Managers of Wealth Offshore

FATF issues Guidance on the risk-based approach for AML/CFT Supervisors

The Guidance notes that Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) supervisors play an essential role in protecting the financial system

OfReg issues regulatory framework for local internet exchange points

The main purpose of an IXP is to enable networks to interconnect directly rather than via one or several third-party networks. This reduces cost, latency and the need for bandwidth.

Groundbreaking New Provisions in Variation of BVI Trusts

This amendment has been made by the Trustee (Amendment) Act, 2021 which adds a new section, 58B, to the BVI’s Trustee Act.

Five development projects worth RM9.63 mln for Labuan in 2021

The new project for this year will be the new cell sanitary landfill and upgrading works on the leachate treatment plant worth RM2 million, revised from the estimated cost of over RM31.68 million.

Establishment of Manx Development Corporation Approved by Tynwald

The proposals to Tynwald included the provision of a Council of Ministers sub-committee, the ‘Brownfield Regeneration Steering Group’

£550,000 fine for Jersey trust company demonstrates importance of effective and consistent anti-money laundering procedures

LGL established the partnership and incorporated two Jersey companies to act as limited and general partner.

Offshore Business Update: British Virgin Islands

The British Virgin Islands (BVI) Government has taken proactive measures which are designed to control, suppress and prevent the spread of COVID-19 by restricting access to the BVI and encouraging social distancing.

Guernsey says that it is scrutinizing Cayman business relationships

At the same time an instruction is issued to all specified businesses specifying the steps to be taken before the end of September 2021 in respect of business relationships they have which are connected to the Cayman Islands."

Guernsey agrees business support measures for Stage 3 of lockdown exit

For those sectors which continue to be eligible for support in Stage 3, the Committee has agreed that support should continue until the end of June 2021.

Linklaters advises BC Partners on its investment in Davies

The Linklaters team was led by Partner Ben Rodham with Lauren Bretton

BVI Introduces Significant New Trust and Estate Legislation

The recent Trustee (Amendment) Act builds on the earlier reforms to the original Trustee Act which were made in 1993, 2003 and 2013.

Further Amendments to the BVI’S Trust and Estate Legislation 2021

The Administration of Small Estates (Amendment) Act implements a long overdue increase in the qualifying value for the Administration of Small Estates Act.

Irish Regulation in Focus: Culture and Individual Accountability

The Central Bank expects firms' actions to be aligned with the expectations of its customers/investors and will take action where it believes firms (and senior management) are falling short of this expectation.

The EU Sustainable Finance Disclosure Regulation (SFDR) is live – what can we expect?

SFDR can be summarised as follows: the regulation is intended to contribute to the higher goal of transitioning the EU to a low-carbon

Consultation Paper on Amendments to the Banking Rules on Accounts, Disclosure & Large Exposures

The proposed Large Exposure Rules will update the Commission’s large exposure and upstreaming framework to bring it more fully in line with international standards and reduce concentration risk, while making a number of allowances for the nature of

Follow up: The Federal Government’s perspective on an employer’s mandate to vaccinate

Employers should continue to monitor the Guidance Materials and review the particular circumstances of their workplace.

RBC launches Caribbean advisory and consultancy business

RBC said these services are targeted at corporate banking, business banking, and private banking clients, in addition to governments and public agencies throughout the region.

Over 100 islands received BML's support in 2020

The Bank's Aharenge Bank Community Fund is an initiative aimed to empower individuals and local organizations

Liquidation solutions in Cyprus and the BVI

A voluntary liquidator cannot be another company or other body corporate

SILO and BDO form regtech joint venture

The compliance software is currently mainly used by businesses in international financial centres.

Regulation, Risk & Compliance