Regulation and Oversight
Cayman Islands Government Displeased with Anti-Money Laundering Bill
The Cayman Islands government is unhappy with the Sanctions and Anti-Money Laundering Bill amendment that was recently accepted by the House of Commons. The amendment requires the British Overseas Territories, but not the Crown Dependencies, to establish public registers of beneficial ownership information by no later than December 31, 2020. Read More
Vermont Enhances Branch Captives and Standardizes Annual Filing Date
Vermont's latest captive insurance legislation recently signed into law includes regulatory enhancements for branch captives as well as the standardization of the state's annual filing date for annual reports and premium taxes. Read More
Cayman and Bermuda Not Included in EU Tax Blacklist
The European Union has completed its first ever list of noncooperative tax jurisdictions. The so-called blacklist document identifies 17 countries that fail to meet agreed tax good governance standards. In addition, 47 other "gray" listed countries have committed to addressing deficiencies in their tax systems and to meeting the required criteria. Read More
Bermuda Signs a CbC Tax Reporting Agreement with the United Kingdom
David Burt, Bermuda's premier and minister of finance, recently signed a country-by-country (CbC) Competent Authority Agreement with the United Kingdom. This important tax agreement completes the Organization for Economic Co-operation and Development base erosion and profit shifting tax transparency package between Bermuda and the United Kingdom. Read More
Bermuda Delineates Fact from Fiction in Answering ICIJ Reports
Recent reports from the International Consortium of Investigative Journalists (ICIJ) expose the names of people and companies behind what it alleges are "secret offshore structures" that, in some cases, are used to reduce or avoid taxes. Bermuda has responded to the ICIJ reports to delineate fact from fiction. Read More