**Switzerland plans to amend its anti-money laundering law** and, once these changes come into force, the financial intermediary will be required to verify information on beneficial owners. The national authorities of Switzerland have been taking various measures in combating the illegitimate funds, amid intense global pressure from various countries and actively discussed the proposed amendment...
Path: BlogRecently, Jersey started to implement **international anti-money laundering and counter-financing of the terrorism standards**. Due to this, the **Jersey Financial Services Commission** initiated the first stage of the review and assessment process. Risk assessment will be based on collection and analysis of data from the licensees. How are the collection and analysis conducted? First of a...
Path: Blog**Government of the Isle of Man recently announced that Royal Assent was granted to the anti-money laundering and Other Financial Crime Act 2018.** This actually means that it is an official AML/CFT law from now on. This was an expected development in mind of the recent trend of updates in the field of anti-money laundering Law. The Isle of Man is a well-regulated and developed international...
Path: Blog... main point of this **legal change**? Business registered in the **Cayman Islands** will now be spared of the long and complicated due diligence while working with chosen countries. Government considers ones in the whitelist as territories that have anti-money laundering policies and counters the financing of terrorism - same as in the Cayman Islands. **Financial business** receives more freedom ...
Path: Blog...ountry of being the most popular place to conceal your illegal incomes? We are sure it is not. FBI started an investigation and St. Vincent had to justify itself. It is important to mention that this territory has such authorities as the National anti-money laundering Committee, Finance Intelligence Unit and Financial Services Authority. They issued a joint statement with the official position ...
Path: Blog...iness representatives. Breadth of choice in the field of financial instruments makes regulators think of more and more universal types of acts and laws. Many international documents also have requirements for the counter-financing of terrorism and anti-money laundering policies. This puts financial regulators in the position where they should decide whether **digital currencies** are according t...
Path: Blog...tures. As for Malta, during the conference it was declared that the government had performed rigorous work to meet all requirements of the newborn industry. New legal regulations will meet the needs of both, technological companies’ as well as anti-money laundering (AML) and counter financing of terrorism (CFT) requirements. This implies that the technology will be able to live and breathe, ...
Path: Blog...declared income. The government plans to add more criteria to identify undeclared incomes and to decrease it. Worldwide business community challenged Bermuda in various matters. First, Caribbean Financial Action Task Force assessment of Bermuda's anti-money laundering and countering the financing of terrorism regime is an initiative Bermuda is currently working on. Changing legislation for the ...
Path: Blog... technologies. In the nearest future, we hope these regulations will become more detailed and profound, but for now, even this is a serious step for the conservative countries like Switzerland. Current edition of the guidelines is mostly aimed at anti-money laundering politics. An every crypto-business looks very risky for the traditional economies and they want to protect what they have. There...
Path: Blog...lopment, Donville Inniss, stated at the opening of the **Society of Trust and Estate Practitioners (STEP) Caribbean Conference**. He mainly addressed his speech to his counterparts in the British government. As already known, “UK Sanctions and anti-money laundering Bill” was passed by the House of Commons in the beginning of May, which would require the UK's 14 Overseas Territories to intr...
Path: Blog...g details of beneficial ownerships of companies registered in the jurisdictions**. Both, the BVI and the Cayman Islands, have announced their intention to oppose the Westminster’s planned changes to the legislation, known as the **Sanctions and anti-money laundering Act**, which received Royal Assent at the end of April this year. The altered law would make publicly accessible registers o...
Path: Blog...nuatu’s implementation efforts and implementation strategic action plan. After this visit, the review team suggested that there was enough progress made to change Vanuatu’s situation and all necessary steps were taken in order to ensure that its anti-money laundering and counter terrorism financing framework is strong enough and relevant to current AML/CFT requirements. In relation to these...
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