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News - Expertise: Regulatory & Financial Services

Read our latest articles,  thought leadership, press releases, updates and announcements. 

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.

3 Nov 2017

The Anti-Money Laundering Regulations, 2017 ("AML Regulations") were gazetted on 20 September 2017 and came into force on 2 October 2017. The AML Regulations bring about many significant changes to Cayman's anti-money laundering and combating of terrorist financing regime to align it more closely to the FATF Recommendations and global practice.

Perhaps the most important effect is that the AML Regulations now apply to a wider range of Cayman Islands entities, including unregulated investment entities; e.g. private equity or closed-ended investment funds and structured finance vehicles that are not registered with the Cayman Islands Monetary Authority, and investment related insurance entities.

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2 Oct 2017

The Anti-Money Laundering Regulations, 2017 ("AML Regulations") were gazetted on 20 September 2017 and come into force on 2 October 2017. The Money Laundering Regulations (2015 Revision) have been repealed and the Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands shall be updated in due course.

While the fundamental anti-money laundering and combatting of terrorist financing ("AML / CFT") obligations remain, the AML Regulations bring about many significant changes to the Cayman Islands' AML / CFT regime to keep it more closely aligned with the FATF Recommendations and global practice.

This update highlights some of the key changes to the AML / CFT regime under the AML Regulations.

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14 Sep 2017

Following the closure of its AEOI Portal, the Cayman Islands Department for International Tax Cooperation has issued an advisory dated 13 September 2017, announcing its approach to dealing with prior and new information requests and enquiries emailed to its AEOI Portal mailbox.

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31 Aug 2017

Pursuant to an industry advisory dated 30 August 2017, as expanded by the AEOI News and Updates publication on its website, the Cayman Islands Department for International Tax Cooperation has announced that the AEOI Portal will remain open until 4:00pm on 13 September 2017 to accept late registrations, variations, reporting and filing declarations.

Please note that there is no extension of the CRS and FATCA reporting deadlines of 31 August 2017 and submissions after 31 August are technically in breach of regulations.

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15 Aug 2017

As a result of a tropical wave that affected the territory of the British Virgin Islands ("BVI") last week, the Government of the BVI has now announced that the deadline for the submission of CRS reports via the BVI Financial Account Reporting System has been further extended from 18 August 2017 to 1 September 2017.

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