Each entity incorporated, established or registered in the Cayman Islands must file an annual economic substance notification with the Tax Information Authority (the "TIA").
A "relevant entity" conducting "relevant...more
Pending completion of its recommended actions under the BVI Mutual Evaluation Report published by the Caribbean FATF in February 2024, the BVI has been included on the FATF's list of "jurisdictions under increased...more
Entities have ongoing obligations to keep beneficial ownership information up to date.
Legislative developments have clarified what information needs to be reported for trusts and deemed beneficial owners....more
4/16/2025
/ Beneficial Owner ,
Cayman Islands ,
CIMA ,
Compliance ,
Disclosure Requirements ,
Filing Requirements ,
Investment Funds ,
New Legislation ,
Regulatory Requirements ,
Reporting Requirements ,
Trusts
With effect from 1 April 2025, the licensing regime under the VASP Act will be implemented, requiring those providing virtual asset custody services or operating virtual asset trading platforms to obtain a licence under the...more
Amendments to the Cayman Islands Proceeds of Crime Act came into effect on 2 January 2025 and include revisions to the suspicious activity report (SAR) process to the Financial Reporting Authority (FRA).
In addition to a...more
1/14/2025
/ Anti-Money Laundering ,
Cayman Islands ,
Compliance ,
Financial Crimes ,
Financial Regulatory Reform ,
Financial Reporting ,
Fraud ,
Money Laundering ,
New Amendments ,
Proceeds of Crime Act 2002 (POCA) ,
Reporting Requirements ,
SAR
How does the beneficial ownership reporting regime developments impact those within the fund governance function?
Introduction -
As noted in our recent advisory, the Cayman Islands' beneficial ownership reporting...more
10/16/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Cayman Islands ,
Compliance ,
FACTA ,
Fund Managers ,
Governance Standards ,
Investors ,
Mutual Funds ,
Private Funds ,
Reporting Requirements
The government of the British Virgin Islands (“BVI”) and the BVI Financial Services Commission (“FSC”) – the principal financial services regulator – have progressed important initiatives in recent years that demonstrate the...more
9/25/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Blockchain ,
British Virgin Islands ,
Compliance ,
Data Protection ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Economic Sanctions ,
Electronic Fund Transfer Act ,
FinTech ,
FSMA ,
Insurance Industry ,
Investment ,
Licenses ,
Misleading Statements ,
SIBA
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
10/18/2022
/ BVI Business Companies ,
Common Reporting Standard (CRS) ,
Compliance ,
Duty to Cooperate ,
Enforcement Actions ,
FATCA ,
Inspections ,
International Tax Authority ,
Ministry of Finance ,
Mutual Legal Assistance Treaties (MLAT) ,
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