EU Removes Cayman Islands from Blacklist

EU Removes Cayman Islands from Blacklist

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The European Union (“EU”) has removed the Cayman Islands from its list of non-cooperative jurisdictions for tax purposes.

The EU blacklisted the Caymans in February 2020 for failing to comply with fair tax governance standards. The listing prevented EU persons and entities from investing in the Cayman Islands.

“Cayman responded positively by expanding the scope of our funds regime to ensure that the Cayman Islands Monetary Authority, our financial services regulator, has the legal mandate to supervise all Cayman-based investment funds,” said Cayman’s Premier, the Hon. Alden McLaughlin in a press release.

The blacklist, which began in 2017, includes jurisdictions that the EU believes have poor tax governance and do not meet its standards.

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Darren Mooney is a Partner and the Co-Head of Business Development at Greyline. Before joining Greyline, Darren served as deputy chief compliance officer of Partner Fund Management where he held primary responsibility for the compliance program of the second-largest hedge fund in the Bay Area. Prior to that, Darren spent five years providing compliance consulting services at Cordium and then ACA Compliance Group, where he led the company’s San Francisco office and west coast operations. In addition to providing ongoing consulting services to a variety of investment managers, including hedge fund, private equity, venture capital, real estate, quantitative and other wealth managers, Darren also regularly guided clients through the SEC registration process, implemented tailored compliance programs, supported clients’ live SEC exams, and served as an SEC-mandated independent compliance consultant following an SEC enforcement action. Darren’s other experience includes serving as deputy chief compliance officer and associate counsel at F-Squared Investments where he directly supported the compliance program during the investigation and subsequent enforcement regarding historical advertising practices. Darren has a B.S. in Economics from the University of Delaware and a J.D. from Suffolk University Law School. He is a member of the Massachusetts bar.

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