Caribbean Regulatory Update – Q1 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.