Managers of Wealth Offshore

Covid-19 Ireland Update: Company Law Changes

This change is permanent.

Federal Council initiates consultation on amendments to Anti-Money Laundering Ordinance

The proposed ordinance amendments serve mainly to provide more detail on the adopted measures.

Businesses find ways to cope with new regulations

Mask mandates, limits to crowd size and social distancing requirements were first introduced in 2020, under the previous government as part of strict measures to prevent community spread of COVID-19.

JFSC: Upcoming consultations, legislative updates and revised policies and guidance in 2021

As well consultations issued by the JFSC, we are working with the Government of Jersey to develop legislation that will ensure Jersey’s regulatory regime continues to meet international standards.

Does dirty money need banking secrecy to thrive?

Recently uncovered suspicious transaction reports, made to the US Financial Crimes Enforcement Network (FinCEN), show Swiss banks moving billions of dollars around the world.

Highlights on the Mauritius Financial Services (Crowdfunding) Rules 2021

In this highlight, we provide a brief summary of the crowdfunding rules, emphasizing the key points set out therein.

Changing Attitudes

We have to have a jurisdiction where people want to move to the Island, work and spend money here.

Isle of Man banking data leak reveals how sharing banking data can identify offshore strategies and improve beneficial ownership transparency.

No names or account numbers were shared, only the number of accounts based on the residence of the beneficial owner and other details. Results

Listed Funds and the issue of ever-increasing Regulation

Regulators who may have been accused of being asleep at the wheel very quickly responded to political pressure by introducing requirements that now seem commonplace.

MFSA issues warning about three different online entities

Two of those companies appear to be clones of legitimate ones, with the third appearing to be an unlicensed entity.

Jersey employers take note: statutory redundancy and minimum wage increases

Redundancy: increase in the maximum statutory redundancy entitlement

ESG/Sustainable Investments - How Jersey Law is Adapting to Fight Greenwashing

The Investment Business Code of Practice will also be similarly updated in due course.

Guernsey to tighten CRS and Fatca reporting

As online registration becomes mandatory for all financial services firms

Fiscal strategy report “broadly compliant” but issues over data quality and availability exist, notes council

The extent and quality of the sourcing of data are considered material deficiencies, notably the lack of national statistics for domestic income projections, including domestic income forecasts by its components.

Head sought for bank failure watch group

Jill Britton, JFSC Director of Supervision, commented: “As the regulator, our role is to supervise banks, making sure they are operationally sound and minimising the likelihood of failure.

Guernsey Bar hopefuls continue virtual attendance at University of Caen

Importantly, not only were all local firms and employers of aspirants supportive of the solution offered by Carey Olsen but the University of Caen and lecturer Sophie Poirey were equally pleased and excited to embrace the new Caen experience.

Irish Regulatory Framework for Real Asset Depositaries

It sought feedback from industry on the proposed regulatory framework and earlier this year issued its long awaited guidance1 on the regime.

Jersey employers take note: statutory redundancy and minimum wage increases

This is an entitlement enshrined under the Employment (Jersey) Law 2003, as amended and is an obligation imposed on all employers to pay to their employees in the event of redundancy.

Isle of Man FSA bans two directors from regulated activity

The directors of IF Ltd, Mr Christopher Stirk and Mr Christian Burton do not hold the requisite licences in their own names to undertake any regulated activities in or from the Isle of Man or hold themselves out as doing so.

INSOL Channel Islands Conference 2021 – Round-up of key points

The seminar, which provided a welcome opportunity for insolvency practitioners and advisers to reconnect in person, showed why Jersey and Guernsey remain leading locations for structuring complex financial transactions and for the secured lending market.

Regulation, Risk & Compliance