Managers of Wealth Offshore

CBC, stakeholders agree on ten steps to speed up banking procedures

The Association of Cyprus Banks (ACB) in a statement issued afterwards said the banks “have listened carefully” to the concerns and thoughts of the economic stakeholders

European Commission Publishes New AML / CFT Action Plan

The proposals aim to facilitate effective and consistent cross-border application and implementation of EU AML / CFT rules and introduce a new more stringent enforcement framework in the EU.

Jersey bans foreign home ownership. Should Cayman follow suit?

A tale of two territories

24 companies renounced Malta licence after FATF greylisting

The government has not been convincing that it has a plan to get out of greylisting and if it does, it has not effectively communicated those plans.

CI Passport fee removed for seniors

The fee waivers were first recommended in 2019, and the Deputy Premier explained that a subsequent analysis showed that the implementation of the policy would have a negligible impact on Government revenues while also providing a real benefit to Cayman&am

Grand Court confirms test for liquidator independence

No other creditors expressed opposition to the appointment of the VLs and on the eve of the hearing, another significant creditor confirmed in evidence that it did not oppose their appointment.

Snapshot: Cayman Islands Antecedent Transactions

These may also apply to Limited Liability Companies, Partnerships, Exempted Limited Partnerships and, in certain circumstances, to foreign companies, but this summary focuses on CayCos.

Disclosure of Beneficial Ownership in 2021 – Luxembourg Perspectives – Alert 5 of the Series

The Luxembourg Beneficial Ownership regulatory framework has been completed first with the issuance on February 15, 2019

Luxembourg Plans To Give Its Business Registry More Teeth

The move comes six months after a group of international journalists, coordinated by OCCRP, published their OpenLux investigations, revealing how the country’s opaque financial system allows criminals and the corrupt to avoid taxes and launder their

New Roadmap for Re-Opening Published - What Does it Mean for Employers?

The Irish Government has noted that during the interim period of 1 September to 22 October 2021, a careful and gradual approach should be taken to re-opening.

BVI data protection: A practical update for funds

The DPA applies to data controllers, namely persons who either alone or jointly process personal data, or have control over, or authorise the processing of personal data.

Cayman private fund annual returns deadline: Additional form required for relevant fund entities

With the deadline approaching fast, CIMA has published a Notice to advise that the related fund entity (RFE) form for private funds is now available for completion on CIMA's online portal (known as REEFS).

New Amendment in BVI Supercharges Financial Investigation Agency's Powers

Briefly, FIA's functions are to investigate any suspected financial offences, the proceeds from financial offences and any matter referred to in financial legislation generally.

Malta-based bank fined €5m over AML and terrorism breaches

According to the unit, throughout its operations, the bank had exposed itself and the Maltese jurisdiction to “egregious” money-laundering risks that were not mitigated in any manner.

Arch Capital Group Closes Acquisition

In addition to Australia, Arch has mortgage insurance and reinsurance operations in Bermuda, Europe and the United States.

Jersey Mid-Year Review 2021 published

Updates are also given on the rebalancing initiatives set out in the Government Plan 2021-24, as well as a mid-year financial position and forecast to the end of 2021.

Mauritius: Amendments to Immigration Laws to Promote Investment and Increase Access to Non-Citizens

A non-citizen may, through the Economic Development Board, now apply for a family occupation permit

MFSA issues licence warning about Epayzz

Company is not licenced despite claiming otherwise, financial regulator notes

The Bahamas Increases Insurable Wage Ceiling

However, the contribution rate remained unchanged at 3.9% for employees and 5.9% for employers.

Cayman Islands Liquidation Proceedings - Officeholder Independence

The Court will take into account the subjective views of all stakeholders.

Regulation, Risk & Compliance