Managers of Wealth Offshore

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.

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.

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.

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

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.

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.

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.

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

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.

Bfsb Chief Shortlisted For International Awards

The International Investment Awards are the longest-running event of their kind.

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.

Isle of Man advice firm hit with £63,000 fine

The Authority is satisfied that the directors of IFSL recognise and accept their failings.

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.

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

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.

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.

Banks must do more to stop financial crime, says deVere

These revelations have prompted deVere, one of the foremost financial consultancies in operation

Best destinations offering visas for remote workers including Caribbean islands

Destinations such as Barbados, Bermuda and Estonia are all offering special visas for remote workers who need a change of scenery

Government On Track To Meet Performance Targets Despite COVID, Says EPOC

The Jamaican Government, GOJ, collected $143.9 billion in taxes, which was 7.5 per cent more than it expected.

Caribbean Development Bank to lend US$70 million to The Bahamas, St Lucia to counter COVID-19 fallout

CDB estimates that GDP will contract by 14 per cent in The Bahamas and by almost 19 per cent in St Lucia in 2020.

Regulation, Risk & Compliance