February 2016 Newsletter – New Standard of Supervision
The Group of International Finance Centre Supervisors (“GIFCS”) first issued a Best Practice Statement on the supervision of Trust and Corporate Service Providers (“TCSPs”) in 2002. Since then GIFCS member countries have used this Statement as a benchmark for establishing regulatory frameworks and supervisory practices for the robust oversight of the sector. A key objective of this initiative has been to ensure that TCSPs are adequately regulated and supervised and that information on the ultimate beneficial owners behind trust and company vehicles administered from GIFCS centres, as well as on the sources and nature of underlying funds can at all times be accessed by competent authorities.
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January 2016 Newsletter – Automatic Exchange of Information
Developed countries around the world have been engaging in automatic exchange of information (“AEOI”) for many years to tackle tax evasion. The Organisation for Economic Co-operation and Development (“OECD”) has been active in facilitating AEOI by creating the legal framework, developing technical standards, providing guidance and training.
Read MoreDecember 2015 Newsletter – The Year In review
The Financial Services Regulatory Commission approved the Minimum Guidelines for the Role and Appointment of Compliance/Reporting Officers pursuant to the Financial Services Regulatory Commission Act, and other relevant legislation. These Guidelines will take effect as of January 01, 2016.
Read MoreNovember 2015 Newsletter – Politically Exposed Persons & Enhanced Due Diligence
The Anti-Money Laundering Regulations, 2011 (“AMLR”) define a politically exposed person (“PEP”) as a person who is an individual who is a prominent public person or a person who has been entrusted with a prominent public function in a territory outside St. Christopher and Nevis
Read MoreOctober 2015 Newsletter – Preparing for the 4th Round of the CFATF Mutual Evaluation Process
Whereas the 3rd Round of Mutual Evaluations placed considerable significance on whether an assessed jurisdiction’s legal and administrative frameworks were in place to address ML/TF, the 4th Round Caribbean Financial Action Task Force (“CFATF”) Mutual Evaluations are now focused on effectiveness.
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