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Recent changes to Jersey's AML/CFT regime – a user-friendly summary and FAQs

Existing entities which were previously out of scope have until 30 June 2023 to comply with the new regime.

Online tool to determine if the recent changes to Jersey's AML/CFT regime applies to an entity

This tool has been developed in connection with the Proceeds of Crime (Jersey) Law 1999

Public Holidays - Can You Require an Employee to Work

With ANZAC Day fast approaching, employers should take careful note of this decision and consider whether any requests for employees to work on that day are, in fact, reasonable.

UK government confirms new corporate criminal offence of failure to prevent fraud Significant development for corporate criminal liability

This new offence would be a game changer for law enforcement – bringing the law on fraud in line with bribery.

‘Failure to prevent’ fraud offence to apply in UK to large organisations

The move comes at a time when fraud has been calculated to account for 41% of all recorded crimes in the UK.

Cayman Islands: recovery of foreign attorneys' fees for successful litigants

The Cayman Islands does permit foreign attorneys to be admitted on a temporary basis

The reuse and transfer of data held by public sector bodies under the EU Data Governance Act

The new legal framework arising from DGA should improve the flow of data within European cross-sectoral value chains and create specific data common spaces in various sectors of the economy.

New UK "failure to prevent fraud" offence

Significantly, anti-money laundering offences are not included.

BVI update to the Economic Substance rules

The ITA issued such rules (the “ES Rules”) on 9 October 2019, and these wereupdated on 10 February 2020.

The use of British Virgin Islands Trusts in the Middle East

The BVI specialist trust legislation is the Virgin Islands Special Trusts Act (VISTA), which disengages certain traditional trustee duties in relation to certain trusts that own shares in BVI companies.

Transfer by way of continuation out of the Cayman Islands

The migration procedures and documentation are similar to that of the continuation of an Exempted Company.

Proposed EU AML/CFT Regulation: Cryptoassets are key focus of ECON/LIBE Committees’ adopted position

While the package is broad ranging with the objective to strengthen the EU’s AML / CFT rules, there is a large focus on the cryptoasset industry, and last month’s vote was indicative of this.

Credit Suisse Former Clients Likely to Come Under Heightened IRS Scrutiny for Credit Suisse's Purported Continued Role in the Hiding and Failing to Report Offshore Accounts

It goes without saying that this report, in conjunction with the recent turmoil in the international banking sector, raises additional questions regarding just how much money is held abroad in exotic locations and structures designed to obfuscate true own

Heightened EU product safety rules introduce obligations for online marketplaces

Member states will now need to formally endorse the new rules, before their publication in the EU Official Journal and entry into force.

Singapore streamlines foreign civil judgment reciprocal enforcement law

The consolidation of countries under the RECJA into the REFJA will allow a wider range of enforcement options under the REFJA route.

Cross-border Guide on Arbitration-Related Court Proceedings

Understanding the varying approaches among the various domestic legal frameworks and the municipal nuances and intricacies within them can be the difference between a smoothly-run and effective process and a cumbersome and potentially ineffective one.

Government Regulation