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7 Dec 2018
The Cayman Islands Monetary Authority has released updated Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands.
7 Nov 2018
Sanctions Orders are extended by Statutory Instrument to the British Overseas Territories, including the British Virgin Islands and the Cayman Islands, to implement sanctions regimes implemented by the United Nations Security Council, the European Union and the United Kingdom Government.
From 7 November 2018, pursuant to The Sanctions (Overseas Territories) (Amendment of Information Provisions) Order 2018, the reporting obligation in respect of Financial Sanctions Orders shall extend to 'relevant businesses and professions', including auditors, casinos, precious metal and stone dealers, external accountants, independent legal professionals, real estate agents, tax advisors and trust or company service providers.
22 Oct 2018
As part of the British Virgin Islands' ("BVI") ongoing commitment to international tax transparency pursuant to the Common Reporting Standard, the BVI Mutual Legal Assistance (Tax Matters) Act, 2003 has been amended by the BVI Mutual Legal Assistance (Tax Matters) (Amendment) Act, 2018 (the "Amendment Act"). The Amendment Act came into force on 18 September 2018 save for the parts relating to country-by-country reporting which were deemed to have come into force on 1 January 2018.
25 Sep 2018
As previously advised, all companies existing before 1 April 2016 were required to file particulars of their current directors with the Registrar of Corporate Affairs. The filing deadline for each Existing Company was 31 March 2017. Since 1 April 2016, all newly incorporated companies have been required to file particulars of their directors with the Registrar within 21 days of the appointment of their first directors. A regime of late filing fees and penalties for any companies that failed to comply with those filing requirements was also established.
25 Sep 2018
The Cayman Islands Monetary Authority issued a notice on 24 September 2018 regarding deadlines for the appointment and notification of Anti-Money Laundering Compliance Officers, Money Laundering Reporting Officers and Deputy Money Laundering Reporting Officers.