Unravelling
Complexity

Insights

Unravelling Complexity

18 Results

Creation of INSTEX to facilitate legitimate trade between the EU and Iran
Regulatory and Tax

Creation of INSTEX to facilitate legitimate trade between the EU and Iran

On 31 January 2019, France, Germany and the United Kingdom, following the commitment to preserve the Joint Comprehensive Plan of Action which was endorsed through resolution 2231 (United Nations), announced the creation of the Instrument for Supporting Trade Exchanges, a special purpose vehicle designed with the intention of facilitating legitimate trade between the European Union and the Islamic Republic of Iran.
Chemical Weapons Sanctions for Overseas Territories Order 2018
Regulatory and Tax

Chemical Weapons Sanctions for Overseas Territories Order 2018

The Chemical Weapons (Sanctions) (Overseas Territories) Order 2018 (the OT Order) was made on 12 December 2018 and came into force on 9 January 2019. The OT Order is directly relevant to and applies in Anguilla, the British Virgin Islands and the Cayman Islands.
Do UK Territories need beneficial ownership info registers?
Regulatory and Tax

Do UK Territories need beneficial ownership info registers?

Within its 65 sections, the Sanctions and Anti-Money Laundering Act covers two subjects: All but three sections provide for a framework of sanctions implementation in the UK following Brexit. The remaining three sections, precisely sections 49 to 51, deal with discrete anti-money laundering issues, most controversially including the proposed introduction of publicly accessible registers of beneficial ownership information on companies in the UK overseas territories. In this article, published by Law 360, Aki Corsoni-Husain addresses why the UK has Legislated for the UK overseas territories, what the requirements will be, and what will happen next.
New sanctions reporting obligations in Anguilla, Bermuda, BVI and Cayman
Regulatory and Tax

New sanctions reporting obligations in Anguilla, Bermuda, BVI and Cayman

On 7 November 2018, the Sanctions (Overseas Territories) (Amendment of Information Provisions) Order 2018 (the AIP Order) came into force. The AIP Order brings the rump of UK Overseas Territories into line with the equivalent regime under UK domestic legislation: financial institutions and professionals must now disclose any knowledge and suspicion of sanctions breaches and asset freezing measures imposed or face criminal penalty.
Will Brexit have an impact on offshore financial services?
Investment Funds

Will Brexit have an impact on offshore financial services?

Now that the United Kingdom has served notice to leave the European Union under Article 50 of the Lisbon Treaty, managers of offshore funds have a clearer timetable for when Brexit will happen, with the UK scheduled to leave the EU in March 2019.