While we do not expect to see significant new areas of regulation being introduced in 2022, existing regulatory regimes will continue to develop. We expect to see the continued evolution of AML regimes, in line with FATF requirements, as well as regulators ensuring that these standards are met. As the BVI undergoes its periodic AML review in respect of the FATF standards, AML regulation will be a particular focus of the jurisdiction in 2022.
We also expect to see the continued focus of regulators ensuring that existing compliance obligations are met including in respect of CRS and FATCA, beneficial ownership registers and economic substance. In particular, as the first round of economic substance reports have been filed, we can expect to see activity from the tax authorities in reviewing and scrutinizing whether the economic substance requirements have been satisfied.
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