Managers of Wealth Offshore

Ireland Update: Time to Act – Protected Disclosures (Amendment) Bill 2022 Published

The Bill brings changes including the enhancement of obligations to reporting persons and increased protection from penalisation.

Amendments Introduced to Bermuda's Segregated Accounts Companies Act

Also of note are the changes to the requirements related to the appointment of a segregated account representative ("SAC Rep"), which in almost all cases now require the SAC Rep to be a 'regulated person'.

Ogier introduces most expansive family leave benefits in the offshore world

Permanent employees are entitled to this benefit from their first day with Ogier, as continuous service requirements were removed from the Ogier maternity leave policies in 2021.

PraxisIFM Guernsey names Grow as its charity of the year 2022

In Guernsey, in addition to our many long-standing partnerships in sport and other initiatives the team has chosen to appoint a charity of the year with the aim to hone and direct our efforts into one agreed place where we can really make a difference.

Update on the EU AML List

Limited Impact for the Cayman Island

New Jersey solicitor sworn in at Myersons

She is a highly valued member of our team and she has a great career ahead of her.

Central Bank revises Malta's economic growth projections

Domestic demand main driver of economic growth

EU reviewing Annex II: Potential inclusion of BVI and Bermuda

Inclusion on the list means that the EU monitors for progress towards addressing the recommendations by the required deadline.

Central Bank's Securities Markets Risk Outlook Report and Key Areas of Focus for Funds and their Service Providers

This report outlines the Central Bank's supervisory priorities for securities markets in 2022 and also highlights conduct risks that the Central Bank has identified as key for securities markets.

MEPs want ban on golden passports and strict rules on residence-by-investment

Malta’s citizenship-by-investment scheme is increasingly being targeted by strong MEP stance on golden passports and visas

Update: Expansion of the Jersey Insolvency Toolkit

The adoption of the Companies (Amendment No. 8) (Jersey) Regulations 2022 (Regulations) [last week] brings welcome changes to Jersey’s insolvency toolkit.

Guernsey organisations need to register for data protection this month

The online process is straightforward and has a three-tier payment structure

A major development of the creditors' winding up regime in Jersey

The Amendments enhance and protect the interests of creditors and are based upon principles and practices widely recognised in other insolvency regimes.

Labuan now focusing on managing Covid-19

The new normal does not mean the Covid-19 pandemic has ended.

What happens in the Bahamas... Vijay Mallya saves his signature London home - again

A favourable ruling by the Supreme Court of Bahamas on February 11, 2022, unlocks trust funds, means that UBS can redeem the mortgage on the house and any associated interest.

JFSC: We have changed our decision making process for regulatory sanctions

Our proposal focused on streamlining how we reach these decisions for imposing regulatory sanctions

Accuro expands commitment to matters of equality

Menopause awareness is not well understood in most working environments and we want to do what we can to change this.

New listing regime for SPACs in Hong Kong – an offshore perspective

The new Hong Kong SPAC listing regime seeks a balance, introducing relatively stringent requirements for the quality of both listing candidates and also de-SPAC targets, addressing the commercial needs of SPAC sponsors whilst also raising the bar in terms

Corporate Criminal Liability for Failure to prevent Money Laundering

The Financial Action Task Force (FATF) Methodology requires jurisdictions to demonstrate that money laundering offences and activities are investigated, and offenders are prosecuted and subject to effective, proportionate, and dissuasive sanctions.

Proposed Addition of the Cayman Islands to the EU’s High Risk Third Countries List (the “EU AML List”)

There was a 30-day scrutiny period within which the Council of the EU or the EU Parliament was permitted to object to this proposed revision of the EU AML List

Regulation, Risk & Compliance