Monday, February 28, 2011

BVI FSC Published Amendment to Anti-Money Laundering Legislation

The British Virgin Islands Financial Services Commission has published on its site the Anti-Money Laundering and Terrorist Financing (Amendment) Code of Practice, 2010. According to the document, Schedule 2 of the Anti-money Laundering and Terrorist Financing Code of Practice, 2008 is amended by inserting the two countries – Liechtenstein and Russia.

The Anti-Money Laundering and Terrorist Financing (Amendment) Code of Practice was issued on July 28, 2010. The document is signed by Managing Director/CEO of the Commission Robert Mathavious.

Monday, February 14, 2011

BVI Signed Twentieth TIEA

The Government of the British Virgin Islands has signed Tax Information Exchange Agreement (TIEA) with the Republic of India. The Agreement was signed by Deputy Premier and Minister of Health and Social Development Honourable Dancia Penn OBE QC and the High Commissioner of India to the UK His Excellency, Nalin Surie.

In a Joint Declaration signed with the TIEA both parties state that their countries are active, constructive and cooperative members of the international community with globally integrated and responsible finance centres. It is also stated that India and BVI have long been active in international efforts in the fight against financial crimes, and each of them shares a common commitment to develop and comply with international standards on money laundering, terrorist financing and financial regulation.

Honourable Dancia Penn welcomed this agreement, saying that India is a key market for financial services business of the British Virgin Islands. Also, she said that the BVI is fully committed to pursuing further discussions with the Government of the Republic of India, and the jurisdiction will look to build on the important trading and cultural ties that already exist between the countries.

The Agreement with India is the 20th TIEA of the British Virgin Islands. To answer the OECD guidelines and the new international tax standard, jurisdictions are required to sign at least 12 TIEAs.

Tuesday, February 01, 2011

New Lawyers Join Harney's Hong Kong Office

The British Virgin Islands-based offshore law firm Harneys Corporate Services Limited, providing administration services to the BVI corporations, has increased the number of lawyers in its HK office, as a part of ongoing expansion of its Asian practice.

The hire of the three new lawyers brought to eight the number of lawyers in the firm's Hong Kong office. Cheng Cheng Tan joined the BVI firm from Rahmat Lim & Partners, where she was a partner. Her spheres are banking and finance as well as corporate and commercial law, with a focus on securities listings, joint ventures and cross-border mergers and acquisitions. Kane Guo, who joined Harneys from another leading international offshore law firm, specializes in M&A, FDI and banking. Kane's practice areas include corporate and commercial, investment funds and private equity. The third lawyer, Zhao Feifei, practices banking and finance, corporate and commercial law.

The head of Harneys' Hong Kong office, Paul Law, welcomed the new hires to the office, saying that the new lawyers “will add both onshore and offshore experience and regional perspectives to the team.”