ELIZABETH A. McMORROW LAW LLC

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Multiple Passports Aren’t Just for Criminals

Elizabeth A. McMorrow

Jul 15, 2020

Multiple Passports Aren’t Just for Criminals

In some parts of the financial industry, there is an unfounded fear that an individual with more than one passport is a suspicious character. There are more law abiding individuals with multiple passports than criminals and such individuals should be welcomed to your institution as clients. Dual Citizenship Dual citizenship is the status of a person who is a legal citizen of two or more countries. 123 jurisdictions allow dual citizenship and another 13 allow dual citizenship

Perplexing Risk Rankings

Elizabeth A. McMorrow

Dec 20, 2019

Perplexing Risk Rankings

Whether it’s assessing a new foreign grantor trust client, setting up a new foreign biotech manufacturing plant or soliciting funds for a private equity investment in an offshore business, a risk assessment must be made regarding the foreign jurisdiction. If you haven’t had previous experience with the jurisdiction, you may be left scratching your head reviewing government and non-governmental organization (NGO) lists. Given that the press frequently pounces on the concept o

Elizabeth A. McMorrow

Oct 24, 2019

Foreign Trusts: South Dakota Regulators’ Tips

The South Dakota Trust Association hosted its third annual Fall Forum on October 17 & October 18, 2019. We were fortunate to have Scott Kelly, Deputy Director of Trusts, South Dakota Division of Banking and Jonathan Sanborn, Esq., Financial Institution Examiner, South Dakota Division of Banking provide helpful information during the “Guidance on Foreign Trusts” panel. South Dakota The South Dakota trust industry has over $500 billion assets under management (AUM). This numb

CRS: BVI Expands Reportable Controlling Persons

Elizabeth A. McMorrow

Mar 11, 2019

CRS: BVI Expands Reportable Controlling Persons

The British Virgin Islands (BVI) issued revised Common Reporting Standard (CRS) Guidance Notes on February 19, 2019. Included in the revisions is a change in the definition of Controlling Person. The BVI will now use a 10% threshold for CRS reporting commencing in 2019. Application of AML The OECD advised that for purposes of determining Controlling Persons thresholds under CRS, a CRS jurisdiction must follow its own domestic anti-money laundering / know your customer (AML/

Don’t Turn Away a Prospect with More Than 1 Passport

Elizabeth A. McMorrow

Mar 1, 2019

Don’t Turn Away a Prospect with More Than 1 Passport

In some parts of the financial industry, there is an unfounded fear that an individual with more than one passport is a suspicious character. There are more law abiding individuals with multiple passports than criminals and such individuals should be welcomed to your institution as clients. Dual Citizenship Dual citizenship is the status of a person who is a legal citizen of two or more countries. 123 jurisdictions allow dual citizenship and another 13 allow dual citizenshi

Elizabeth A. McMorrow

Feb 17, 2017

Where FATCA and Biotech Compliance Coincide

In my practice, I represent clients in the financial industry (FATCA/CRS) and in the biotech industry (legal management of foreign subsidiaries). Given the rapid fire political changes, it is important for both industries to stay on top of U.S. regulations regarding Specially Designated Nationals (SDNs) and those listed on the Consolidated Sanctions List. Most organizations in the financial industry conduct Know Your Customer / Anti-money Laundering (KYC/AML) checks during t