Managers of Wealth Offshore

Stage 2…“a lot to get to grips with”

This will be a big test, to see if it sparks a rise in cases of Covid-19 and to see how effectively we can find them and control them.

EBA Revises Guidelines on Money Laundering

The Guidelines are central to the EBA’s work to lead, coordinate and monitor the fight against money laundering and terrorist financing.

UK ‘will respect constitution’ on ownership registers

A PARTNERSHIP between the UK government and Crown Dependencies respectful of ‘constitutional boundaries’ will deliver progress on publicly-accessible registers of company beneficial ownership.

Overseas Territories also concerned about COI in BVI

CARICOM — an organisation of 20 states and dependencies — further said it is “dismayed” at how the COI was established with “no consultation, or prior communication between the UK government and the duly-elected government of

CSSF on SFDR special accelerated procedure

The CSSF informs that the letter confirmation of the SFDR special fast-track procedure, has been adapted and it can also be used to support the review of sustainability information included in a prospectus/issuance document submitted outside of the SFDR s

MIFID Firms– What is the Central Bank of Ireland's Focus for-2021?

The CBI updated its COVID-19 FAQs to list factors investment firms should consider when looking to pay dividends and variable remuneration, given the impact COVID-19 has had on the markets and the economy in recent months.

Cayman Islands, Morocco Placed on Terror-Financing Watch List

The Financial Action Task Force has added four jurisdictions to its list of countries subject to increased monitoring

A Guide to the BVI Approved Manager Regime

This guide outlines the eligibility criteria for an approved manager, the obligations of the role and the steps you need to take to apply for approval.

Cayman Commits to Demonstrating AML Effectiveness

Jurisdictions in the increased monitoring category are required to work with FATF to swiftly address outstanding strategic AML deficiencies in their regimes.

Jersey: Guidance issued on application of economic substance rules to self-managed funds

The amendments and guidance notes formally extend the economic substance rules to self-managed funds and such funds are subject to the economic substance test for financial periods commencing on or after 1 January 2021.

Cayman Commits to AML/CFT Effectiveness

The Cayman Islands Government has given the jurisdiction’s commitment to satisfying the plan’s requirements and notes that, in any event, this work was already underway.

Baroness warns of climate change risks to Bermuda

She added that nature reserves that added to Bermuda’s “sense of national and cultural identity” would also be damaged by the changing climate.

World auditors voice concern at access to Cyprus cash-for-passport scheme records

Before that, authorities had defended the initiative, which was popular with Russians, Ukrainians, Chinese and Cambodians.

Malaysia’s Apex Court Decides Labuan FSA Guidelines Carry The Full Force Of Law

A perennial question posed - what weight should be attached to guidelines issued by Labuan FSA.

Guernsey’s fast track pre-authorisations expected to help boost captive formations in 2021

A captive can go ahead with changes to retentions, changes to reinsurance, to fronting arrangements, they can add new lines of business and they can do that without needing to provide any notification or await any approval from the Commission.

Electronic signatures – issues to consider, and how the law in Jersey and Guernsey is developing

Since 2000, both Jersey and Guernsey have had legislation which makes it clear that that contracts may be formed by electronic means

Mandatory Disclosure Rules

The Regulations do not follow the EU model enacted as DAC 6 (EU Council Directive 2011/16) (DAC 6).

Heads of state launch historic UN plan to stamp out global tax abuse

The tax reform proposals were harshly criticised by leading economists

Bermuda Announces New Economic Investment Residential Certificate

This is the Government’s latest immigration initiative aimed at increasing economic activity in Bermuda

Jersey fines LGL £550,000 for breaches of Money Laundering Order

While there is no suggestion that any of the funds provided by Angola were of suspicious origin or that the investments into which the funds were placed were themselves suspicious, LGL failed to identify the real risks of money laundering that were appare

Regulation, Risk & Compliance