The Guidance Notes are expected to confirm that some, but not all, CIGAs must be carried on in Jersey. Consideration will need to be given to ensuring sufficient CIGAs are carried on in Jersey to avoid a letter-box entity characterisation.
The audit prepared by U.S.-based business advisory firm, FTI Consulting, also revealed that at the time the lease was executed, Atillio had no business history or evident qualifications as a real estate broker or leasing agent.
Appleby has an experienced, multi-disciplinary regulatory team which includes expert compliance professionals, as well as a team of lawyers across our Corporate, Private Client & Trusts and Dispute Resolution practice groups.
The ECB’s supervisory board has already agreed to withdraw the bank’s license, one ECB official told Reuters, but the decision will be finalised only after some legal issues are resolved.
These reports assess jurisdictions against the updated standard which incorporates beneficial ownership information of all relevant legal entities and arrangements, in line with the definition used by the Financial Action Task Force Recommendations.
Lawmakers and campaigners questioned whether countries like Luxembourg, Malta, Ireland or the Netherlands should be considered tax havens due to their tax rules.