Managers of Wealth Offshore

UN study says tourism-rich small island states like BVI could see massive GDP fallout from COVID

Findings show that the losses in GDP are approximately two to three times higher.

Ireland Update: Establishment of Register of Beneficial Ownership of Unit Trusts, ICAVs and Credit Unions

The 2020 Regulations also amend the definition of “beneficial owner” in relation to Unit Trusts including to clarify that there will be a “greater than 25 per cent” threshold when determining whether a unitholder is deemed to be a

KRA recovers Ksh.139 million from hidden offshore assets

Countries that are destinations for these flows, including financial centres in Europe, Asia, America, the Caribbean and Pacific, now participate, said KRA’s Commissioner General Githii Mburu.

Appleby Offshore Data Protection Guide

The team works frequently with local government, regulators and industry bodies to develop responses to the challenges of globalisation and regulation, with a focus on producing effective solutions for clients.

Scope of the Cayman Islands Private Funds Law expanded

The scope of the Private Funds Law, 2020, which introduced fundamental changes to the regulation of Cayman Islands closed-ended funds earlier this year, has been expanded by the Private Funds (Amendment) Law, 2020.

‘It’s a matter of fairness’: squeezing more tax from multinationals

The cost of the coronavirus crisis means governments want to reduce tax avoidance by business

Guernsey legal and regulatory update

The GFSC has issued a public statement in relation to a local licensee, and two individuals, for failing to fulfil the minimum criteria for licensing under the Protection of Investors

Funds Growth Omnibus Discussion Paper

The reforms are designed to help the Bailiwick maintain an environment where the sector can continue to grow as we recover from Covid-19 restrictions.

British Virgin Islands Economic Substance Requirements 2020 Update

The framework created to enable legal entities to report prescribed economic substance information is now operational.

Cayman Islands to abolish regulatory exemption for single family offices

The Law will therefore be amended to remove the current Schedule 2A 'non-registrable person' exemption for SFOs

‘Malta’s financial juridisction needs a revamp’ | Joseph Cuschieri

MFSA CEO JOSEPH CUSCHIERI says the financial regulator is ready to take on a new role that will bolster its investigative and supervisory powers against the problems of financial crime that risk Malta’s greylisting by Moneyval

Zambia becomes second nation to tear up Mauritius tax deal

Zambia will now try to estimate how much revenue was lost under its tax treaty with Mauritius, which one official described as “not balanced or fair.”

A focus on pension schemes in Guernsey and Jersey

The regulatory proposals aim to further protect the rights and interests of pension scheme members and beneficiaries while supporting business growth in the pensions sector and ensuring that the framework is proportionate.

Barbados exempt from UK regulations

“From 10 July 2020, unless they have visited or stopped in any other country or territory in the preceding 14 days, passengers arriving from the following countries and territories will not be required to self-isolate on arrival.”

St. Kitts and Nevis slashes rates for citizenship investment programme

Caribbean nation is hoping the move will click as it tries to get back growth

Carey Olsen advises Government and Ports of Jersey in relation to Blue Islands £10m loan and based carrier contract

The deal, which has been agreed in order to enable the airline to maintain important air links with regional UK airports and a number of European destinations, will also see Blue Islands move its operating base to Jersey.

Stability Key for Asia as Investors Look for Certainty

The Chinese government, for instance, unveiled its latest stimulus package worth at least 4.5% of GDP at the National People’s Congress on 22 May.

CySEC fines Commerzbank for market manipulation

According to the terms and conditions governed the specific products the underlying basket was (theoretically) virtual and therefore no actual investment into the underlying was supposed to take place.

Central Beneficial Ownership Register Introduced for ICAVs and Unit Trusts

The Financial Vehicles Regulations make specific provision for what constitutes a "beneficial owner" of a unit trust and prescribe for a threshold level of ownership.

CONVERGENCE: New Rules Impacting Regulated Funds In The Cayman Islands

The Rules dealing with segregation of fund assets have been issued for both Regulated Mutual Funds and private funds, which further align the open and closed end regulatory regimes with each other and those in other key jurisdictions.

Regulation, Risk & Compliance