The Q1 Regulatory Update provides an overview of the main legal developments in the Cayman Islands and the British Virgin Islands from 1 January to 31 March 2023. We discuss the following areas:
Cayman Islands
- Update in respect of the Cayman Islands’ inclusion on the Financial Action Task Force’s (“FATF”) list of
countries subject to increased monitoring - Russia (Sanctions) (Overseas Territories) (Amendment) (No.4) Order, 2022 and The Russia (Sanctions)
(Overseas Territories) (Amendment) Order 2023 - 2023 Legislative Revisions / Consolidations
- 2023 Legislative Bills
- Accountants Act and Regulations
- Cayman Islands Monetary Authority (“CIMA”) Updates – Private Fund SP Fees to be Returned
British Virgin Islands
- BVI’s inclusion on the EU’s list of non- cooperative jurisdictions for tax purposes (“Annex I”)
- Economic Substance Update
- Financial Services (Fees) (Amendment) Regulations, 2023
- Insolvency (Amendment) Act, 2022, Banks and Trust Companies (Amendment) Act, 2022 and the
Financial Services Commission (Amendment) Act, 2022 - Virtual Asset Services Providers Act, 2022
- AML Updates
- CRS Updates
- BVI Business Companies (Financial Return) Order, 2023 and BVI Business Companies (Amendment)
Act, 2023 - Regulatory (Amendment) Code, 2023
Click here to access the Update: Caribbean Regulatory Update Q1 2023
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