.
01/11/2022
SEC charges another Cayman ICO issuer
Last year, two of those investors sued Crowd Machine and its Cayman-based affiliate Crowd Machine SEZC, alleging “a massive investment fraud” in relation to the cryptocurrency start-up’s Cayman token offering.
01/11/2022
At A Glance Guide to registering a Jersey charity
Entities which can apply for registration include the trustees of Jersey trusts, Jersey foundations, Jersey companies, fidéicommis and 1862 Associations.
01/11/2022
Obtaining a Grant of Probate in the BVI
The effect of the shares not being transferred means that any assets of the Company, whether theyare real estate or an investment account, will not be accessible to the heirs for their use.
01/11/2022
US and Malta agree joint crackdown on pension plan abuse
This came to light after both authorities found that US taxpayers with no connection to Malta were misconstruing the pension provisions of the Treaty to avoid income tax on the earnings of, and distributions from, personal retirement schemes established i
01/07/2022
Bermuda Economic Substance Regulatory Update
A registered entity will be in scope of the Substance Act and subject to the ES Requirements if it conducts a relevant activity.
01/07/2022
EU tightens screw on shell companies with minimum substance test
The rules will also increase transparency around the use of shell entities for tax authorities with greater information exchange protocols.
01/06/2022
Antigua and Barbuda's progress in strengthening measures to tackle money laundering and terrorist financing
In line with the CFATF Procedures for the Fourth Round of Mutual AML/CFT Evaluations, the country has reported back to the CFATF on the actions it has taken since its mutual evaluation and its 2nd Enhanced Follow-up Report.
01/06/2022
The Bahamas' progress in strengthening measures to tackle money laundering and terrorist financing
In line with the CFATF Procedures for the Fourth Round of Mutual AML/CFT Evaluations, the country has reported back to the CFATF on the actions it has taken since its mutual evaluation and its 3rd Enhanced Follow-up Report.
01/04/2022
Chinese crackdown on offshore firms gets the Caymans into trouble
No surprise that the new regulations also limit the ability of foreign investors to acquire stakes in firms deemed important for national security.
01/04/2022
The EU List Of Non-Cooperative Jurisdictions For Tax Purposes
The screening criteria are founded upon tax transparency, fair taxation and implementation of OECD anti-BEPS minimum standards including economic substance requirements for zero-tax jurisdictions.
01/04/2022
Pakistan and India probe hundreds of Pandora Papers names
Authorities in the two South Asian countries are actively investigating offshore account holders exposed in the leak.