CJC has developed considerable expertise in affairs relating to the Marshall Islands both in and outside of shipping, acting as counsel for shipowners, banks and financial institutions, as well as lessors and professional referrers on maritime, general corporate and commercial, litigation, insolvency and restructuring matters. CJC Associate and Marshall Islands Advisory Team member James Clayton offers some significant updates on information exchange.

The Marshall Islands has addressed issues relating to transparency and the exchange of information on request. It has introduced economic substance requirements and strengthened its corporate legal framework on the availability of beneficial ownership information, substantially improving the nation’s standing with various international bodies.

• The Organisation for Economic Co-operation and Development recently rated The Marshall Islands as ‘largely compliant’ in relation to the international standard of transparency and exchange of information on request.
• Since its evaluation in 2011, the Marshall Islands has held the highest possible rating with the Financial Action Task Force. It will be re-evaluated in late 2020, with the report adopted in 2021.
• In November 2019, the Marshall Islands was removed from the European Union’s list of non-cooperative jurisdictions for tax purposes. The country’s recently implemented economic substance regulations will have played a significant role in this upgrade.
• In January 2020, the Marshall Islands was removed from the French List of Uncooperative States and Territories for Tax Matters.

CJC frequently advises corporations in relation to their corporate governance processes and the responsibilities/liabilities of their directors/shareholders under Marshall Islands law. The practice is led by Alastair Macaulay who was admitted to the Marshall Islands bar in 2002 and is the only Marshall Islands lawyer based in the United Kingdom.