Managers of Wealth Offshore

Cayman Commits to Demonstrating AML Effectiveness

Jurisdictions in the increased monitoring category are required to work with FATF to swiftly address outstanding strategic AML deficiencies in their regimes.

Jersey: Guidance issued on application of economic substance rules to self-managed funds

The amendments and guidance notes formally extend the economic substance rules to self-managed funds and such funds are subject to the economic substance test for financial periods commencing on or after 1 January 2021.

Cayman Commits to AML/CFT Effectiveness

The Cayman Islands Government has given the jurisdiction’s commitment to satisfying the plan’s requirements and notes that, in any event, this work was already underway.

Baroness warns of climate change risks to Bermuda

She added that nature reserves that added to Bermuda’s “sense of national and cultural identity” would also be damaged by the changing climate.

World auditors voice concern at access to Cyprus cash-for-passport scheme records

Before that, authorities had defended the initiative, which was popular with Russians, Ukrainians, Chinese and Cambodians.

Malaysia’s Apex Court Decides Labuan FSA Guidelines Carry The Full Force Of Law

A perennial question posed - what weight should be attached to guidelines issued by Labuan FSA.

Guernsey’s fast track pre-authorisations expected to help boost captive formations in 2021

A captive can go ahead with changes to retentions, changes to reinsurance, to fronting arrangements, they can add new lines of business and they can do that without needing to provide any notification or await any approval from the Commission.

Electronic signatures – issues to consider, and how the law in Jersey and Guernsey is developing

Since 2000, both Jersey and Guernsey have had legislation which makes it clear that that contracts may be formed by electronic means

Mandatory Disclosure Rules

The Regulations do not follow the EU model enacted as DAC 6 (EU Council Directive 2011/16) (DAC 6).

Heads of state launch historic UN plan to stamp out global tax abuse

The tax reform proposals were harshly criticised by leading economists

Bermuda Announces New Economic Investment Residential Certificate

This is the Government’s latest immigration initiative aimed at increasing economic activity in Bermuda

Jersey fines LGL £550,000 for breaches of Money Laundering Order

While there is no suggestion that any of the funds provided by Angola were of suspicious origin or that the investments into which the funds were placed were themselves suspicious, LGL failed to identify the real risks of money laundering that were appare

Banks: 25% Never Verified Building Code Compliance

The survey, which issued 42 questions set against the impact of "catastrophic physical damage" resulting from a Category Five striking New Providence and Grand Bahama, received 94 responses from the 110 institutions targeted for a reply rate of

Rewriting the narrative of Malta’s enforcement against AML practices

In order to be sanctioned, these individuals must have been found to be responsible (thus who have caused or contributed to) for AML/CFT breaches committed by that subject person.

Cayman Islands Funds Update: Q4 2020

Specifically, the regulatory bodies and competent authorities focused on receiving clarifications and refinements to the existing regimes, which continued to occur in January 2021.

Advance healthcare directives under Cayman law

Advance directives have been around for some time, the UK for example has had these types of directives available to persons for many years.

New Legislation Welcomed for the Execution of Deeds in The Bahamas

The Bahamas was one of the last jurisdictions in the common law world that required an actual seal to be affixed to deeds.

Luxembourg digitalises the AML/CFT Market Entry Form (Funds and IFM)

The Form must be initiated and submitted by the compliance officer in charge of the control of compliance with the professional obligations of the Fund respectively the IFM, or by the person responsible for compliance with the professional obligations.

PRI's new reporting framework – are you ready?

It is compulsory for signatories to report on their responsible investment (RI) activities annually

Cayman Islands Securities & Banking Country Update

The Monetary Authority Law and the Banks and Trust Companies Law provide the legal framework for banking supervision in the Cayman Islands.

Regulation, Risk & Compliance