Managers of Wealth Offshore

BVI data protection: A practical update for funds

The DPA applies to data controllers, namely persons who either alone or jointly process personal data, or have control over, or authorise the processing of personal data.

Cayman private fund annual returns deadline: Additional form required for relevant fund entities

With the deadline approaching fast, CIMA has published a Notice to advise that the related fund entity (RFE) form for private funds is now available for completion on CIMA's online portal (known as REEFS).

New Amendment in BVI Supercharges Financial Investigation Agency's Powers

Briefly, FIA's functions are to investigate any suspected financial offences, the proceeds from financial offences and any matter referred to in financial legislation generally.

Malta-based bank fined €5m over AML and terrorism breaches

According to the unit, throughout its operations, the bank had exposed itself and the Maltese jurisdiction to “egregious” money-laundering risks that were not mitigated in any manner.

Arch Capital Group Closes Acquisition

In addition to Australia, Arch has mortgage insurance and reinsurance operations in Bermuda, Europe and the United States.

Jersey Mid-Year Review 2021 published

Updates are also given on the rebalancing initiatives set out in the Government Plan 2021-24, as well as a mid-year financial position and forecast to the end of 2021.

Mauritius: Amendments to Immigration Laws to Promote Investment and Increase Access to Non-Citizens

A non-citizen may, through the Economic Development Board, now apply for a family occupation permit

MFSA issues licence warning about Epayzz

Company is not licenced despite claiming otherwise, financial regulator notes

The Bahamas Increases Insurable Wage Ceiling

However, the contribution rate remained unchanged at 3.9% for employees and 5.9% for employers.

Cayman Islands Liquidation Proceedings - Officeholder Independence

The Court will take into account the subjective views of all stakeholders.

Compliance and fund administration driving financial services pay growth in Jersey

Organisations that have struggled to source talent in the Island, despite offering more attractive packages, are now starting to look elsewhere or bring in off-Island talent to fill these roles.

Increased relevance of the ECA

The summer months are ideal for some reflective thinking on the way forward for trans-European institutions like the European Court of Auditors (ECA) too.

Statement of Practice - Trusts and Foundations in Mauritius

Provided that the majority of beneficiaries are not resident in Mauritius then the trust will NOT be liable for tax in Mauritius.

Fraudsters clone website of Maltese financial company

MFSA warns against Alpha Global Limited

Hawksford admits and rectifies breaches

Between 2001 and 2017, Hawksford failed to act in the best interests of one customer and misapplied customer monies in respect of fees charged for three customers.

Walkers Guide to Setting Up a Cayman Islands Cryptocurrency or Blockchain Fund

Once the investment strategy has been determined, and there is the necessary interest from investors, the decision needs to be made on the most optimal way to structure the fund.

Zammit Lewis’ recusal from ethics committee has to be initiated by members – Speaker

The Qormi politician allegedly also received some €9,000 from Fenech as a gift.

British Virgin Islands Economic Substance Reporting Requirements

Reporting is made by the Registered Agent through the Beneficial Ownership Secure Search System which has been set up by the ITA to facilitate secure reporting.

Final consultation paper issued before new UK Investment Firms

Newgate Compliance's Managing Director, Matthew Hazell and Consultant, Shazad Khan break down the key highlights

Off‐Shore Crypto Exchange to Pay Up to $100 Million

Civil enforcement actions and criminal charges against BitMEX’s founders are pending.

Regulation, Risk & Compliance