02/18/2020
Updates to the BVI Regulatory Code 2009
All existing licensees (ie licensees holding a licence prior to 13 November 2019) have until 1 July 2020, to comply with the new requirements under the RC09
Regulation, Risk & Compliance
02/18/2020
All Cayman Islands “4(4)” funds must now register with CIMA
The audited financial statements must then be filed with CIMA together with a prescribed form annual return within 6 months of the fund’s financial year end.
02/18/2020
EU adds Cayman Islands, Seychelles, Panama to tax haven blacklist
Jurisdictions that do not yet comply with all international tax standards but committed to reform are considered cooperative and included in a state of play document (Annex II).
02/14/2020
Malta: EU anti-money laundering rules ‘about to be adopted’
Commission vice-president Valdis Dombrovskis has said the commission is “committed to working on an efficient and ambitious supervisory architecture to tackle money laundering”.
02/13/2020
Antigua and Barbuda Citizenship by Investment Program For CEOs, Investors, and High Net Worth Individuals
Antigua allows dual citizenship and does not require you to renounce your previous citizenship.
02/13/2020
Cayman Islands Government Statement on EU List of Non-Cooperative Tax Jurisdictions
The Cayman Islands Government has offered to make itself available for further dialogue or clarification with the Commission and the EU Ministers of Finance.
02/13/2020
UAE bank fined $600k over money laundering risk
The transactions were made over the counter at Abu Dhabi Commercial Bank’s UAE branches
02/13/2020
Cyprus, Portugal among states rebuked by EU over delays in money-laundering reforms
EU governments and lawmakers agreed on the new rules three years ago and then formally adopted them in 2018
02/13/2020
MONEYVAL experts say Gibraltar must do more to combat money laundering and terrorism financing
Their report outlined numerous case studies of international cooperation with other countries in investigations ranging from terrorism to money laundering and organised crime.
02/13/2020
Financial sector targeted in HMRC's crackdown on tax evaders
The investigations and cases under review cover UK businesses of all sizes and operating across 10 different sectors including financial services, oil, construction, labour provision and software development.
02/13/2020
EU warns Cyprus 'golden passports' scheme are a laundering risk
Real estate is broadly known to be used by money launderers as a stable investment which can appreciate over time, and is normally subject to more limited scrutiny
02/13/2020
EU to put Cayman on tax blacklist next week
“If we consider the extent of cross-border cooperation that has been in place for decades, plus the recent legislation on economic substance, as well as beneficial ownership, it is hard to conclude that we belong on such a list.”
02/12/2020
China: Introduction To The Economic Substance Act In The BVI
The ES Act requires a legal entity (a company or a limited partnership) that conducts relevant activities, as defined under section 6 of the ES Act, during a financial period 1 to comply with the economic substance requirements in relation to that activit
02/12/2020
Cyprus 'golden passports' scheme a laundering risk, says watchdog
Under the program, a minimum 2 million euro ($2.18 million) investment can get a passport and instant visa-free travel throughout the European Union, of which Cyprus is a member.
02/12/2020
Redomiciling Of Companies Between Offshore Financial Centres – Why Businesses Are Consolidating
Where a company is carrying on a regulated activity, the consent of the regulators in both jurisdictions is typically required, and whilst this adds time to the overall migration process it is by no means a barrier to the migration occurring.
02/11/2020
Fighting money laundering on every front
It helps make sure preventative measures are robust, and businesses' risk assessments are complete.
02/11/2020
Cayman: Introduction of Registration Regime for Closed-Ended Funds Summary
Walkers will continue our work with the Cayman Islands government, the Cayman Islands Monetary Authority and other key local professionals, and will provide updated summaries and client advisories as matters progress.
02/11/2020
Barbados' economic substance rules brings and end to separate tax rates
The Act requires business companies that are resident in Barbados for tax purposes and which conduct certain types of activity to have adequate substance in the jurisdiction.
02/11/2020
Cayman Islands Mutual Funds Law (2020 Revision)
The proposed amendments to the Mutual Funds Law (2020 Revision) have now been passed into law.
02/11/2020
Fundamental snag with new EU money-laundering rules
In this instance, the intention of the registers has been partially described on the European Commission's website as: "Enhancing transparency by setting up publicly available registers for companies, trusts and other legal arrangements."