We are the only offshore law firm to have full-fledged regulatory capacity and are uniquely positioned to advise on anti-money laundering and terrorist financing compliance, financial services regulation, sanctions, tax, tax information exchange and other areas of financial services regulatory law.
We advise clients across all jurisdictions in which we operate in relation to all aspects of AML compliance and terrorist financing regimes as implemented locally, including advice on contentious and non-contentious matters. We assist on the law of suspicious transactions reporting, requirements for introduced business and every aspect of the KYC process.
Our economic sanctions practice advises on all aspects of sanctions law in the BVI, the Cayman Islands, Bermuda and Cyprus. We are experienced in the provision of bespoke products to assist clients with applications to governmental agencies and authorities. We work regularly and positively in this area with the UK Foreign & Commonwealth Office, HM Treasury, the European External Action Service and the United Nations.
Our FATCA practice group provides practical and legal advice on the implications of FATCA and similar forms of automatic exchange of tax information. We assist clients in the BVI, Cayman and Cyprus to determine the applicability of FATCA to their business and we also help client meet their obligations under the law. Read more about our FATCA practice
- Anti-money laundering compliance
- Terrorist financing compliance
- Financial services regulation
- Tax information exchange
- UK ‘FATCA’
- BVI and Cayman Islands’ investment business and securities laws
- Bank and trust company regulation
- Insurance and re-insurance regulation
- Investigations, corporate crime and fraud
Harneys is the only law firm in the British Virgin Islands with a dedicated regulatory law practice and the firm has over 15 years of experience with the BVI’s investment business regime. We are highly experienced in the provision of bespoke...Read More
As the only offshore law firm to have full-fledged regulatory capacity, we are uniquely positioned to advise on anti-money laundering and terrorist financing compliance, financial services regulation, sanctions, tax, tax information exchange and other...Read More
As a leader in Cyprus tax law, Harneys provides clients with specialized expertise on a wide range of corporate, trust and financing transactions and matters.Read More
Harneys has been at the forefront of the development of offshore jurisprudence in the area of distressed funds and has acted on one side or another of the major hedge fund litigation matters to emerge in Cayman, BVI and Bermuda in recent years. Read More
Our FATCA practice group provides practical and legal advice on the implications of FATCA and similar forms of automatic exchange of tax information.Read More
Harneys has established a full-service regulatory practice and a highly qualified and experienced regulatory team. We provide regulatory advice in relation to BVI, Cayman Islands, Cyprus and Anguilla and we are the only law firm to have regulatory capacity in these four jurisdictions. Our broad regulatory practice includes advising on all aspects of financial services legislation/regulation, anti-money laundering (AML), terrorist financing, sanctions, tax and tax information exchange.
Anti-Money Laundering and Terrorist Financing Compliance
We advise clients across all four jurisdictions in relation to all aspects of AML compliance and the combatting of terrorist financing regimes, based on legislation implemented locally in the applicable jurisdiction (including advice on contentious and non-contentious matters). In particular, we assist on the law of suspicious transactions reporting, the requirements for introduced business, preparing and reviewing compliance and AML regimes and manuals of regulated entities and every aspect of the Know Your Customer (KYC) process.
Financial Services Regulation
We have excellent relations with the BVI Financial Services Commission (BVIFSC), the Cayman Islands Monetary Authority (CIMA), the Cyprus Securities and Exchange Commission (CySEC) and the Anguilla FSC (AFSC). Many of our lawyers, including members of the regulatory team, sit on various advisory committees established by the regulatory bodies in these jurisdictions.
We advise on the full scope of AFSC, BVIFSC, CIMA and CySEC regulation from pre-licensing advice, through to licensing. Upon approval/licensing by the applicable regulatory body, we continue to assist the licensed entity with on-going management and maintenance as it pertains to their general regulatory obligations, including capital adequacy requirements and conduct of business.
We frequently opine on the implementation of key EU law and other international initiatives in this area as they affect the BVI, Cayman Islands, Cyprus and Anguilla, including the Markets in Financial Instruments Directive (MiFID), the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities Directive (UCITS).
Our experts are ideally placed to advise on the full scope of financial services law as applicable to investment funds (including the establishment, maintenance, restructuring and winding down of such funds), all areas of investment business (including obtaining fund management, investment advisory, administrator and broker-dealer (inclusive of forex) licences), all aspects of banking and fiduciary services, other money services business and insurance business.
Our economic sanctions practice area advises on all aspects of sanctions law in Anguilla, the BVI, the Cayman Islands and Cyprus. We are experienced in the provision of bespoke products to assist clients affected by sanctions and who wish to comply with such sanctions while continuing usual business operations (to the extent possible), with applications to governmental agencies and authorities. We work regularly and positively in this area with the UK Foreign & Commonwealth Office, HM Treasury, the European External Action Service and the United Nations in obtaining the requisite licences and authorisations wherever possible.
Our sanctions experience includes advising clients in respect of sanctions in Belarus, Burma (Myanmar), Egypt, Libya, North Korea (DPRK), Iran, Iraq, Russia, South Sudan, Sudan, Syria, Ukraine and Zimbabwe. We advise clients on their legal rights and obligations and assist with required applications to government authorities and regulators.
In Cyprus we provide comprehensive advice on complex cross-border issues in order to help clients maximise the benefits of Cyprus’ extensive network of double taxation treaties. Services provided by our Cyprus tax team include the international tax structuring of proposed businesses and holdings, the drafting of tax opinions, negotiating and implementing corporate reorganisations, developing effective asset protection structures, liaising with the Cyprus tax authorities for obtaining advance tax rulings and facilitating family succession planning using Cyprus International Trusts.
In the British Virgin Islands we advise locally established businesses on payroll tax and social security requirements and all other dealings with the BVI Commissioner of Inland Revenue.