British Virgin Islands-based law firm Harneys has announced the expansion of its regulatory group with the recruitment of Aki Corsoni-Husain from t

British Virgin Islands-based law firm Harneys has announced the expansion of its regulatory group with the recruitment of Aki Corsoni-Husain from the financial markets & regulatory group of Denton Wilde Sapte in London.

At Denton Wilde Sapte Corsoni-Husain advised on a wide range of financial regulatory issues including the trading of securities and derivative products, anti-money laundering regulations and investment management arrangements.

"Our regulatory group advises on the full range of regulatory issues relating to the British Virgin Islands, and we have recently been advising clients on the BVI's recently amended anti-money laundering regulation," says Ross Munro, head of the BVI investment funds and regulatory practice at Harneys.

"We are also currently reviewing the draft of the long-awaited regulatory code and will be making submissions to the Financial Services Commission. Aki's experience makes him an ideal addition to the group and his input in this process will be of great value."

The regulatory group has been growing rapidly, and Corsoni-Husain's recruitment follows the appointment of regulatory lawyer Jennifer Deacon, who joined Harneys from 5 Fountain Court earlier this year.

Through its network of offices in the Caribbean, Europe and Asia, Harneys provides law firms, financial institutions and corporate clients with legal services relating to British Virgin Islands, Cayman and Anguillan law, as well as company, trust and fund formation and administration services through its affiliated corporate and private wealth services business.

At the beginning of this month Harneys announced a formal 'best friends' agreement with Cypriot law firm Aristodemou Loizides Yiolitis, which specialises in all aspects of commercial, banking, corporate, tax and trust law, in what Harneys' partner Peter Tarn (photo) describes as "a major step on the road to establishing a solid presence in Cyprus".

The two firms will cross-refer work as well as undertaking joint marketing efforts, sharing office space and seconding lawyers to each other's operations. The announcement comes less than two months after the opening of Harneys' office in the Cayman Islands.

"Harneys has placed tremendous emphasis on the development of products and services tailored to BRIC markets over the past few years, and we believe that adding a Cyprus-based tax treaty element will be of great benefit particularly for all our clients but especially those in Russia and India," Tarn says.

"Aristodemou Loizides Yiolitis has an obvious culture of service excellence and we are delighted with the agreement we have reached with them. Being first with an integrated Cayman/BVI/Cyprus service and with the ability to deliver that from Cyprus or London is very exciting and we believe that this relationship will flourish and develop."

Pavlos Aristodemou, a partner with the Cypriot firm, adds: "Our two firms have an outstanding cultural fit and a great deal to offer each other, both to the benefit of the firms and our clients."