Caribbean Regulatory Update – Q1 2024
05 January 2024
This Regulatory Update provides a snapshot of the key legal developments in the BVI and the Cayman Islands over the last quarter – including the joint declaration for closer collaboration between the UK and the British Overseas Territories, updates in relation to public beneficial ownership registers, BVI FSC licence fee reminders and increases to General Registry fees in the Cayman Islands.
See below for more details on the topics covered in this Update.
Key BVI Updates in Q1 2024
BVI removed from the EU list of non-cooperative jurisdictions for tax purposes
Reminder – Accurate and up-to-date CRS information
General Licence [No.05], 2023 – Payment of reasonable professional legal fees and expenses
ITA administrative penalties
Call for registration of BVI DNFBPs
Virgin Islands Shipping and Maritime Authority Act
Reminder: 2024 licence fee payment deadlines
FSC Newsletter: December 2023
Joint declaration – Closer collaboration between the UK and the British Overseas Territories
ITA Notice – Local company filings
Press release – Public beneficial ownership registers
Red Alert – Exporting high risk goods
Press release – Status of CFATF evaluation
Trade Mark Fundamentals brochure
BVIFars payment portal going live in January 2024
Mourant Guides and Updates
Key Cayman Updates in Q1 2024
Cayman Islands removed from the FATF grey list and UK AML list
Regulated investment funds – changes to available investment strategy selections
EU AML delisting process commenced
General Licence 2023/0003 – Legal Services issued
Joint declaration – Closer collaboration between the UK and the British Overseas Territories
General Licence 2022/0001 – Relevant Investment Fund or Fund Manager
Cayman proactively advances its beneficial ownership framework
FRA fraud alerts
Beneficial Ownership Transparency Act gazetted
UK National Crime Agency Red Alerts
Registry fee increases
Cayman Islands to implement CARF
VASP 2024 annual renewal fees
Mourant Guides and Updates
Supervisory Information Circular – Non-Face-to-Face CDD measures
For additional information or for any questions, please reach out to your usual Mourant contact or one of the key contacts provided on this page.
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About Mourant
Mourant is a law firm-led, professional services business with over 60 years' experience in the financial services sector. We advise on the laws of the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and Luxembourg and provide specialist entity management, governance, regulatory and consulting services.
