December 2020 Newsletter – The Year In Review
During the year 2020, the Financial Services Department began the process to implement a new system at the Companies’ Registry which will allow for up to 75% of the daily business processes to be conducted online.
Read MoreFourth Quarter 2020 Newsletter – An Introduction to the Corporate Registry Integrated Search System (CRISS)
The Nevis Island Administration and the FSRC – Nevis Branch also referred to as the Nevis Financial Services (Regulation and Supervision) Department) (“NFSD”) have taken the initiative to improve the quality and effectiveness of the Companies’ Registry.
Read MoreThird Quarter 2020 Newsletter – Tax Evasion and Tax Fraud – Red Flags
Tax evasion and tax fraud are growing concerns for financial markets all over the world. In 2012, the FATF revised its recommendations to include Tax Crimes (related to direct taxes and indirect taxes) in the list of predicate offences to money laundering.
Read MoreSecond Quarter 2020 Newsletter – AML/CFT On-Site Examinations (Areas of Improvement)
The FSRC-Nevis Branch has been conducting on-site examinations to assess the extent to which regulated entities are operating in accordance with their obligations under the
relevant AML/CFT legislation e.g. the AntiMoney Laundering Regulations, 2011 (“AMLR”), the Anti-Terrorism (Prevention of Terrorism Financing) Regulations, 2011 (“ATR”), the Financial Services (Implementation of Industry Standards) Regulations, 2011 (“FSIISR”), the Proceeds of Crime Act, Cap 4.28 (“POCA”), The Financial Intelligence Unit Act, Cap 21.09 and the
Financial Services Regulatory Commission Act, Cap 21.10.
March 2020 Newsletter – Coronavirus(Covid-19) and its impact on AML/CFT programmes
The coronavirus (COVID-19) pandemic has provided a fertile ground for criminal activities and has led to a rise in COVID-19 related crimes, including fraud, cybercrime, and the misdirection or exploitation of funds.
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