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A New Paradigm in Governance
Deadlines and reminders: economic substance, DRLA and more
Economic substance returns due soon Economic substance (ES) returns must be filed with the Department for International Tax Cooperation (DITC) no later than 31 December 2022 for applicable year ends, by all “Relevant Entities” carrying out "Relevant Activities” to...
Cayman improves its global standing
Removal from grey list a step away The Cayman Islands has moved another step closer to being removed from the Financial Action Task Force’s (FATF) Monitoring List, often referred to as its grey list. In October 2022 in Paris, FATF acknowledged that Cayman has now...
Is your AML training up to date?
Under the Cayman Islands AML regime, there is an ongoing requirement for all relevant parties (including directors) related to a Financial Service Provider (FSP) such as the Fund, should be trained on the requirements of the regime in terms of Anti-Money Laundering...
Cayman edges closer to FATF technical compliance
The Cayman Islands has introduced measures to further improve its technical compliance with the 40 Financial Action Task Force (FATF) recommendations relating to anti-money laundering and countering the financing of terrorism (AML/CFT). Cayman remains under monitoring...
Beneficial ownership guidelines published
In July, the Cayman Islands competent authority for beneficial ownership regulation published guidance notes on complying with beneficial ownership obligations in the Cayman Islands. The move links to the creation of The Register of Overseas Entities, first announced...
Don’t miss the latest CRS deadline
The deadline for filing the compliance form for the Common Reporting Standard (CRS) is, for the year ending December 31, 2021, September 15, 2022 – and firms have been warned of new enforcement guidelines applicable to firms that miss the deadline. Earlier this year,...
Amended Companies Act solves potential ‘deterrent’
The Companies (Amendment) Act, 2021, which was drafted with the intent of attracting and maintaining restructuring and liquidation business in the Cayman Islands, came into force on August 31. The legislation applies to a company, and any other entity or partnership,...
Understanding CIMA’s new deregistration procedures
Fund managers considering winding down a Cayman fund, for whatever strategic reason, should act sooner rather than later, particularly in light of recent guidance issued by CIMA on 17 August regarding updated deregistration procedures. Geoff Ruddick, Partner, Paradigm...
REGULATORY UPDATE Q2, 2022
The deadlines for filings covering the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) is July 31 – and firms have been warned of new enforcement guidelines applicable to firms that miss the deadline. Last month, The Cayman Islands...
Our AML and Compliance training offering
There is an ongoing obligation under the Cayman Islands AML regime that all relevant parties (including directors) related to a Financial Service Provider (FSP) such as the Fund, should be trained on the requirements of the regime in terms of Anti-Money Laundering...