10/05/2020
HSBC Ignored Jersey Fraud Warnings
The company making these false claims, Pantrust International, was a successor to La Hougue, a Jersey trust company.
Regulation, Risk & Compliance
10/05/2020
Negotiating Bermuda’s borders
At the gate, an official in scrubs, mask and “shower cap” instructed visitors to stay six feet apart, while another similarly-clad health official took the temperature of people waiting in line.
10/05/2020
Whistleblowing in Guernsey and Jersey - What Employers Need To Know
The specific rights which afford this protection are those conferred under the Islands’ respective employment protection
10/04/2020
Possible dirty money moving through Barbados
“The industry adheres to all applicable laws and regulatory requirements in Barbados, including the guidance provided by the Barbados Financial Intelligence Unit,” she said.
10/02/2020
Announcement from the Ministry of Financial Services and Good Governance - Mauritius
Mauritius had already agreed to implement a detailed Action Plan within an agreed timeline with the FATF, to be removed from the FATF list and subsequently from the EU list.
10/02/2020
Substance Filing Deadline Approaches for BVI Companies and Partnerships
The legislation requires in scope companies and partnerships to file certain information annually in respect of their activities during their last 12 month financial period.
10/01/2020
Landmark decision approving third party litigation funding in the British Virgin Islands
Given the large number of relatively small creditors and the lack of available funding in the estate, the liquidators turned to the commercial third party funding market to meet their anticipated costs and expenses, including the costs of prospective liti
10/01/2020
Dirty money has ‘metastasized’ within global banking system, top regulator says
New York’s financial regulator acknowledged that the financial system is “awash with trillions of dollars in dirty money,” and has called on banks to help fix it.
10/01/2020
British Virgin Islands to unmask secret company owners
Anti-corruption campaigners hailed a victory for transparency and the fight against hidden movements of huge sums of money.
10/01/2020
More sophistication being seen in use of captives
The requirements for exempted companies and LLCs to state the nature of the business will also now be included on annual returns.
10/01/2020
CIMA rules on segregation of assets for mutual funds and private funds
A fund must appoint a service provider (which includes an administrator, auditor, custodian, investment advisor, investment manager, operator, prime broker, promoter or registrar or any of their delegates) to ensure safekeeping of the fund’s financi
09/30/2020
Further Amendments to the Cayman Islands Companies Law, LLC Law and SIBL
In the Amendment Laws, gazetted on 20 August 2020, certain information relating to Cayman Islands companies and limited liability companies will be publicly searchable from 1 October 2020.
09/30/2020
Bfsb Chief Shortlisted For International Awards
The International Investment Awards are the longest-running event of their kind.
09/30/2020
DOJ Crackdown on Swiss Banks Generating Leads for IRS
The DOJ’s Swiss Bank Program, announced in 2013, allowed Swiss banks to resolve potential criminal liabilities in the U.S. by agreeing to certain requirements.
09/30/2020
Isle of Man advice firm hit with £63,000 fine
The Authority is satisfied that the directors of IFSL recognise and accept their failings.
09/29/2020
Bahamas strengthens legal framework in fight against financial crime
The FATF and the Caribbean FATF have been unable to carry out their scheduled onsite reviews, due to the covid-19 outbreak.
09/29/2020
BVI named in 'FinCen Files' leaks
The BVI has been caught in the new exposé from the International Consortium of Investigative Journalists that reveals major flaws in the global anti-money laundering safeguards
09/29/2020
New Cayman Registry & Regulator tech make filings easier for Private Funds etc
Private Funds that changed from regulated to unregulated under the Registration Requirements from 7 August 2020 will need to update their filings at the Registry before 31 December 2020.
09/29/2020
The Bahamas Must Comply with the Rules that Govern Operating in the Global Financial Ecosystem
The DPM said the Bill provides for the specific inclusion of the Non-Profit Organization limited by Shares and the Segregated Accounts Company in the definition of entities covered by the Act.
09/29/2020
Banks must do more to stop financial crime, says deVere
These revelations have prompted deVere, one of the foremost financial consultancies in operation