Regulatory

Blog

Regulatory

The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Cyprus and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.

Contributors

Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Consultant
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

Luxembourg government issues 2021 budget bill: Changes in tax law to control the surge in real estate prices and encourage sustainable economy

On 14 October 2020, the Luxembourg government issued bill n° 7666 regarding the 2021 budget (the Bill), introducing changes to Luxembourg tax law applicable from 1 January 2021. The Bill is strongly influenced by the Covid-19 crisis on the expenditure side, but also by a political decision to limit speculation on housing, as well as Luxembourg’s sustainability goals on the revenue side of the 2021 budget.

Victor Le Pape, Vanessa Molloy,
Andrew Knight

Cayman Islands recognised as a co-operative jurisdiction by the EU

The Economic and Financial Affairs Council of the European Union, comprising the finance ministers of the 27 EU Member States, announced on 6 October 2020 that the Cayman Islands has been removed from its list of non-cooperative jurisdictions for tax purposes.  The Council acted following recommendations of the EU Code of Conduct Group, noting that the adoption of reforms to the territory’s investment funds regime in 2020 had met requirements set down by the EU.

Matt Taber, Mirza Manraj

Tax offences and the BVI’s anti-money laundering regime

In the EU, tax crimes such as tax related fraud, evasion and false accounting were added to the roster of offences on which prosecutions for money laundering could be based as of the Fourth AML Directive in 2015 – however, and despite less fanfare, the BVI has long taken this position.

Mirza Manraj, Marina Stavrou

Luxembourg announces six month extension to DAC6 reporting and first set of guidance

Following the discussion at EU level for the extension of deadlines for the filing and exchange of information on reportable cross-border arrangements under DAC6, Luxembourg has issued an announcement stating that it would introduce a draft law providing for a six month extension for the filing and exchange of information on reportable cross-border arrangements and it would not apply late filing penalties until the extension is implemented.

Andrew Knight
Tax