Managers of Wealth Offshore

Mourant Regulatory Update - Guernsey Corporate - Q1 2021

If you have any queries in relation to any of the topics raised, or if there are any areas you think it might be useful for us to cover, please don’t hesitate to get in touch.

Guernsey Finance finalising paperwork on new States funding

There is firm interest from across Asia - including Hong Kong and Saudi Arabia - and from businesses in South Africa, where a dedicated representative has recently been employed to drive growth in sub-Saharan Africa.

Commission to deregulate Non-Guernsey Scheme regime

The Guernsey Financial Services Commission has revoked the Non-Guernsey Scheme regime and its associated rules.

Ireland's Implementation Plan to Tacle Economic Crime and Corruption

This is a further step towards the passing of new legislation to set up an independent Corporate Enforcement Authority which is intended to replace the existing Office of the Director of Corporate Enforcement.

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.

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

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.

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.

BMA issues five re/insurance licences in April

It also issued a licence to MoonGate Group to act as an insurance broker.

GFSCommission’s 2020 Annual Report

Much of the key policy work undertaken last year was designed to assist industry

Maples seeking judicial review of AML regulations

Group disagrees with CIMA’s interpretation

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

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.

Bermuda: CRS deadlines extended and reminders issued

The extension is as a result of the ongoing effects of COVID-19.

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

Financing a Cayman Islands merger take-private

Privatisations by way of a Cayman Islands statutory merger are often financed by loans.

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.

Guernsey announces new economic substance rules for partnerships

The changes are accompanied by new requirements for all partnerships to submit an annual tax return

Commission to deregulate Non-Guernsey Scheme regime

The Commission will continue to monitor the type of investment business undertaken by regulated firms

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

Regulation, Risk & Compliance