Managers of Wealth Offshore

Offshore Business Update: Cayman Islands

The practical importance of this is that it allows originating process, such as writs and petitions to be validly issued in electronic form at a time when paper filing is not possible.

Offshore Business Update: Guernsey

It should be noted that the normal protocols for such meetings should be observed as far as possible, and revert back to normal as soon as the threat from the outbreak recedes.

Offshore Business Update: Hong Kong

In particular we will focus on the impact to filings, ability to conduct searches, certificates of good standing, other relevant searches, court sessions, travel restrictions and the implications for Economic Substance compliance and residency.

Cayman Islands: Regulator to investigate late pension withdrawal payments

The pension provider approved more than 6,000 withdrawals out of more than 9,000 applications. In the first two days alone, BritCay received about 2,000 phone calls, said Neil Wright, BritCay’s pension and life operations manager.

Guernsey data protection authority announces extension to exemption registration

The ODPA has explained that the extensions have been granted due to the fact that it has taken longer than expected for the States of Guernsey and the ODPA to reach agreement on the method of funding the ODPA .

Switzerland to become a leading location for sustainable financial services

In view also of the global challenges, further efforts must be made to safeguard and further expand the interests and competitiveness of the Swiss financial centre internationally.

Ogier advises Brooks Macdonald on acquisition of Channel Islands wealth management and funds business of Lloyds Bank International

The cross-border Ogier team was led by Jersey-based partners Matthew Shaxson and Niamh Lalor

Coronavirus and home baking's renaissance in Cyprus

In recent years, the Bank has extended its support to flour producing company Hadjigiorkis Flourmills

Bermuda prepares to end its state of emergency on June 30

Bermuda has been relatively successful in containing its outbreak.

Physical distancing guidelines update

Licensed venues (for example, pubs) will be able to provide an alcohol-only seated service from 01 July, provided the number of cases remains low.

Does the threat of being blacklisted change behavior?

Regression discontinuity evidence from the EU’s tax haven listing process

Fidelity CEO admits breaking law

Fidelity has around 11,000 members in its pension fund

Ultra-Rich Monaco Wants to Fund Social Impact Projects With Security Tokens

Given Monaco’s high concentration of wealth (one in every three people is a millionaire and the place attracts hundreds of billionaires), it’s surprising it doesn’t have much of a financial center – like the comparably small Lichte

Tynwald vote not to kick pension can down the road

Middle MHK Bill Shimmins accused Mr Thomas of trying ’to kick the can down the road for another six months’.

Equity Trust fined £115k over money laundering vulnerability

Shortcomings were found in the identification and monitoring of ‘Politically Exposed Persons’ – customers in prominent public roles, putting them at higher risk of bribery and corruption.

'Pioneering' Manx ruling settles the law on 'mistake'

’HMRC provided submissions in the proceedings but again, declined to participate.’

Cyprus: Corporate Measures undertaken by the government in response to COVID-19

The annual returns (HE32) with preparation date from 01/01/2020 to 31/12/2020 may be submitted to the RoC

The future of Ireland’s funds industry post COVID-19

Opportunities lie in four key areas: funds industry service provision, technology, portfolio and risk management, and fund governance.

GFSC issues public statement and imposes civil penalty for failure to fulfil the minimum criteria for licensing

Update prepared by Helen Wyatt (Partner, Guernsey) and Annaliese McGeoch (Associate, Guernsey)

Compre to establish presence in Bermuda

Compre will finalise details with the BMA in the coming weeks.

Regulation, Risk & Compliance