Managers of Wealth Offshore

CRS and FATCA UPDATE

The CRS and FATCA Amendment Regulations 2020* amended the annual reporting deadline for CRS and FATCA to 31 July in each year.

Back off black

Cayman is expected to remain a premier global tax-neutral financial hub.

CRS and FATCA Update

Our previous article dated 24 April 2020 summarises industry advice released by the Department for International Tax Cooperation on 16 April 2020.

CIMA fines Bank Cainvest $100,000

The bank is headquartered in the Cayman Islands and, at the outset, offered private banking services for family offices, institutional clients and high-net-worth individuals.

New Central Bank of Ireland Guidance on AML Transaction Monitoring

The Central Bank of Ireland recently issued an anti-money laundering advisory note highlighting how Irish regulated firms can improve their monitoring of customer transactions to detect potentially suspicious activity.

Irish Fund Management Companies: Time to Get Serious About Substance & Oversight

It is this commitment to the sustainable growth of the industry that requires the stakeholders to continually critically review the model to ensure it exceeds international best practice and maintains Ireland’s position as a Gold Standard jurisdicti

Spotlight Report – Emerging themes in our funds markets

Aside from COVID-19, Brexit lingers as a significant force impacting the global funds market, particularly the EU.

Privy Council approves constitutional changes

Under the amended Constitution, the Cayman Islands will become the third British Overseas Territory to have a legislative body known as Parliament.

Association formed for investment managers

The CIWMA intends to liaise with local and international industry associations and build alliances with bodies such as the Personal Finance Society, the Chartered Institute of Security and Investment and the Institute of Directors.

Irish Schemes of Arrangement and Cross-Border Debt Restructuring.

The court approved of the release of debt owed by primary obligors which were not themselves subject to the scheme – provided that there is a "sufficient nexus" between the guarantee liabilities and the primary obligations.

Information Notice has brought clarity to industry's questions over investment into cannabis assets by Guernsey structures

The position taken by the States of Guernsey in relation to cannabis investment follows the approval by the Assembly in June 2019 that businesses can grow and process cannabis in Guernsey for medicinal uses.

Addressing the growing demand to migrate to Guernsey

The Bailiwick of Guernsey’s movement was possibly easier than some, given that the move was not much more than a shift from de facto to de jure requirements on substance.

Bill To Create Bermuda National Digital Bank

The reform of banking laws will increase competition in this sector, introducing new classes of banks to Bermuda to boost the economy, and harmonising the Bermuda base rate charged by local banks while working with these banks to reduce the interest rates

The Covid-19 Balancing Act for Regulated Businesses in Jersey and Guernsey Covid-19 is here to stay, and with it a change in the way that we work.

Whether or not this has fully sunk in, the Channel Islands regulators and international standards setters have certainly grasped it.

Regulation, Risk & Compliance