BVI Posted CRS Video The British Virgin Islands International Tax Authority (BVI ITA) posted the video from its live February 2024 program for investment entities subject to the Common Reporting Standard (CRS). The almost 2-hour video covers CRS due diligence procedures and reporting trust accounts, CRS filing requirements, CRS financial institution deactivation, and the BVIFARS payment portal. To watch on the BVI ITA website: https://bviita.vg/library/webinar/ Bahamas Announ

The British Virgin Islands International Tax Authority (BVI ITA) previously announced its BVI Financial Account Reporting System (BVIFARS) payment system would go live in January 2024. However, it has not been activated to date. On March 5, 2024, the BVI ITA provided an update: “[D]ue to unforeseen circumstances, the deployment of the payment module has been delayed. In the meantime, we kindly ask that you continue to fulfill your filing obligations as usual and disregard any

On March 1, 2024, a U.S. federal district court held in a 53 page opinion the “Corporate Transparency Act is unconstitutional because it cannot be justified as an exercise of Congress’ enumerated powers.” FinCEN Reaction On March 4, 2024, the U.S. Financial Crimes Enforcement Network (FinCEN) announced : "On March 1, 2024, in the case of National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.), a federal district court in the Northern District of Alabama, Nort

On January 29, 2024, the U.S. Financial Crimes Enforcement Network (FinCEN) announced it is seeking comments on two aspects of the Corporate Transparency Act (CTA) Access and Safeguards Rule. The CTA authorizes law enforcement, government agencies, and financial institutions and their regulators to obtain beneficial ownership information (BOI) under certain specified circumstances for national security and law enforcement purposes. What Is the BOI Access Rule? The BOI Access

The British Virgin Islands International Tax Authority (BVI ITA) announced its BVI Financial Account Reporting System (BVIFARS) payment system will go live in January 2024. The BVI ITA had previously stated it would be ready to go live with the fee in Q1 2023. Fee Details The US$185.00 portal registration fee must be paid through the BVIFARS portal by June 1, 2024. It is an annual fee which must be paid by June 1 of each subsequent year. Who Does the Fee Apply to? The fee wil

Given the rise of anti-Semitism, it is important to be alert to requests by contracting parties for you to include language that would be a violation of the U.S. Antiboycott laws. The Office of Antiboycott Compliance (OAC) within the Bureau of Industry and Security (BIS) at the U.S. Department of Commerce has responsibility for administering and enforcing the antiboycott laws. Additionally, the U.S. Internal Revenue Service (IRS) is responsible for antiboycott reporting. Ce

On November 7, 2023, the Financial Crimes Enforcement Network (FinCEN) issued a final rule specifying the circumstances under which an entity classified as a Reporting Company under the U.S. Corporate Transparency Act (CTA) may report an entity’s FinCEN identifier to report the BOI of certain related entities. What Is CTA? The CTA requires certain domestic and foreign entities to report on their beneficial ownership information (BOI). Congress assigned the administration and

On November 6, 2023, FinCEN and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) issued a joint notice to announce a new Suspicious Activity Report (SAR) key term and to highlight red flags related to the global evasion of U.S. export controls. What Is FinCEN? The U.S. Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury. FinCEN’s goal is to safeguard the financial system from illicit use and combat money laun

On October 20, 2023, FinCEN issued an alert to assist financial institutions (FIs) in identifying funding streams for Hamas. On October 19, 2023, FinCEN released proposed regulations related to cryptocurrency mixers. What Is FinCEN? The U.S. Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury. FinCEN’s goal is to safeguard the financial system from illicit use and combat money laundering and promote national security. Section 1010.

The IRS announced the Public Key for FATCA filing will expire on October 5, 2023. For those financial institutions (FIs) who submit their...