Managers of Wealth Offshore

Austrian Banks Elude Criminal Probe Despite New Findings

The lawyer was hired by Browder who suspected that his Hermitage Capital was misused to facilitate the theft of $230 million of public funds through fraudulent tax refunds.

Jersey announces Ministerial Decision on Brexit regulations

Senator Ian Gorst commented: “The Government of Jersey has been working since the announcement of the UK referendum on EU membership in 2016 to ensure Jersey is fully prepared for all Brexit-related scenarios.

The Void Filled: Constitutional Vacuum In Grandfathered Bearer Share Companies

The transitional provisions also contained provisions enabling the company to force the redemption of outstanding grandfathered bearer shares.

UK FCA becomes AML/CFT crypto supervisor

The development comes under the amended Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs)

ZEDRA announces attractive regulatory updates by the Guernsey Financial Services Commission that will allow EBT Trustees to make payments to ex-employees in a more streamlined way.

Guernsey has always been a fantastic place to set up an EBT

Panama to introduce a beneficial owner register

The Bill requires resident agents to file relevant information

COMMENTARY — Brexit seen as likely to benefit offshore

The City of London will use offshore finance destinations to buttress its profitability as it hits a buffer in an EU that is intent on replacing the City’s pre-eminence with European cities such as Frankfurt, Berlin and Paris.

Data Protection Commissioner calls for a culture of improvement

The Bailiwick’s Data Protection Commissioner, Emma Martins, notes that changing attitudes and behaviour is key to reducing data breaches and preventing harm.

The Cayman Islands offer portfolio diversification to investors

To keep up with competitors around the world, European companies must channel more funding into research and development. The Cayman Islands is opening up businesses’ access to capital through diverse investment options

Nevis International Bank & Trust and Kroll Launch Global Collaboration on Best Practices Regulatory Compliance

The collaboration will allow NIB&T to leverage Kroll's expertise and augment NIB&T's footprint servicing a fast-growing private banking and corporate banking global clientele.

Private Funds Bill 2020

The Bill will be considered by the Cayman Islands Legislative Assembly on 30 January 2020 and, thereafter, drafted into law.

S&P improves its assessment of outlook for Guernsey

These strengths are offset by the external risks to Guernsey’s economy and policymaking framework, and its lack of meaningful monetary flexibility.”

European Union: The General Election And The Future Of Brexit - What It Means For Guernsey Funds

Brexit will therefore have no direct impact on the Channel Islands' financial services industries.

The LuxSE updates its Rules & Regulations

The LuxSE has substantially amended its Rules & Regulations to integrate recent mandatory legal and regulatory developments as well as to provide increased clarity, transparency and usability for its clients.

Bermuda Recognised As A Global Leader In The Fight Against Financial Crime

Alongside the supervisory authorities, the financial institutions of Bermuda and in particular the insurance sector, demonstrated a strong understanding of their exposures to ML/TF risks with supporting mature risk rating frameworks.

Gov’t presses on to meet CFATF requirements

While Cayman insists its offshore sector is extremely well regulated, there are still vulnerabilities there and across other previously unregulated sectors.

What money laundering rules mean for crypto and trusts

There are significant penalties for those individuals and entities failing to fulfil their responsibilities.

A new framework for Cayman's regulatory regime for investment funds

On 30 January, the new bill and the amendment will be put before the Legislative Assembly for any final amendments, before they are passed into law.

Key Regulatory Topics: Weekly Update 20 December 2019 - 9 January 2020

Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector.

Global banks hit with £6.2bn in fines

This is double the amount, and nearly double the value, of penalties handed out in 2018, when 29 fines of $4.27bn (£3.2bn) were imposed.

Regulation, Risk & Compliance