News & Analysis as of September 24, 2024

Foreign Account Tax Compliance Act › Financial Services Industry

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The Foreign Account Tax Compliance Act is a United States federal statute enacted in 2010 as part of the Hiring Incentives to Restore Employment Act (HIRE Act). FATCA aims to improve compliance of U.S. taxpayers... more +

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

Conyers on 7/23/2024

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

FATCA / CRS update: Jersey consultation announced

Walkers on 2/26/2024

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

What can we learn from recent enforcement actions in the Cayman Islands?

Walkers on 8/7/2023

Walkers' regulatory partners Lucy Frew and Ian Mason consider the learning points for financial services providers (FSPs) from recent enforcement actions by Cayman regulatory bodies. While financial services and related...more

Recent Regulatory Developments Affecting BVI Mutual Funds and Private Investment Funds

Conyers on 12/30/2022

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

Tax Enforcement: A Spotlight on Complex Partnership Structures

Skadden, Arps, Slate, Meagher & Flom LLP on 12/16/2022

The boost in funding for the Internal Revenue Service (IRS) provided in the Inflation Reduction Act of 2022 (IRA) comes just as it has started rolling out in earnest programs focusing on auditing complex partnership...more

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

Foodman CPAs & Advisors on 3/3/2022

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

Final Treasury Regulations Published on Transition from IBORs to Qualified Rates

Morgan Lewis on 1/6/2022

The Internal Revenue Service and the US Treasury Department have issued final regulations providing rules for taxpayers transitioning from interbank offered rates to qualified rates. These regulations provide financial...more

United States “Beats” Switzerland as a Perceived Global Haven for Money Laundering and Tax Evasion

Ballard Spahr LLP on 2/21/2020

The Cayman Islands Receive “Top Honors.” But, Global Financial Transparency is Reportedly Improving in General - The United States has overtaken Switzerland as a financial secrecy haven, according to the latest rankings –...more

Banquero Irá a la Cárcel por FATCA

Foodman CPAs & Advisors on 11/2/2018

El 11 de Noviembre del 2018, el Departamento de Justicia de los EE. UU. (“DOJ”) informó que el banquero Adrian Baron, el ex Director de Negocios y ex Director Ejecutivo de Loyal Bank Ltd, un banco “off-shore” con oficinas en...more

Banker will go to jail over FATCA

Foodman CPAs & Advisors on 11/2/2018

On September 11, 2018, the US Department of Justice (DOJ) reported that banker Adrian Baron, the former Chief Business Officer and former Chief Executive Officer of Loyal Bank Ltd, an off-shore bank with offices in Budapest,...more

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Foreign Account Tax Compliance Act › Financial Services Industry

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