Phil Mason OBE’s Post

On 11 October 2024, the Cayman Islands Ministry of Financial Services and Commerce announced that it is seeking public feedback on two key regulations under the Beneficial Ownership Transparency Act, 2023. See more in this blog post. #caymanislands #beneficialownership #bota

The Economic Crime and Corporate Transparency Act 2023 introduces a number of new or extended obligations relating to the Register of Overseas Entities regime. We look at the significant changes which have come into force this week in our latest blog. https://lnkd.in/enMUFh6i

harmonisation of virtual assets new model law from the #commonwealth

The Panama Papers trial has started, eight years after the groundbreaking collaboration between hundreds of media organisations, coordinated by the International Consortium of Investigative Journalists (ICIJ). This trial involves 27 people accused of money laundering, including Jürgen Mossack and Ramón Fonseca Mora, who founded a law firm that's central to the case. Open company data was a crucial piece of the puzzle, and OpenCorporates’ data was used by ICIJ in this investigation, and many of the investigations that followed. Learn more about the trial in the latest article by ICIJ 👉 https://lnkd.in/ec2W2xvM #PanamaPapers #MoneyLaundering #OpenData

𝐕𝐢𝐞𝐭𝐧𝐚𝐦’𝐬 𝐄𝐯𝐨𝐥𝐯𝐢𝐧𝐠 𝐋𝐞𝐠𝐚𝐥 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞: 𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐀𝐜𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧 𝐓𝐚𝐫𝐠𝐞𝐭𝐬 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐕𝐢𝐫𝐭𝐮𝐚𝐥 𝐀𝐬𝐬𝐞𝐭𝐬 𝐚𝐧𝐝 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫𝐬. As the world progresses into the digital age, the realm of finance undergoes significant transformations, with virtual assets emerging as a prominent feature. However, as of now, Vietnamese law remains silent on the regulation of virtual assets and virtual asset service providers. Read more: https://lnkd.in/gYGtzTK4 #VietnamLawFirm, #LawFirmInVietnam, #DoingBusinessInVietnam, #ASL, #ASLLAW, #HanoiLawFirm, #HoChiMinhLawFirm, #vietnamregulationinvirtualassetsandserviceproviders, #vietnamregulationinvirtualassets, #vietnamregulationinvirtualassetsserviceproviders.

The EU Council has adopted Directive 23/12/12, mandating EU member states to enact laws for seizing 'unexplained' wealth linked to organized crime. This directive includes EU-wide minimum standards for locating, identifying, freezing, seizing, and managing criminal assets tied to a variety of crimes, such as sanctions violations. It requires member states to allow the freezing and confiscation of assets from criminal activities upon conviction, and also to seize property equivalent to the crime's proceeds even if transferred to third parties, provided it's proven that the third party was aware of the evasion intent. Additionally, the directive empowers governments to freeze and confiscate wealth without a criminal conviction if the property is linked to organized crime, generates significant economic benefit, and the related crime could result in at least four years of imprisonment. Confiscation procedures must demonstrate that the property's value greatly exceeds the owner's legal income, and while specific crimes need not be proven, there must be adequate evidence suggesting criminal origins. Affected individuals are granted the right to contest these actions. The directive will take effect 20 days post-publication, with member states given 30 months to incorporate these rules into national law. Read more here: https://lnkd.in/dkpU7Ahz #privateclients #wealth #law #EU #wolftheiss

Let’s promote the rule of law, make America strong again LINK: https://lnkd.in/eXwEerhN #BankingAndFinanceNews #MoneyLaundering Please Repost

Liechtenstein 🇱🇮 foundations are known for their secrecy 🤫🚫🙅 Now the EFTA Court 🇪🇺⚖️ is being asked whether the Liechtenstein Office of Justice/Commission of the Register of Beneficial Owners of Legal Entities is interpreting EU/EEA law correctly. What is the threshold for someone to have and demonstrate that they ought to know who the true beneficial owner(s) are of such foundations? Are the Liechtenstein authorities sufficiently balancing the rights of true beneficial owners (the privacy dimension) with the rights of private parties who are interested parties (the transparency dimension)? More information on this new case is available on the NIELS website: https://lnkd.in/dccki79i #EEAlaw #AntiMoneyLaundering #Liechtenstein #Foundations #Privacy #Transparency

Did you know the Cayman Islands’ Beneficial Ownership (BO) Regime is closely linked to the UK's push for greater transparency? As a British Overseas Territory, the Cayman Islands operates with autonomy, but the UK still plays a significant role in shaping its regulatory landscape. On July 1, 2017, the Cayman Islands implemented its Beneficial Ownership Regime following UK pressure. This was part of a global effort to combat money laundering and financial crimes. The centralized beneficial ownership register is accessible to law enforcement, including UK authorities, but not publicly available. 💡 A key update: the Cayman Islands Beneficial Ownership Transparency Act came into force on July 31, 2024, aligning with global transparency standards. However, the Ministry has confirmed that enforcement of obligations will not begin until January 1, 2025, giving companies time to comply. 🗓️ Reporting deadlines: Companies in the Cayman Islands must update their beneficial ownership information annually or whenever there’s a change, ensuring that authorities always have accurate data. This ongoing dialogue between transparency and privacy reflects the evolving global standards in financial services. #BeneficialOwnership #Transparency #CaymanIslands #UKRegulation #FinancialServices #AML #Compliance

Let’s promote the rule of law, make America strong again LINK: https://lnkd.in/eCJwWbSD #BankingAndFinanceNews #MoneyLaundering Please Repost