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The information within these articles are opinions and/or pieces of thought leadership.
They do not purport to be comprehensive or to render legal advice.
16 May 2018
This update serves to advise our BVI clients of upcoming important filing deadlines as well as procedures for submission of information to the relevant authorities with regard to audited accounts, fund annual returns, record keeping, register of directors and AEOI.
10 May 2018
Further to our previous updates, the Cayman Islands Department for International Tax Cooperation (the "DITC") issued an advisory dated 4 May 2018 announcing that the Country-by-Country Reporting Portal is now available for Multinational Enterprise Groups to conduct their notification obligations to the DITC under the CbCR Regulations.
18 Apr 2018
On 6 April 2018, CIMA released a notice (the "Notice") in which it addressed three points raised by Cayman Finance in relation to unclear provisions of Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands: (i) the designation / appointment of natural persons as MLROs, DMLROs and AMLCOs for investment funds; (ii) the need to carry out a gap analysis where AML functions have been delegated to a service provider outside the Cayman Islands and where relying on Eligible Introduction Letters; and (iii) whether subscription payments by an investor from a Cayman Islands bank, or equivalent jurisdiction bank, negated the need for full AML verification.
In response to the Notice, a Cayman Finance working group, including a Maples and Calder representative, met with CIMA on 11 April 2018 for the purpose of discussing the practical implementation – both of the three points raised in the Notice and a number of other issues.
9 Apr 2018
Further to our previous updates, the Department for International Tax Cooperation, on 29 March 2018, released Guidance on the Country-by-Country Reporting requirements of entities that are resident in the Cayman Islands.
The Guidance sets out the Notification and / or Reporting requirements of Constituent Entities of an MNE Group. It also addresses a number of technical issues.
This update is not exhaustive and its purpose is primarily for prompting consideration as to the applicability of the CbCR rules to Cayman Islands entities and the steps that will need to be taken by Constituent Entities.
27 Mar 2018
The Cayman Islands Department for International Tax Cooperation has issued an advisory dated 20 March 2018 making certain announcements with respect to FATCA and CRS compliance in the Cayman Islands for Cayman Islands Financial Institutions.