05/16/2021
Financial services buoyed by strong demand for entity formations
The banking sector continued its perpetual decline from more than 600 banks in the late 1990s to 121 today – three fewer than at the end of 2020.
Regulation, Risk & Compliance
05/16/2021
CIMA Defends Decision to Impose AML Obligations on Maples Group
Financial services providers should also be aware that, given the increased scrutiny which the Cayman Islands faces due to our ongoing international obligations
05/14/2021
Partnerships to be brought within scope of Guernsey's economic substance requirements
Partnerships in existence as at 30 June 2021 will be in scope for accounting periods commencing on or after 1 January 2022 and partnerships formed on or after 1 July 2021 will be in scope from the date of formation.
05/14/2021
Bahamas Legislative Update: Protection of Depositors (Amendment) Act, 2020
The PODDA provides timely enhancements to a regime that is critical to the reliability and soundness of the banking system in The Bahamas.
05/14/2021
BMA issues five re/insurance licences in April
It also issued a licence to MoonGate Group to act as an insurance broker.
05/14/2021
GFSCommission’s 2020 Annual Report
Much of the key policy work undertaken last year was designed to assist industry
05/14/2021
Maples seeking judicial review of AML regulations
Group disagrees with CIMA’s interpretation
05/14/2021
Fears of ‘significant deterrent’ for whistleblowers as top EU court quashes Lux Leaks case
The European Court of Human Rights ruled that Luxembourg’s treatment of whistleblower Raphael Halet “struck a fair balance” between protecting his freedom of expression and the rights of PwC, despite objections from two dissenting judges
05/14/2021
EU plans to ban cash payments above €10,000 in AML move
Some member states currently have ceilings on cash payments, ranging from €500 in Greece to €15,000 in Poland.
05/14/2021
Bermuda: CRS deadlines extended and reminders issued
The extension is as a result of the ongoing effects of COVID-19.
05/13/2021
Guernsey Update: New Plans for Bringing Partnerships in Scope of Economic Substance Rules
These changes will be most relevant to the funds industry in Guernsey
05/13/2021
Financing a Cayman Islands merger take-private
Privatisations by way of a Cayman Islands statutory merger are often financed by loans.
05/12/2021
ECSRC confirms new qualifications regime with CISI
The CISI is the not for profit, global membership body for those working in capital markets, wealth management and financial planning, with 45,000 members in over 100 countries.
05/12/2021
Guernsey announces new economic substance rules for partnerships
The changes are accompanied by new requirements for all partnerships to submit an annual tax return
05/12/2021
Commission to deregulate Non-Guernsey Scheme regime
The Commission will continue to monitor the type of investment business undertaken by regulated firms
05/12/2021
HSBC heist allegations, Standards reports ‘coordinated attack against me’, Abela says
Minister says allegations of having been involved in HSBC heist when he was employee there are coordinated attack against him
05/12/2021
JFSC publishes 2020 Annual Report
While the JFSC made a surplus in 2020, mainly due to lower than planned expenditure, it is still working on bolstering its financial reserves to strengthen its organisational resilience.
05/11/2021
Navigating Data Protection risk and liability at board level – Support available from JOIC
The sessions are an opportunity to work with the subject matter experts in a safe space to stress-test the data protection practices in your organisation, and identify the risks before they are realised.
05/11/2021
Do you really understand Jersey’s work permits?
Work permits are a requirement under the Immigration (Work Permits) (Jersey) Rules 1995 and as such employers are required to apply for a work permit for employees who require immigration permission to enter or remain in Jersey for work.
05/11/2021
Luxembourg CSSF Publication of Guidance on Teleworking
In addition, the CSSF points out that remote working arrangements must comply with the provisions of the Luxembourg Labour Code and must not contravene any mandatory public policy provisions.