Note: This is an update to our last bulletin on this subject of 13 August 2014. The new measures are relevant to Harneys' core jurisdictions: Cyprus, the British Virgin Islands and the Cayman Islands.
New EU restrictions and prohibitions -
As the crisis over Ukrainian sovereignty has deepened, notably following the crash of Malaysia Airlines Flight 17, the EU has sought to increase punitive measures on rebel groups...more
The British Virgin Islands (BVI) is scheduled to undergo its Fourth Round of Mutual Evaluation by the Caribbean Financial Action Task Force (CFATF) in 2017 based on the Financial Action Task Force’s (FATF) International...more
The British Virgin Islands (BVI) government entered into its twenty-sixth tax information exchange agreement (TIEA) with the Government of Japan on 18 June 2014.
This new TIEA is not present in force but will enter...more
THE US DEPARTMENT OF TREASURY HAS ANNOUNCED that Cyprus and the US have reached agreement in substance as regards the Inter-Governmental Agreement for FATCA and Cyprus has consented to being included ...more
In legislative developments that took place simultaneously on Monday, 28 April, 2014 both the European Union and United States acted to expand the list of persons subject to economic sanctions.
Expansion of EU...more
In an earlier update we outlined in summary the application of the first round of EU sanctions on Ukraine, relevant to former President Viktor Yanukovich and his close allies. Here we provide an update on the fast moving pace...more
This guide contains a summary of the current sanctions regime imposed on Ukraine by the European Union in March 2014. No sanctions on the Russian Federation, as relevant to Cyprus, the British Virgin Islands (BVI) or the...more
The BVI Financial Investigation Agency (FIA) is presently reviewing the compliance arrangements of real estate agents throughout the jurisdiction to ensure they meet the requirements of the British Virgin Islands’ (BVI)...more
BVI Signs "UK FATCA" -
The British Virgin Islands ("BVI") Government signed an agreement (“UK/BVI IGA”) with the United Kingdom providing for automatic exchange of financial information relating to UK tax payers who...more
Deficiencies in anti-money laundering compliance in Belize and Guyana have been highlighted by the Caribbean Financial Action Task Force (CFATF) and the British Virgin Islands (BVI) regulator....more
New response deadlines have been imposed for Financial Investigation Agency (FIA) information requests.
The Financial Investigation Agency Act, 2003 (FIA Act) has been amended, as of 2 December 2013, to require any...more
The British Virgin Islands’ (BVI) government entered into its twenty-fifth tax information exchange agreement (TIEA) with the Republic of Poland on 29 November 2013. The BVIPoland TIEA supplements similar treaties entered...more
Harneys continues to monitor developments related to the EU’s AIFMD with a focus on how it will affect our clients in the Cayman Islands and BVI. The most significant recent development is that the AIFMD Level 2 Regulation...more