Managers of Wealth Offshore

Beneficial Ownership Transparency: a Spotlight on International Beneficial Ownership Registration

The recommendations made to the G20 reflect a growing trend at an international level to enhance transparency in beneficial ownership.

Republic of the Marshall Islands Update: Economic Substance Regulations 2018, As Amended

Key points and notification requirements of the Republic of the Marshall Islands Economic Substance Regulations 2018 amended Guidance.

Cayman Communication: The Grand Court of the Cayman Islands Approves Direct Court-to-Court Communications Protocol for the First Time In Re LATAM Finance Limited (and others)

In the context of cross-border insolvency and restructuring, the rules of private international law and conflict of laws have not been codified and cannot be discerned in a single set of statutory rules.

Luxembourg CSSF Communication on Temporary Permissions Regime

A short summary of the Commission de Surveillance du Secteur Financier's press release reminding Luxembourg based funds and firms of their options in the context of the UK's temporary permissions regime.

Procedural changes to company migrations into and out of Guernsey

The changes add further certainty to the migration process for clients and advisors.

EU, FATF lists causing correspondent banking problems

Bethel said there are cost implications to these kinds of problems with correspondent banks that place the country’s financial sector at a competitive disadvantage.

GFSC signs MoU with Guernsey Banking Deposit Compensation Scheme

The GBDCS was formed in Guernsey in 2008 during the financial crisis as an important safeguard for Guernsey depositors.

Legal Services Bill marginalises Caymanians

The proposed LSB also states that a person who is otherwise be entitled under the Immigration (Transition) Law

Notice - Maples and Calder (Ireland) LLP

Claire’s appointment is part of a long-term international investment strategy and follows a number of recent strategic appointments across our global offices to ensure that we continue to effectively meet the ever-changing needs of our clients.

Distribution of Foreign Investment Funds in the UK Post Brexit TPR and OFR

Before transitioning to the OFR, any eligible foreign investment fund which is to be marketed in the UK, is required to be opted into the Temporary Permissions Regime ("TPR") by no later than 30 December 2020.

Jersey Consultation feedback on banking fees published

Firms will be notified soon that their fee invoices are ready for collection through the myJFSC portal.

Out from under regulatory orders, The Bancorp finds itself 'at the right time in the right place'

The Bancorp CEO Damian Kozlowski said the order was quite broad in its application.

Bermuda Registrar of Companies updates the Economic Substance Declarations portal

An entity that indicates it does not comply with Economic Substance Regulations in the declaration section will be required to indicate which parts it failed to comply with.

Are the FinCEN Files dangerous and defamatory?

Those disclosing SARs need to be confident that, when filing them, their data will remain confidential. If not, then they need to have the right to a remedy against FinCEN.

Ireland Update: Virtual Risk Assessments and Employee Consultation on Remote Working Arrangements

Clarity on employer obligations to home working employees is particularly welcome due to the significant increase in employees working from home on a full or part time basis due to COVID-19 restrictions.

Regulation and the Risks of Implementing Liquidity Limits for Asset Managers

Regulation is necessary and should provide a clear framework for asset managers and suitable protection for investors.

HMRC and Advertising Standard Authority launch new action to disrupt promoters of tax avoidance schemes

A joint enforcement notice on misleading adverts is one of several interventions to tackle promoters.

UK Supreme Court rules in favour of Chubb Bermuda in case against Halliburton

The Supreme Court unanimously dismissed Halliburton's appeal.

A practical guide to substance in Guernsey for trust and corporate service providers

Whilst the new substance regime is aimed at companies rather than trusts, where those companies form part of a trust structure, the trustees will seek reassurance that applicable substance requirements are being met.

‘MaltaFiles’ firm Credence fined €261,000 over money laundering shortcomings

FIAU fines Credence €261,000 over shortcomings in due diligence of PEPs and lack of scrutiny of high-value transactions

Regulation, Risk & Compliance