Hello world!
Welcome to WordPress. This is your first post. Edit or delete it, then start writing!
Economic Substance Update
Bermuda was removed from the European Union (“EU”) list of non-cooperative tax jurisdictions at the 17th May, 2019 meeting of the Economic and Financial Affairs Council (“ECOFIN”). Bermuda’s commitment to implement tax good governance was confirmed in ECOFIN’s official statement, which recognised that Bermuda has “adopted additional amendments to its economic substance regulations on 4 […]
Bermuda Gears Up For On-Island Evaluation
For a number of years, the international financial services sector has contributed the greatest amount to the Bermuda economy. According to the National Economic Report published by the Ministry of Finance, international business provided $1.68 billion in total output or 27.3 per cent of total GDP in 2016. It is critical for Bermuda’s economic well-being […]
New Bribery Act Coming Into Force
In December 2016, the legislature in Bermuda passed the Bribery Act 2016 (the “Act”) which will come into force on 1 September 2017. The Act is based on the UK Bribery Act 2010. Currently, there are several separate laws dealing with bribery and corruption offences in Bermuda, such as the Criminal Code 1907 (Section 111 […]
Proceeds of Crime Amendment Bill 2015 – An Update
Since the publication of the draft 2015 Amendment Bill in late December, the Bill passed into legislation with no changes to the substantive provisions proposed in the Bill: however, in order to remove the confusion that might arise if the provisions requiring the registration of all registers of directors and officers to be filed with […]
Proceeds of Crime Amendment Bill 2015
The proposed amendments to the Proceeds of Crime Act 1997 (POCA) (and related legislation) under the Proceeds of Crime Amendment Bill 2015 require careful reading. The amendments proposed in this Bill introduce several important amendments in a piece meal fashion in relation to several distinct statutory régimes. The form and content of the amendments are […]
2014 Proposed Amendments to Bermuda’s AML/ATF Legislation – Expansion of the Definition of Politically Exposed Persons
Changes in Bermuda’s Anti-Money Laundering and Terrorist Financing (“AML/ATF”) Legislation will be addressed in Parliament in order to bring the technical components into compliance with the 2012 Revised Financial Action Task Force (“FATF”) 40 recommendations (the “Recommendations”).
Bermuda: All Ship-shape and Bristol fashion*
It has been widely reported that the Prime Minister of the UK, David Cameron, will call upon the British Overseas Territories (BOTs) which are regarded as low tax jurisdictions to “get their houses in order” (The Daily Mail, 5 June 2013) and that offshore financial centres such as Bermuda, Cayman, BVI, Jersey and Guernsey will […]
Incorporating a Bermuda Company Made Easier
Bermuda now boasts a new licensing and supervisory regime for professional corporate service providers designed to enhance the efficiency of incorporations in Bermuda. The changes, which came into effect at the start of the year, are regarded as good news for Bermuda as they will eliminate double vetting, decrease the need for due diligence on […]
Sign in
Create an Account