Managers of Wealth Offshore

Grounds For Objection To Appointment Of Voluntary Liquidators As Court-Supervised Liquidators, Confirmed.

Challenges to voluntary liquidators taking appointments as official liquidators are fairly common in Cayman

BMA seeks more Seamless Marketplace with ILS Process Enhancements.

To discuss the changes and what this means for both ILS market participants and the Bermuda marketplace, Artemis spoke with Adderley, who has been working with the BMA on this matter.

FACT Sent Comments to FATF Urging Strong Beneficial Ownership Regulation

A centralized registry of beneficial ownership information is unequivocally more useful in serving the broader goals of transparency, efficiency, accuracy, and access.

Bermuda re/insurers have paid $210bn to US policyholders since 2016

The survey shows a significant increase in annual payments to those in the US – more than doubling in five years from $24.4bn in 2016 to $58.8bn in 2020.

Key market developments in the Isle of Man

The Isle of Man Government recently passed the Beneficial Ownership (Amendment) Act 2021 which comes into force on 1 September 2021.

Policy & Resources hopes for full and candid debate as Tax Review is published

The Committee does not believe the ultimate solution must be limited to one of these three options, but it does stress to States Members that any solution needs to be realistic and recognise the scale of the challenge.

U.S. authorities freeze assets, charge British Columbians in 'long-running fraudulent scheme'

Major Canadian player in Panama Papers scandal, former B.C. lawyer Fred Sharp, is charged by SEC, FBI

Pierre Ali-Noor passes final Advocacy examinations

He is also short listed for the Citywealth Future Leaders award for Lawyer of the year IFC Senior/Managing Associate.

Business registry and FIAU to collaborate in bid to get off FATF grey list

Entities agree to share information on ultimate beneficial ownership

Private sector already losing workers to government in pre-election 'talent drain' - MEA

In a 12-page proposals document for the Budget which will cater for 2022, the MEA said that hope for a fully recovered economy by the middle of this year had dissipated owing to a “misplaced attempt” to kick-start the English Language sector a

Extension of Economic Substance requirements to Guernsey partnerships

New partnerships formed on or after 1 July 2021 will come into scope from their first accounting period.

Prepare for the new UK prudential regime: Book a IFPR Readiness Assessment

he changes include potentially holding increased regulatory capital (at individual and parent level); additional liquid assets, enhanced regulatory reporting and robust governance frameworks on financial resilience.

Home Affairs appoints Committee Lead for Justice Policy

This separation of powers is crucial to ensure the criminal justice system operates without political interference.

Isle of Man issues AML guidance tailored for tax advisors and accountants

The new guidance covers the unique money laundering and financing of terrorism risks faced by the sectors and provides further guidance in respect of approaches to customer due diligence.

SBDC: $68 mil. spent to date funding small businesses

Sixty-eight percent of funding was guaranteed or direct loans, with 21 percent in govt grants, nine percent in micro loans and two percent from equity contributions

Ogier launches ESG Align – a new compliance tool to get fund managers climate ready

ESG Align is designed to elevate managers' understanding of climate-related risk in portfolio management, and provide a useful compliance check against the new SFC requirements.

St Kitts & Nevis set to lift ban on UK visitors

St Kitts is currently on the UK’s amber list as part of the traffic light system, although fully vaccinated travellers no longer have to quarantine on their return to the UK from amber countries.

TISE makes Listing Rule changes to target SPACs

TISE initially introduced rules for listing SPACs in 2015 and has recently revised them to align with developing market trends in both the US and Europe and notably, where there may be an institutional investor base.

Time Waits for no MLRO: GFSC Thematic Review on Reporting Suspicion

The two largest groups in the pool of 29 firms that took part in the thematic review comprised banks and fiduciaries, in line with the risk weightings attributed by the Bailiwick's National Risk Assessment (NRA).

CySEC publishes its directive on crypto-asset service providers

The CASP Directive sets out detailed requirements on entities seeking registration in CySEC’s CASP register

Regulation, Risk & Compliance