NIA amends legislation governing Nevis’ Offshore Financial Services Sector to satisfy EU demand
The Nevis Business Corporation (Amendment) Bill, 2018 and the Nevis Limited Liability Company (Amendment) Bill, 2018 were passed unopposed at a sitting of the Nevis Island Assembly on December 28, 2018.
Read MoreFSRC Nevis Monthly Statistical Bulletin – November 2018
The graph below provides important statistics on the monthly incorporation and registration activities of the Corporate Registry of the Nevis Financial Services (Regulation & Supervision) Department for the month of November, 2018.
Read MoreNovember 2018 Newsletter – Trade-Based money laundering
Financial Action Task Force (FATF) defines Trade-Based Money Laundering (TBML) as “the process of disguising the proceeds of crime and moving value through the use of trade transactions in an attempt to legitimise their illicit origin.” Due to the increasing trend towards globalisation, international trade has steadily increased from prior years to over $40 trillion in goods and services worldwide in 2016.
Read MoreFATF Public Statement – Paris, France, October 19, 2018
On the 19th day of October 2018, the Financial Action Task Force (FATF) issued a Public Statement on the Democratic People’s Republic of Korea (DPRK) and called on its members and other jurisdictions to apply counter-measures to protect the international financial system from the ongoing and substantial money laundering and financing to terror (ML/TF) risks emanating from the DPRK.
Read MoreCFATF Public Statement – May 2018 Trinidad
On 31st May 2018, the Caribbean Financial Action Task Force (CFATF) issued a public statement which stated that Haiti had been removed from the CFATF – International Co-operation Review Group (ICRG) monitoring process. The jurisdiction was encouraged to continue to address its outstanding deficiencies in preparation for the 4th Round of Mutual Evaluations.
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