Managers of Wealth Offshore

Cyprus Makes Post-Brexit Pitch to Brits

A no-deal Brexit will hit payment and e-money institutions particularly hard.

Billionaires Worth Over $35 Billion Could Be Locked Out Of Europe As Cyprus Finally Suspends ‘Golden Passport’ Schemes

Transparency say 30 individuals with pending criminal charges or convictions, and 40 people they classify as “politically exposed persons” were revealed in the leak.

FCA takes “welcome step” in asking banks to warn expats of account closures

The FCA’s response, published today, reports that not all firms are informing customers that their current accounts will be closed. It also states that the FCA wrote to banks last week on the importance of being prepared for the end of the transitio

International Property Securities Exchange and Securitisation Vehicles: The Perfect Match

Combine these, and offshore jurisdictions such as Guernsey become an ideal jurisdiction for property securitisation vehicles looking to make the most of the new opportunities provided by IPSE.

Channel Islands Funds Quarterly Update: Q3 2020

The States of Guernsey has adopted regulations permitting foreign limited partnerships to migrate or continue into Guernsey using the statutory migration process

Cyprus hits pause on citizenship-by-investment programme

After the EU country came under fire for reportedly selling passports to criminals

Government secures $US600 million bond financing

The MOF said the new transaction benefited from the momentum created during a successful virtual investor roadshow that The Bahamas conducted on October 5 and 6, 2020, at which time the Government met with over 45 global investors.

Switzerland improves anti-bribery record

Switzerland is one of the few countries to actively enforce efforts to combat bribery of foreign officials, according to the latest international comparison by Transparency International. But the NGO warns that the Alpine country still lacks strong whistl

KPMG was auditor to Wirecard’s mystery Mauritian counterparty

Accountancy firm had criticised EY for the way it handled fraud allegations

Decade-long Saad litigation settled between AHAB and Grant Thornton Defendants

The case continues against the other Defendants in the case.

Use of Jersey and Guernsey Structures by US Managers Targeting European Capital

In the current politically driven regulatory climate, managers/promoters in the major US fund centres are increasingly looking for alternative ways to structure investment vehicles suitable for and acceptable to their European domiciled investor base.

Cyprus officials implicated in plan to sell passport to criminals

Al Jazeera’s investigation reveals how senior Cypriot officials discussed ways to provide citizenship to a convicted criminal.

Governance Guernsey: Creating a sustainable future

The importance of organisational purpose has been thrown into sharp relief by the pandemic, with the general public keeping a watchful eye on an organisation’s social and environmental impact.

Consultation on proposal to increase banking fees

The JFSC’s enhanced supervision activities over the last two years in respect of banks have required additional supervisory effort and continue to bear higher costs.

Corporate Transparency and Register Reform

UK Corporate Entities - UK Government publishes Corporate Transparency and Register Reform

British Virgin Islands to introduce public register of company owners

The territory’s secrecy rules have long attracted criminals and secretive companies created there have featured in several ICIJ investigations on offshore finance.

BMA registers eight new insurance entities in September

The Bermuda Monetary Authority registered eight new insurance entities in September.

The BMA’s Jeremy Cox to be awarded a CBE

Jeremy Cox, the executive chair of the Bermuda Monetary Authority (BMA) is being awarded a Commander of the Order of the British Empire (CBE) as part of the 2020 Queen’s Birthday Honours.

OECD drafts principles for $100bn global corporate tax revolution

Technical blueprint would upend taxation of US tech groups but still needs political agreement

Changes to Jersey’s Social Security pension age and approved Jersey pension schemes

Update prepared by Ed Devenport (Partner, Jersey) and Carly McIver (Senior Associate, Jersey)

Regulation, Risk & Compliance