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ARTICLE · 07 OCTOBER 2015

New ITC-AML Headaches For Cayman Funds In 2016

Sinclairs
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In 2016, hundreds of directors, managers, principal points of contact, compliance officers, administrators, and Money Laundering Reporting Officers serving Cayman Islands funds, banks, trust companies and other Reporting Financial Institutions will start to feel the full force of ‘a great wind': global tax transparency.

Cayman IslandsTax
Peter Stafford
Peter Stafford
Christine Bodden
Christine Bodden
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In 2016, hundreds of directors, managers, principal points of contact (PPCs), compliance officers, administrators, and Money Laundering Reporting Officers (MLROs) serving Cayman Islands funds, banks, trust companies and other Reporting Financial Institutions (RFIs) will start to feel the full force of 'a great wind': global tax transparency. If you are involved in the management or administration of an RFI, this article will help you to better understand how to avoid getting a regulatory headache from global tax transparency.

GLOBAL TAX TRANSPARENCY REALLY GATHERS STEAM IN 2016

FATCA ramps up

All RFIs already have due diligence and reporting obligations under International Tax Compliance (ITC) Regulations regarding the Cayman Islands' Intergovernmental Agreements with the U.S. and the United Kingdom dealing with U.S. Foreign Account Tax Compliance Act (FATCA) and "UK FATCA", respectively. These obligations increase significantly in 2016 as remediation must be

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