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Common Reporting Standard (CRS)

Conyers

Regulatory & Risk Advisory Review: Cayman Islands - April to June 2024

Conyers on

Welcome to the second instalment of 2024 of the Regulatory & Risk Advisory Review. In this edition we cover several Cayman Islands regulatory updates including updates to the Beneficial Ownership Transparency Act, the...more

Walkers

Update on the beneficial ownership regime in the Cayman Islands - New Technical Guidance for corporate services providers

Walkers on

On 15 March 2024, the Ministry of Financial Services and Commerce (the "Ministry") issued Technical Guidance for corporate services providers ("CSPs") to facilitate changes to internal processes in support of the transition...more

Walkers

FATCA / CRS update: Jersey consultation announced

Walkers on

The Minister for External Relations of the Government of Jersey (GoJ) recently announced a public consultation seeking views on a number of proposed changes to the operation of the Common Reporting Standard (CRS) and the US...more

Conyers

Unveiling Tax Realities: Debunking Myths about the British Virgin Islands

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In this review of taxation and the British Virgin Islands, Conyers Corporate Counsel Nicholas Kuria discusses some of the most commonly misunderstood notions relating to the use of offshore jurisdictions, with a focus on the...more

Cadwalader, Wickersham & Taft LLP

UK Spearheads Global Commitment to the Crypto-Asset Reporting Framework

The Crypto-Asset Reporting Framework (“CARF”), is the OECD’s flagship tax transparency standard to help combat criminal activity using crypto-assets to evade taxation. The key aspects of the CARF were covered in the article...more

A&O Shearman

Amended CRS Law

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A new requirement to inform individuals of the exact personal data to be shared with the Administration des Contributions Directes. The Luxembourg law of 18 December 2015 on the automatic exchange of financial account...more

Cadwalader, Wickersham & Taft LLP

UK Government Finalises Mandatory Disclosure Rules

The UK Government has published the final version of regulations on 17 January 2023 that will give effect to the UK’s mandatory disclosure rules (“UK MDR”). The International Tax Enforcement (Disclosable Arrangements)...more

Conyers

Recent Regulatory Developments Affecting BVI Mutual Funds and Private Investment Funds

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Requirement to appoint a Money Laundering Reporting Officer (“MLRO”) - Under the Anti-Money Laundering Regulations (Revised Edition 2020), as amended by the Anti-Money Laundering (Amendment) Regulations, 2022, and the...more

Cadwalader, Wickersham & Taft LLP

Update: OECD Crypto-Asset Reporting Framework

On 10 October 2022, the Organisation for Economic Co-operation and Development (“OECD”) published the final guidance on the Crypto-Asset Reporting Framework (“CARF”) and a set of amendments to the Common Reporting Standard...more

Walkers

BVI ITA and Ministry of Finance requires entities to establish and maintain adequate systems and controls including a compliance...

Walkers on

The following BVI legislative supplements to the Mutual Legal Assistance (Tax Matters) Act (“MLA Act”) and the International Tax Authority Act (“ITA Act”) were gazetted on 13 June 2022: The Mutual Legal Assistance (Tax...more

Morrison & Foerster LLP

Global Developments in the Taxation and Reporting of Digital Assets

Just 10 years ago, only your millennial, techie cousin had ever heard of, let alone purchased, any cryptocurrency. Fast forward to 2021, and the volume of cryptocurrency transactions has grown to $15.8 trillion....more

Cadwalader, Wickersham & Taft LLP

OECD Cryptoasset Reporting Framework

On 22 March 2022, the Organisation for Economic Co-operation and Development (“OECD”) published a public consultation document proposing new and amended reporting requirements with respect to cryptoassets and electronic-money...more

Foodman CPAs & Advisors

Cómo las administraciones tributarias pueden monitorear la capacitación en cumplimiento de FATCA y CRS de las IF

Un nuevo informe de la Organización para la Cooperación y el Desarrollo Económico (OCDE) dice que las administraciones tributarias pueden evaluar el cumplimiento de FATCA y CRS de las instituciones financieras al monitorear...more

Foodman CPAs & Advisors

Cómo las Administraciones Tributarias Manejan el Incumplimiento de FATCA, CRS

Las administraciones tributarias pueden utilizar una combinación de medidas de detección, preventivas y correctivas para evaluar y tratar Ley de Cumplimiento Tributario de Cuentas Extranjeras (FATCA) y el incumplimiento del...more

Foodman CPAs & Advisors

Cómo asegurar la colaboración de las partes interesadas en FATCA y CRS

Las partes interesadas en la Ley de Cumplimiento Tributario de Cuentas Extranjeras (FATCA) y el Estándar Común de Reporte (CRS) son clave para los esfuerzos exitosos de implementación, cumplimiento y mantenimiento de las...more

Foodman CPAs & Advisors

Preguntas que las IF deberían hacer a los Proveedores de Servicios Externos de FATCA y CRS

Guía de la OCDE ofrece a las instituciones financieras asesoramiento sobre la contratación de organizaciones de servicios externos para gestionar el cumplimiento....more

Foodman CPAs & Advisors

Questions FIs Should Ask External FATCA and CRS Service Providers

OECD Guide Offers Financial Institutions Advice on Hiring External Service Organizations to Handle Compliance - While financial institutions (FIs) have final responsibility for compliance with the Foreign Account Tax...more

Foodman CPAs & Advisors

How to Ensure FATCA and CRS Stakeholder Collaboration

OECD Report suggests compliance regime elements for FIs and Stakeholders - Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) stakeholders are key to financial institutions’ (FIs) successful...more

Foodman CPAs & Advisors

How Tax Administrations Handle FATCA, CRS Non-Compliance

Tax administrations can use a combination of detective, preventative and corrective measures to assess and treat Foreign Account Tax Compliance (FATCA) and Common Reporting Standard (CRS) non-compliance, according to the...more

Foodman CPAs & Advisors

How Tax Administrations Can Monitor FIs’ FATCA and CRS Compliance Training

Governance and Implementation Compliance Hallmarks for FIs - A new report from the Organization for Economic Cooperation and Development (OECD) says that tax administrations can assess financial institutions’ FATCA and CRS...more

Conyers

The DITC Issues Timely Compliance Reminders

Conyers on

The Cayman Islands Department for International Tax Cooperation (DITC) recently issued reminders to industry of compliance obligations in accordance with Common Reporting Standard (CRS) requirements and for the purposes of...more

Lowenstein Sandler LLP

2020 and Q1 2021 Developments And Annual Compliance Checklists

Summaries of recent legislative and regulatory developments with respect to: •The SEC’s Examination Priorities for 2021- •The SEC’s Focus on Digital Asset Securities- •The SEC’s New Marketing Rule... ...more

Akin Gump Strauss Hauer & Feld LLP

U.K. Government’s Brexit U-Turn on DAC6

In light of Brexit, the U.K. government has made the unexpected announcement that it will limit DAC6 (Directive 2018/822) reporting in the U.K. to matters involving arrangements with the effect of concealing the ultimate...more

Proskauer - Tax Talks

Narrowing of UK intermediaries’ DAC 6 reporting requirements

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On 30 December, the UK government laid regulations that will significantly reduce the type of cross-border arrangement that will need to be reported by UK intermediaries under the so-called DAC 6 rules on 31 January 2021 and...more

Foodman CPAs & Advisors

The U.S.A Continues to be AML/BSA “Vulnerable”

The U.S. Department of the Treasury 2020 Strategy (National Strategy for Combating Terrorist and Other Illicit Financing released on February 6, 2020) describes ongoing significant AML/CFT threats. ...more

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