Nevis Premier addresses participants at AML/CFT Seminar and Training Workshop
Premier of Nevis and Minister of Finance Hon. Vance Amory expressed hope that participants at the 11th annual Anti-Money Laundering (AML)/Counter Financing of Terrorism (CFT) Seminar and Training Workshop, would come up with practical solutions on what else small developing countries could do to find…
Read MoreFebruary 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…
Read MoreFATF Public Statement – 19 February 2016
The Financial Action Task Force (FATF) is the global standard setting body for anti‐money laundering and combating the financing of terrorism (AML/CFT). In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance…
Read MoreFATF Notice: Improving Global AML/CFT Compliance: on-going process – February 2016
As part of its on-going review of compliance with the AML/CFT standards, the FATF has to date identified the following jurisdictions which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF. While the situations differ among each jurisdiction, each jurisdiction…
Read MoreSKY RE Facultative and Treaty Ltd
It has been brought to our attention that there are documents in circulation purporting SKY RE Facultative and Treaty Ltd providing reinsurance protection to a French entity, KUBE Insurance & Reinsurance SAS.
Read MoreJanuary 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…
Read MoreCFATF Public Statement on Suriname
On November 25, 2015 the Caribbean Financial Action Task Force (CFATF) issued a Public Statement on Suriname, a jurisdiction that has strategic AML/CFT deficiencies. CFATF therefore called on t=its members and other jurisdictions to consider the risk arising from the deficiencies associated with Suriname,…
Read MoreWalwynLaw – Revocation Advisory
The Nevis Financial Services Regulation and Supervision Department hereby advises that the licenses of WalwynLaw to act as Registered Agent
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 MoreStatistical Bulletin – 3rd and 4th Quarter 2015
The graphs below provide important statistics on the monthly incorporation and registration activities of the Financial Services Registry.
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 MoreCFATF Public-Statement – Port of Spain, Trinidad and Tobago
The Caribbean Financial Action Task Force (CFATF) is an organization of twenty seven jurisdictions of the Caribbean Basin Region, which has agreed to implement the international standards for Anti-money Laundering and Combating the Financing of Terrorism (AML/CFT) – Financial Action Task Force Recommendations…
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