The European Union has added Cayman Islands to its tax havens blacklist along with Oman, Fiji and Vanuvatu accusing it of failing to crack down adequately on tax abuse. Other countries to be added to the blacklist are Panama, Palau and the Seychelles. The EU has...
After a period of industry consultation, the Cayman Islands Government issued the Private Funds Bill 2020 and the Mutual Funds (Amendment) Bill. The goal of these Bills is to bring closed-ended and private funds within the scope of regulation and to modernise the...
The EU anti-money laundering law has been reformed and will take effect from 10 January 2020. The reform introduces new requirements for banks handling transactions linked to high-risk nations. EU member states are required to write the 5th Anti-Money...
China Banking and Insurance Regulatory Commission (CBIRC) has issued a new circular on improving the effectiveness of AML/CTF programmes in the banking and insurance sectors applicable to all banks (including foreign banks), financial asset management companies,...
Kenneth Blanco, the head of Treasury’s Financial Crimes Enforcement Network, has said lack of information about who owns and controls businesses incorporated in the U.S. is creating a “dangerous and widening gap” in the country’s national security apparatus in the US....
As part of the global crackdown on money-laundering, Cayman Islands announced on 9-Oct that it would make information on the beneficial ownership of companies, public. This prompted anti-corruption campaigners to call on other offshore jurisdictions to follow...
