This island country in Africa –no longer included in FATF-GAFI’s grey list or in EU’s black list– has introduced modifications to its legislation that have effects on diverse transactions carried out at its financial center.

Such modifications include, among others:

  • The possibility, for tax authorities, to request the submittal of information by foundations or trusts for purposes such as assessment, tax collection, or compliance with information exchange aspects.
  • The fact that some entities will no longer be within the scope of application of the Financial Services Law, and will be regulated pursuant to FATF-GAFI’s recommendations against money laundering currently in place.
  • The granting, by the government, of work and residence permits for executives, to attract wealthy individuals and their families, and to strengthen promotion of the activity of family offices.
  • The granting of bank licenses made easier, in addition to the acceptance of deposits by private entities towards the issuance of digital currencies.

To read more about this subject go to this website, or you may also contact our team for further information.