Aki Corsoni-Husain

Aki Corsoni-Husain

Harney Westwood & Riegels

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Latest Publications


Cyprus becomes “Equivalent Jurisdiction” under Cayman Money Laundering Regulations

On 21 November 2014 the Cayman Islands gazetted an amendment to the Money Laundering Regulations (Regulations) to include Cyprus in the Third Schedule to the Regulations which lists countries and territories with equivalent...more

3/12/2015 - Banking Industry Regulations Banks Cayman Islands Cyprus Foreign Banks Jurisdiction Money Laundering New Amendments Securities Regulation

Cyprus and US sign FATCA IGA

On 2 December 2014, the US and Cyprus governments signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). There are two types of IGAs known as "Model 1" and "Model 2". The...more

12/10/2014 - Cyprus FATCA FFI Intergovernmental Agreements IRS Reporting Requirements

Record Keeping Obligations for BVI Companies, Partnerships, Trusts and Other Organisations

The record keeping obligations applicable to BVI companies and partnerships were amended in November 2012 and again in September 2014. The changes have been introduced following OECD Peer Reviews of the Territory. The Reviews...more

11/17/2014 - BVI Business Companies OECD Recordkeeping Requirements

Japan – BVI TIEA comes into force on 11 October

Further to our previous bulletin, following the Notification Ceremony on 11 September the Tax Information Exchange Agreement (TIEA) between the Government of Japan and the Government of the British Virgin Islands will come...more

10/10/2014 - BVI Business Companies Japan TIEA

Sanctions: European Union significantly toughens its stance towards Russia

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. Concurrent with...more

9/18/2014 - Asset Freeze EU NATO Russia SDN List Travel Ban Ukraine

Update on EU sanctions on Ukraine and Russia pertinent to Cyprus, BVI and Cayman

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

8/13/2014 - EU Russia Sanctions Ukraine

BVI's National Risk Assessment scheduled

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

7/11/2014 - Anti-Money Laundering FATF Risk Assessment

BVI signs TIEA with Japan

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

6/23/2014 - Japan TIEA

FATCA and the Cyprus – US Connection

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

5/28/2014 - FATCA IGAs International Tax Issues Reporting Requirements U.S. Treasury

EU, US add new names to Ukraine sanctions list

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

5/5/2014 - Sanctions U.S. Treasury UK Ukraine

Update: Impact of Sanctions in Ukraine and Russia Under the Laws of Cyprus, the BVI and the Cayman Islands

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

3/24/2014 - Foreign Policy Russia Sanctions Ukraine

Impact of Sanctions in Ukraine and Russia Under the Laws of Cyprus, the BVI and the Cayman Islands

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

3/10/2014 - Foreign Policy Russia Sanctions Ukraine

Increased supervision of BVI Real Estate Agents by the FIA

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

2/18/2014 - Anti-Money Laundering Offshore Banks Real Estate Agents Real Estate Market

BVI Signs "UK FATCA" and US FACTA is expected to follow

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

2/7/2014 - BVI Business Companies FATCA UK

Deficiencies in Belize and Guyana AML compliance highlighted

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

1/27/2014 - Anti-Money Laundering Compliance Corruption White Collar Crimes

New deadlines imposed for FIA information requests

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

1/22/2014 - Deadlines Financial Regulatory Reform Investigations Request For Information

BVI Signs Tax Information Exchange Agreement with Poland

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

1/10/2014 - BVI Business Companies International Tax Issues TIEA

AIFMD: Level 2 Regulation adopted by the European Commission

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

1/18/2013 - AIFMD EU European Commission Investment Adviser

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