Managers of Wealth Offshore

Cyprus Beneficial Owners regime- Factsheet

To the extent that they are registered with the Department of Companies and Intellectual Property

Cayman to feature on EU anti-money laundering list

To be removed from the FATF list, Cayman must also demonstrate that all types of money laundering are prosecuted and that such prosecutions result in proportionate penalties.

Standard Bank fined by Isle of Man regulator over serious regulatory failings

In this case, the Authority said it was assured that the failings were isolated in nature rather than being systemic across the business.

Momentum loses appeals against clients in Malta

It claims this will have ‘potential wider repercussions’ for the pensions industry

Jersey to Modernise its Limited Partnership Legislation

The limited partnership structure is mostly used by Jersey’s financial services sector for its international fund, private finance, property holding or private venture capital structures.

The Mauritius FSC clarifies requirements to meet substance conditions

As a reminder, effective 1 January 2019, the deemed tax credit regime whereby companies holding a Category 1 Business Licence were entitled to claim a deemed tax credit of 80% was abolished and replaced by a partial exemption regime on qualifying income.

Economic substance in the post-pandemic era: the truth of the matter.

Above all, it is important that businesses understand the evolving economic climate.

Bermuda Monetary Authority plans captives report

It will also assess the insurance and investment fund sectors’ frameworks for opportunities and respective adjustment needed in the context of “green finance”.

Mauritius is one of the first countries in Africa to create a regulatory framework for Crowdfunding

The Financial Services (Crowdfunding) Rules 2021 came into operation in Mauritius on 4 September 2021.

Cayman Regulatory Update - Q1 2022

The DITC highlighted the importance of each entity classifying itself correctly for the purposes of the economic substance regime

Bermuda amends Insurance Act

The Act which became operative on the 23 December 2021, amends the Insurance Act 1978 to make provision for supervisory requirements relating to the administration of internationally active insurance groups in Bermuda.

Economic Substance for Jersey Funds

The purpose of this note is to provide some information about the impact of the economic substance regime on Jersey’s funds industry.

Guernsey: Guidance on application of economic substance rules for partnerships published

Another significant part of the partnerships substance rules is the available exemptions.

Cyprus: Legislative amendments intended to prevent tax abuse published

The laws do not indicate the effective date of application of WHT to jurisdictions added to or removed from each updated version of the EU black list.

Standard Bank fined £350,000 for failing to abide by anti money laundering rules

That order was meant to effectively freeze a Standard Bank customer’s accounts, the details of which were not disclosed.

Being on top of Ultimate Beneficial Ownership Compliance

While for lawmakers it is still a field for further discussion, companies in different jurisdictions are required to be compliant with the UBO laws already set out.

Malta Chamber to government: disqualify tax cheats from public procurement

Malta Chamber says inaction is hurting tax-compliant businesses

Mauritius officially off the EU list of high-risk third countries

On the basis of the recent removal of Mauritius from the FATF grey list achieved through firm commitment and prompt implementation of the FATF action plan, the Commission has concluded that Mauritius do not have strategic deficiencies anymore in its AML/C

Bahamas delisted from EU AML blacklist

The engagement with the EU DG FISMA began in August 2020 and culminated with The Bahamas' submission of additional information and data in early October 2021.

SICAV fund fined over 'millions invested without robust controls'

The FIAU found Southern Cross failed to adequately document its internal procedures to fight money laundering and did not properly screen its customers before accepting their money.

Regulation, Risk & Compliance