Unravelling
Complexity

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Unravelling Complexity

151 Results

Digitalization of AML laws in BVI
Investment Funds

Digitalization of AML laws in BVI

There is a saying that “time and tide wait for no man”, and the same is true for the ever-changing ecosystem of the financial services industry – you simply cannot stop the wheels of commerce from turning. And when they turn, the surrounding legal framework must keep pace and embrace the evolving environment as fast as it is practically able to.
Deadline approaches for BVI registered agents and trust companies to regularise the status of regulated subsidiaries
Regulatory and Tax

Deadline approaches for BVI registered agents and trust companies to regularise the status of regulated subsidiaries

The Banks and Trust Companies Act, 1990 has been amended by the Banks and Trust Companies Act, 2018 which requires BVI licensed registered agents and trust companies to remove listed subsidiaries from their licences and apply to have them separately licensed where necessary. The Amendment Act was gazetted on 3 August 2018 and came into force on 1 October 2018.
Revisions to financing and money services regulation in the British Virgin Islands following 2018 consultation
Regulatory and Tax

Revisions to financing and money services regulation in the British Virgin Islands following 2018 consultation

Following a consultation process arranged by the BVI Financial Services Commission (FSC) in 2018, in which Harneys was heavily involved, the regulator instructed the BVI government to revise and update the jurisdiction’s financing and money services regime to do two things: firstly, to make it fit for purpose for local businesses based purely in the BVI which were involved in consumer financing, lending and on-the-ground money (payment) services; and secondly, to prepare the groundwork for the BVI’s drive to become a hub for international FinTech businesses.
EU confirms BVI and Cayman Islands co-operation on tax
Investment Funds

EU confirms BVI and Cayman Islands co-operation on tax

The European Union has confirmed that the British Virgin Islands and Cayman Islands have not been included on the EU’s updated list of non-cooperative jurisdictions for tax purposes (known as the EU blacklist), which was published on 12 March 2019. The EU’s decision confirms that both jurisdictions have implemented tax good governance principles which address the EU’s earlier concerns on the economic substance of certain entities in low (or like the BVI and Cayman Islands no) tax jurisdictions.
Fund finance: British Virgin Islands
Investment Funds

Fund finance: British Virgin Islands

Harneys lawyers contributed a chapter in the Fund Finance 2019 Third Edition published by Global Legal Insights. The chapter gives an overview of the BVI and discusses: fund formation and finance; key developments in the jurisdiction; and the year ahead.
How to be a dutiful director: a refresher on BVI director duties, risk and mitigation
Corporate

How to be a dutiful director: a refresher on BVI director duties, risk and mitigation

“When I grow up, I still want to be a director.” – Stephen Spielberg The esteemed Mr. Spielberg was (probably) talking about a different type of director, but being a director of a British Virgin Islands company is not the daunting task it may first appear. Acting as a director of any company, anywhere in the world, is not a task that should be taken lightly but the duties of a director of a BVI company are, as we will try to show below, relatively easy to understand and reasonably easy for prudent directors to comply with.