Unravelling
Complexity

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Unravelling Complexity

143 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.
New BVI Shipping Act increases attractiveness of VISR
Private Wealth

New BVI Shipping Act increases attractiveness of VISR

The Government of the Virgin Islands has introduced new measures to support the continuing growth of the Virgin Islands Shipping Registry (VISR).
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.
Economic substance – BVI law in force
Regulatory and Tax

Economic substance – BVI law in force

The British Virgin Islands (BVI) has passed legislation requiring certain legal entities carrying on relevant activities to demonstrate adequate economic substance in the BVI. The Act also introduces extended reporting obligations. Any company or limited partnership registered or incorporated in the BVI should be aware of this legislation and consider how it may be affected.
The British Virgin Islands in digital movement: Peer-to-peer lending introduced
Investment Funds

The British Virgin Islands in digital movement: Peer-to-peer lending introduced

Since the rushing air of financial technology hit the shores of the British Virgin Islands over the last few years, many BVI based service providers have been busy servicing this new and exciting area of business. The growth of FinTech is perhaps unavoidable as the world continues to digitize and electronic transactions continue to prove more beneficial to consumers, in terms of cost and effectiveness. As a result, the interest venture capitalists have taken in this burgeoning industry is undeniable and offshore jurisdictions like the BVI continue to take electronic steps in order to keep pace with the demands of the new kids on the blockchain.