08/23/2021
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.
Regulation, Risk & Compliance
08/23/2021
Business registry and FIAU to collaborate in bid to get off FATF grey list
Entities agree to share information on ultimate beneficial ownership
08/23/2021
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
08/22/2021
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.
08/20/2021
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.
08/20/2021
Home Affairs appoints Committee Lead for Justice Policy
This separation of powers is crucial to ensure the criminal justice system operates without political interference.
08/20/2021
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.
08/20/2021
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
08/20/2021
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.
08/19/2021
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.
08/19/2021
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.
08/19/2021
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).
08/18/2021
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
08/18/2021
The Office of the Data Protection Authority Approves New EU Standard Contractual Clauses for use by Guernsey Controllers and Processors
The new SCCs effectively combine all four sets of clauses into one document, allowing controllers and processors to "build" the relevant agreement on a modular basis.
08/17/2021
JFSC Consults on Widening Civil Financial Penalty Scope and Streamlined Decision-Making Process
The changes are set out in two consultation documents, and are summarised below.
08/17/2021
Central Bank raises economic projections, expects record low unemployment
Employment growth is set to decelerate as migration flows remain constrained
08/17/2021
$500K Northstar Financial Services (Bermuda) Claim Brought Against Truist Investment Services by Venezuelan Investors
Now that the off-shore entity is in liquidation after filing for bankruptcy, and its owner Greg Lindberg is serving time in prison, the best chances these claimants have of recouping their losses is to pursue damages through FINRA arbitration.
08/16/2021
€500,000 FIAU fine for money transfer firm Sendvalu
The FIAU says Sendvalu failed to undertake appropriate enhanced due diligence measures in instances clearly posing a high money laundering risk
08/16/2021
TISE makes Listing Rule changes to target SPACs
TISE initially introduced rules for listing SPACs in 2015 and it 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.
08/16/2021
Protecting Cayman Islands Companies at Risk: Provisional Liquidation
A prima facie case means that the applicant must demonstrate that it is likely that a winding up order will be made.