Cayman and BVI Regulatory Update – Q1 2024

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 2024. We discuss the following areas:

Cayman Islands

1. Cayman Islands removal from EU and UK AML Lists
2. Companies (Amendment) Act, 2024
3. Proceeds of Crime (Amendment) Act, 2023 (Commencement) Order, 2024
4. Russia (Sanctions) (Overseas Territories) (Amendment) Order, 2024
5. Virtual Asset Service Provider Act Consultation
6. CIMA Consultation – Recruitment and Selection Standards for Trust and Company Service Providers

British Virgin Islands

1. Mutual Evaluation Report
2. BVI removed from French tax blacklist
3. 2024 Annual fee regarding FACTA, CRS and CbCR
4. Whistleblowers Act brought into force
5. Updates to CRS Participating Jurisdictions and CRS Reporting Jurisdiction Lists

Click here to access the Update: Cayman Islands and BVI Regulatory Update Q1 2024

Campbells advises both local and international banks, insurers, company managers, trust companies, investment managers, administrators and directors on regulatory and compliance matters. For further information please get in touch with your usual Campbells contact or one of the contacts below.