About the Regulatory Blog and our contributors
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, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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Cayman Islands publishes the CRS lists for participating jurisdictions and reportable jurisdictions
On 24 April 2024, the Cayman Islands Department for International Tax Cooperation (DITC) announced the publication of the Common Reporting Standard (CRS) lists of participating jurisdictions and reportable jurisdictions.
26 Apr 2024
Updates on Cayman Islands' CRS and FATCA reporting: Mandatory date of birth submission and 2023 reporting deadlines
In March 2024, the Cayman Islands' Department for International Tax Cooperation (DITC) issued a bulletin containing important updates regarding the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) reporting requirements.
15 Apr 2024
Mandatory annual fee and reporting procedures for FATCA, CRS, and CbCr in the BVI
On 6 December 2023, The BVI International Tax Authority announced that the BVI Financial Accounting Reporting System payment portal will go live in January 2024 and entities subject to reporting obligations concerning the United States Foreign Account Tax Compliance Act, the Organisation for Economic Co-operation and Development, the Common Reporting Standards, and Country by Country Reporting under British Virgin Islands law are required to remit an annual fee of US$185.
14 Feb 2024
Cayman CRS reporting reminders
On 5 July 2023, the Cayman Island’s Department for International Tax Cooperation (DITC) reminded the industry of important information regarding CRS reporting.
17 Jul 2023
The Cayman Islands is eligible for removal from the FATF monitoring list
Following their diligent efforts to address deficiencies in their anti-money laundering and countering the financing of terrorism regimes, the Cayman Islands is now eligible to be removed from the Financial Action Task Force's (FATF) monitoring list, subject to successful completion of an onsite visit by the FATF. This positive development was announced by the FATF after its plenary session on 23 June 2023.
04 Jul 2023
BVI Virtual Assets Service Providers Act: Two months to go
This blog post serves as a timely reminder that the transitional period under the Virtual Assets Service Providers Act 2022 (VASP Act) will come to an end on 31 July 2023. This leaves just two months for businesses engaging in virtual asset service providers (VASP) activities to take action.
31 May 2023
BVI ITA updates industry on mandatory TIN information for Financial Institutions, relevant to US IRS filings
On 12 May 2023, the International Tax Authority issued a reminder to all Financial Institutions regarding the inclusion of mandatory Tax Identification Number information in filings, for the 2020 reporting year onwards. Additionally, the ITA provided an update on the acceptable sequential codes issued by the United States Internal Revenue Service for reporting purposes from calendar year 2022 onwards.
23 May 2023
Cayman Islands publishes the CRS lists for participating jurisdictions and reportable jurisdictions for 2023
On 5 April 2023, the Cayman Islands Department for International Tax Cooperation published the Common Reporting Standard (CRS) lists of participating jurisdictions and reportable jurisdictions.
20 Apr 2023
Further amendments to the BVI International Tax Authority Act
The British Virgin Islands (BVI) International Tax Authority Act 2018 (as amended, the ITA Act) has been further amended by the International Tax Authority (Amendment) Act 2023, which is effective from 22 March 2023.
04 Apr 2023