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Insights

Harneys economic substance update

Harneys economic substance update

Since the introduction of the latest version of the BVI ITA guidance notes (now known as the “Rules”) on 9 October 2019, many BVI entities have now undertaken a formal classification using our online Economic Substance Solution. We have dedicated the last couple of weeks to updating our ES classification solution to make it more user-friendly. The solution now refers back to the new ITA Rules and we have added Harneys guidance throughout to help clarify any confusion around whether an entity is in or out of scope. We have added a Frequently Asked Questions section to each page and a new design feature that allows users to expand and collapse text as needed. The solution now also offers clients the opportunity to download template examples of simple directors’ resolutions.

Cayman Islands: Update to Reportable Jurisdictions list announced
Fund Services

Cayman Islands: Update to Reportable Jurisdictions list announced

The Cayman Tax Information Authority (TIA) issued an advisory confirming an update to the Reportable Jurisdictions list, dated 17 May 2019 and gazetted on 14 June 2019, which can be found here. This list, which contains two new Reportable Jurisdictions, applies to filings made for the calendar year 2018. We strongly recommend that clients review this list to ensure that all reportable accounts have been identified and filed accordingly.

Enhanced AML supervisory powers given to CIMA under money laundering legislation

Enhanced AML supervisory powers given to CIMA under money laundering legislation

Under recent changes to the Cayman Islands Anti-Money Laundering Regulations, the powers of the Cayman Islands Monetary Authority (CIMA), as the supervisory authority for anti-money laundering in the Cayman Islands, have been enhanced to allow CIMA to obtain information in relation to any relevant financial business from a broader category of persons than was previously the case.

Cayman Islands: FATCA and CRS reporting deadline extended to 31 July 2019 and confirmation of CRS Reportable Jurisdiction list

Cayman Islands: FATCA and CRS reporting deadline extended to 31 July 2019 and confirmation of CRS Reportable Jurisdiction list

Cayman Islands reporting Financial Institutions have been given until 31 July 2019 to complete their FATCA and CRS reporting for the 2018 calendar year without the fear of further action by government authorities, the Cayman Islands government announced last week.