Managers of Wealth Offshore

GFSC signs MoUs with two financial services regulators

The MoU with the Croatian Financial Services Supervisory Agency has been signed in the spirit of mutual cooperation and information exchange

BVI Joins EU Whitelist

On 18 February 2020, the Economic and Financial Affairs Council announced that the British Virgin Islands has moved to the ‘whitelist’, indicating that the BVI is now in line with tax governance and transparency standards prescribed by the EU.

Bermuda Joins EU Whitelist

The Economic and Financial Affairs Council has announced that Bermuda has moved to the “whitelist” following efforts over the past months to implement legislative changes that comply with the EU’s tax governance principles.

Cayman Islands And The EU List Of Non - Cooperative Tax Jurisdictions

On 18 February 2020, the ECOFIN committee of the European Union resolved to move the Cayman Islands to the EU's Annex I list of non-cooperative jurisdictions for tax purposes.

Mourant Regulatory Update – Guernsey Corporate

The changes, which are not yet in force, are consistent with Guernsey's alignment to general principles of UK corporate insolvency processes, while providing welcome flexibility and simplification.

South African managers turn to Guernsey funds

South African managers also make significant use of Guernsey’s pioneering protected cell and incorporated cell structures for their offshore funds.

Jersey Institute of Law announces Women in Law event

They weren’t even allowed to study the profession.

Updates to the BVI Regulatory Code 2009

All existing licensees (ie licensees holding a licence prior to 13 November 2019) have until 1 July 2020, to comply with the new requirements under the RC09

All Cayman Islands “4(4)” funds must now register with CIMA

The audited financial statements must then be filed with CIMA together with a prescribed form annual return within 6 months of the fund’s financial year end.

EU adds Cayman Islands, Seychelles, Panama to tax haven blacklist

Jurisdictions that do not yet comply with all international tax standards but committed to reform are considered cooperative and included in a state of play document (Annex II).

Malta: EU anti-money laundering rules ‘about to be adopted’

Commission vice-president Valdis Dombrovskis has said the commission is “committed to working on an efficient and ambitious supervisory architecture to tackle money laundering”.

Antigua and Barbuda Citizenship by Investment Program For CEOs, Investors, and High Net Worth Individuals

Antigua allows dual citizenship and does not require you to renounce your previous citizenship.

Cayman Islands Government Statement on EU List of Non-Cooperative Tax Jurisdictions

The Cayman Islands Government has offered to make itself available for further dialogue or clarification with the Commission and the EU Ministers of Finance.

UAE bank fined $600k over money laundering risk

The transactions were made over the counter at Abu Dhabi Commercial Bank’s UAE branches

Cyprus, Portugal among states rebuked by EU over delays in money-laundering reforms

EU governments and lawmakers agreed on the new rules three years ago and then formally adopted them in 2018

MONEYVAL experts say Gibraltar must do more to combat money laundering and terrorism financing

Their report outlined numerous case studies of international cooperation with other countries in investigations ranging from terrorism to money laundering and organised crime.

Financial sector targeted in HMRC's crackdown on tax evaders

The investigations and cases under review cover UK businesses of all sizes and operating across 10 different sectors including financial services, oil, construction, labour provision and software development.

EU warns Cyprus 'golden passports' scheme are a laundering risk

Real estate is broadly known to be used by money launderers as a stable investment which can appreciate over time, and is normally subject to more limited scrutiny

EU to put Cayman on tax blacklist next week

“If we consider the extent of cross-border cooperation that has been in place for decades, plus the recent legislation on economic substance, as well as beneficial ownership, it is hard to conclude that we belong on such a list.”

China: Introduction To The Economic Substance Act In The BVI

The ES Act requires a legal entity (a company or a limited partnership) that conducts relevant activities, as defined under section 6 of the ES Act, during a financial period 1 to comply with the economic substance requirements in relation to that activit

Regulation, Risk & Compliance