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Understanding the changes to the Proceeds of Crime Act: Insights from our conversation with the FRA

Businesses must be aware of the three core money laundering offences: concealing, arranging and acquiring (use and possession) criminal property. The FRA has issued a seven-day working period to consider all defence...more

Obligation for independent AML Audits under the Anti Money Laundering Regulations – What you need to know

Conducting an independent AML audit at a frequency based on the nature, scale and complexity of the entity is a requirement under the AML Regulations. AML audits are an important component of the control environment to...more

Update on the beneficial ownership regime in the Cayman Islands - New Technical Guidance for corporate services providers

On 15 March 2024, the Ministry of Financial Services and Commerce (the "Ministry") issued Technical Guidance for corporate services providers ("CSPs") to facilitate changes to internal processes in support of the transition...more

Cayman Islands and BVI Sanctions Update – New Licensing Grounds for Russia Related Divestments

New specific licensing grounds available under Cayman Islands and BVI Russia sanctions will pave the way for Cayman Islands and BVI investment funds and other entities to divest their frozen assets in Russia as well as remove...more

Rule and Statement of Guidance on Nature, Accessibility and Retention of Records for Licensees Conducting the Business of Company...

On 30 August 2023, following industry consultation, the Cayman Islands Monetary Authority ("CIMA") issued a new Rule and Statement of Guidance on Nature, Accessibility and Retention of Records for Licensees Conducting the...more

Updated Guidance Notes on the Prevention and Detection of Money Laundering, Terrorist Financing and Proliferation Financing in the...

Following industry consultation, on 30 August 2023 the Cayman Islands Monetary Authority ("CIMA") issued updated Guidance Notes on the Prevention and Detection of Money Laundering, Terrorist Financing and Proliferation...more

BVI update to the Economic Substance rules

The Economic Substance (Companies and Limited Partnerships) Act, as amended (the "ESA"), requires BVI legal entities which engage in relevant activities to maintain economic substance in the BVI. Our 'Overview of the British...more

Update on BVI

The British Virgin Islands (BVI) government has succeeded in its request for a supplementary review to more accurately reflect its current legislative status following the EU's decision last month to add the BVI to its list...more

Virtual asset services in the British Virgin Islands

The BVI Virtual Asset Service Providers Act (VASP Act) came into force on 1 February, providing clarity and certainty on the regulatory landscape for virtual asset services (VASPs) operating in or from within the BVI. ...more

The British Virgin Islands and the EU List of Non-Cooperative Tax Jurisdictions

The EU has announced it is has added the British Virgin Islands (BVI) to its list of non-cooperative jurisdictions for tax purposes. The BVI Government has since issued a statement highlighting that it has already introduced...more

Data Protection in the British Virgin Islands

The British Virgin Islands ("BVI") Data Protection Act, 2021 ("DPA") came into force on 9 July 2021. It was introduced so the BVI would have a data protection framework which is broadly similar to EU and UK standards. To...more

BVI ITA and Ministry of Finance requires entities to establish and maintain adequate systems and controls including a compliance...

The following BVI legislative supplements to the Mutual Legal Assistance (Tax Matters) Act (“MLA Act”) and the International Tax Authority Act (“ITA Act”) were gazetted on 13 June 2022: The Mutual Legal Assistance (Tax...more

BVI Beneficial Ownership - Economic Substance Reporting Regime

The Beneficial Ownership Secure Search System (Amendment) (No.2) Act, 2021 (“Amendment Act”) was gazetted in the BVI on 31 December 2021 and came into force on 1 January 2022. The Amendment Act amends the BVI’s Beneficial...more

BVI Business Companies (Amendment) Act 2022 - Summary of Key Changes

BVI Business Companies (Amendment) Act revisions effective 1 January 2023 - The BVI Business Companies (Amendment) Act, 2022 (“BCA Amendment Act”) which amends the BVI Business Companies Act, as amended (the “BCA”) was...more

BVI Business Companies (Amendment) Act 2022 - Summary of Key Changes

BVI Business Companies (Amendment) Act revisions effective 1 January 2023 - The BVI Business Companies (Amendment) Act, 2022 (“BCA Amendment Act”) which amends the BVI Business Companies Act, as amended (the “BCA”) was...more

Walkers’ Guide to Token Issuances, DAOs and Foundation Companies in the Cayman Islands

Roadmap - As a starting point it is helpful to outline a roadmap of how a new blockchain based project might develop. It is important to stress that no two projects will ever have the same objectives. As such, there is no...more

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