Managers of Wealth Offshore

Cayman Regulatory framework for virtual asset services adopted

Attorney General Samuel Bulgin lent his support to the bill, stating that it strikes a balance between new, innovative ways of conducting business and the public interest.

Cayman Lawmakers pass raft of anti-money laundering bills

The CFTAF rated Cayman only partially compliant in terms of beneficial ownership transparency, citing challenges in verifying the information and a lack of effective sanctions for non-compliance.

Registration deadline approaching fast: Cayman private funds and limited investor funds

Private funds and limited investor funds existing prior to 7 February 2020, as well as new private funds launched between 7 February 2020 and 6 August 2020, have until 7 August 2020 to register with the Cayman Islands Monetary Authority

Kenya’s elite cart away Sh328bn of World Bank aid

The study compared data on aid disbursements from the World Bank with foreign deposits from the Bank for International Settlements (BIS), focusing on 22 aid-dependent countries including Kenya, Uganda and Tanzania.

A Just and Equitable Decision: Cayman Court of Appeal Defines the Limits of Arbitration in a Winding Up

CICA Decision Ting Chuan’s appeal of the refusal to strike out decision was dismissed and the Petitioner’s appeal of the stay was allowed.

Going Private Transactions During Covid-19

The Courts in all of the jurisdictions above have proactively moved towards virtual hearings to facilitate the continued conduct of Court business.

Scandal-hit states oppose plan for EU scrutiny of money laundering

At a closed-door videoconference of EU finance ministers on Tuesday, Estonia, Hungary and the Czech Republic opposed the plan, according to three officials who attended the online meeting.

Millionaire Monaco-based Matalan founder sues PwC over tax liability

This alleged non-residence led Hargreaves to claim he was not liable to capital gains tax on a gain of £200 million arising on the disposal of Matalan shares during its time as a public company.

Credit Suisse targets Luckin ex-billionaire's family assetsLenders led by Credit Suisse

Banks that participated in the loan facility to Lu’s investment vehicle have signaled they plan to sell Luckin shares pledged as collateral, though its unclear whether they’ve started offloading the stock or how much money they’ll be abl

The world’s dirty money by the numbers

Regulations are in place — but 99 percent of criminal proceeds still escape control in the EU.

Threatened Insolvency: Personal Exposure Of Directors

This article delves briefly into areas where a director may become personally liable for actions taken when the company is experiencing financial difficulties.

AG: Financial Services industry cannot continue to make “errors of the past”

Bethel said some 116 persons charged before the courts, 79 prosecutions and 46 money laundering convictions.

Asset Protection

Jersey and Guernsey trusts are an essential part of the toolkit

Getting THE Deal Through | BVI – Private Equity: Fund Formation

A private equity fund vehicle (as with any BVI-registered company or a limited partnership) is required to maintain both a registered agent and a registered office in the BVI.

Providence trouble for PwC

The auditor tried to have the claim thrown out but the appeal failed and the case will proceed.

Mourant Regulatory Update – Guernsey Corporate May 2020

An overview of Guernsey legislative and regulatory developments for the period 18 February 2020 to 15 May 2020.

Carey Olsen and Slaughter and May advise the States of Jersey on financing its response to COVID-19

The States of Jersey appointed Carey Olsen and Slaughter and May to advise on the RCF.

Probate and estate planning administration for non-Guernsey domiciliaries

The Guernsey Ecclesiastical Court issues a Grant of Probate if the deceased left a Will or a Grant of Administration if they died intestate.

EU Commission launch of AML/CFT action plan

The Commission intends to deliver on all these actions by early 2021.

Bermuda Amends National Pension Scheme – Update #3

First, any member or former member of a defined contribution pension plan or local retirement product, who has not attained normal retirement age and has not retired, will be able to obtain a refund of up to $12,000 of their vested pension balance.

Legal