Managers of Wealth Offshore

JFSC: Reminder to notify us about appointment dates for principal and key persons

If the person no longer works for the organisation, we need to know the date they were appointed and when they ceased to act.

Constructive Trusts of Immovable Property – Guernsey and Jersey Law’s Differing Paths

One of the issues in dispute between the parties in SFO concerned the ownership of four Jersey situated properties and specifically, whether those properties belonged beneficially to a certain individual

Cayman Islands: Economic Substance Regime Extended to Partnerships

Partnerships formed on and after 30 June 2021 are required to satisfy the economic substance test from the date on which they commence a relevant activity.

Central Bank extends moratorium on payment service providers and money transmission business for another year

The regulator had last extended the moratorium until the end of this year.

Using provisional liquidation offshore to preserve bondholder claims under keepwell deeds (Japanese) An example of preserving the rights of corporate creditors based on keepwell deeds using offshore provisional liquidation

An important element of Keepwell Deed is that the Chinese parent company undertakes obligations to its subsidiaries.

Bill 233 proposes a number of amendments to Companies Act

CSPs and company officers need to be aware

Jersey trust papers raise more questions for Maxwell brothers

There has been no finding against La Hougue.

The Swiss prosecutor’s office imputes the president of the Mirabaud bank where the 65 million of the king emeritus were paid | Spain

Mirabaud & Cie private banking was founded in 1819 and has offices and subsidiaries in Switzerland, Canada, France, and the United Kingdom, as well as branches in Madrid, Barcelona and Seville.

Competition Authority issues new licence terms for Telcos

The new licence conditions impose clear obligations on JT and Sure

Revised Mauritius–Lesotho Double Taxation Avoidance Agreement comes into force

The provisions of the DTAA are therefore applicable in Mauritius as from 1 July 2021.

MFSA issues warning about three online companies

Warnings about Legit Crypto Option, Admiral Capital Trade and Hillwood Limited

Parental bereavement leave update - Jersey

The intention is clear – to ensure that grieving parents do not have to request or negotiate time off work following the tragic death of a child.

Bahamas Chapter: Aviation Guide – The Legal 500 (2021)

The Q&A styled guide gives information about the current issues affecting aviation finance and leasing laws and regulations in The Bahamas

Butterfield Reaches Resolution With US Department of Justice

The financial payments totaling $5.6 million in respect of Forfeiture and Tax Restitution Amounts are in line with the existing provision included in Butterfield’s financial statements as recorded in 2015 and 2016.

TISE launches Qualified Investor Bond Market (QIBM)

The QIBM represents a dedicated exchange offering for the listing of bonds marketed to ‘qualified investors’

Data on Maltese nationals’ Dubai offshore holdings given to police

Dubai List has information on around 20 Maltese nationals’ offshore holdings

US targets wealthy tax evaders using Panama law firm

10 institutions including Wells Fargo Bank, BofA, HSBC and Citibank to receive summonses

HMRC’s review of Family Investment Companies and their use for wealth planning

Whilst so far there have not been any significant changes to the taxation of FICs, we may see new anti-avoidance rules in the future.

Reforming a Cayman Islands STAR trust: A lesson in obsolescence

The written reasons recently released by the Court

Demystifying VASPs in Crypto Compliance

This definition encompasses a range of crypto businesses, including exchanges, ATM operators, wallet custodians, and hedge funds.

Regulation, Risk & Compliance