News

Crown Dependencies Economic Substance Requirements: Guidance Explained

The scope of the new economic substance legislation for corporations has been clarified by the crown dependency Governments. The guidance confirms that going forward, companies based in any of the following UK Crown Dependencies, must continue carrying out their core income-generating activities within Guernsey, the Isle of Man and Jersey, in any relevant sector.


BVI Update on EU Blacklist Process on Economic Substance

In December of 2017, the European Union created and set forth a list of "non-cooperative" taxation jurisdictions, popularly referred to as the 'EU Blacklist'. As part of this exercise, several of the traditional offshore jurisdictions, including the BVI, the Cayman Islands, Jersey and other crown dependencies, have been believed by the EU to be a part of such list.


Jersey service provider acquitted of AML charges

As a consequence of the first criminal prosecution of its kind, Jersey's Royal Court has called a Director of trust and local financial service provider called STM Fiduciaire not guilty of claims involving an omission to report a suspicious transaction.