Managers of Wealth Offshore

Mauritius Commercial Bank Upgrades Its Dubai Presence

The Mauritius Commercial Bank had previously established a Representative Office in the DIFC in July 2019.

Hackers steal $150M from crypto exchange BitMart

Company vows to compensate affected users

The investment manager regimes in the Cayman Islands and BVI

There are no specific qualifications or other requirements on such overseas managers imposed by BVI or the Cayman Islands.

Arbitration: BVI considers issues of enforcement upon a state

In May 2021, following a four day return date hearing, the BVI Commercial Division of the Eastern Caribbean Supreme Court set aside the Registration Order.

Europol: Over ten percent of global GDP is held in offshore accounts

This money represents over 10 percent of global GDP.

Tax Justice Network proposal to FATF’s consultation on beneficial ownership for legal persons

While a multi-pronged approach using many sources of information is welcome, a central beneficial ownership register should become mandatory for all countries, without allowing for “alternative mechanisms”.

Malta regulator issues stark warnings over two financial services companies

Bristol Trading Limited is not authorised to provide any Virtual Financial Asset or other Services under Maltese law.

CIMA cancels director licence of fund manager who admitted fraud

The liquidator confirmed in New Zealand court hearings last month that the fund had incurred significant investment losses.

CIMA cancels director licence of fund manager who admitted fraud

The liquidator confirmed in New Zealand court hearings last month that the fund had incurred significant investment losses.

Ireland Update – Central Bank’s property fund proposals

The current proposal is to introduce a 50% limit on the ratio of a Property Fund’s total loans to its total assets and that this limit would apply on an ongoing basis. .

Cayman Islands Director 2022 Registration and Licensing

Ogier can provide a sample letter of resignation or more general assistance in completing the process if required.

Malta’s grey listing – Contributing factors and the road ahead

Malta was evaluated by MONEYVAL in 2018, with an evaluation report being published in September 2019.

Government accepts some OTS recommendations but rejects others

Five OTS recommendations for reform to CGT have, however, been accepted by government.

GAPP confirms plans for ESG framework

Although there is no fixed timescale for its release, as GAPP wants to ensure enough time is spent getting the framework right, there is a hope that it can be published around mid-2022.

Three Key Changes to Note Under the New HKEX Listing Regime for Overseas Issuers

Company law and regulations in the Cayman Islands are also flexible and adaptable to the rules of stock exchanges all over the world, including accommodating the WVR structures and providing safeguards for shareholder rights.

Central Bank of Ireland Publishes Operational Resilience Guidance

The Guidance is accompanied by a feedback statement (the "Feedback Statement") summarising the feedback received from CP140, providing commentary on industry views and explaining changes made to the Guidance in its final form.

Federal Council initiates consultation on automatic exchange of information with twelve more partner states

ith the introduction of the automatic exchange of information with emerging market and developing economies, Switzerland is committed to international standards to combat financial crime, tax evasion, money laundering and corruption.

The Protected Disclosesures (Amendment) Bill 2021

The legislation will further extend the scope and breadth of the protections afforded to individuals who make a protected disclosures in Ireland.

Banks Report ‘Fourfold’ Fraud Attempt Growth

There was a fourfold increase in the number of frauds attempted during 2020, but a 64 percent reduction in actual fraud occurrences, when compared to the previous year.

Employment Law Series = The Individual Accountability Framework and Sear in Ireland

People-related steps and processes that businesses can start thinking about in readiness for the new Individual Accountability Framework and Conduct Rules

Regulation, Risk & Compliance