Managers of Wealth Offshore

Denise Voss, the American helping Luxembourg run its money

Alfi chair says Brexit is mostly ‘lose-lose’ not least because UK has been an EU ally

Offshore Tax Haven To Ease Cannabis Laws (Isle of Man, In Case You Were Wondering)

Multiple consultations are being launched over the next six weeks; one will ask if access to cannabis for medicinal purposes should be widened.

Luxembourg issues a bill of law on Brexit

The proposed amendments to the primary legislation relating to the financial markets being proposed by the Bill are summarised below.

GFSC open to cross-border testing for new financial services products

Regulators will individually be responsible for deciding whether proposals meet their criteria and ensure appropriate safeguards in their jurisdiction.

HMRC allowed to request documents from person abroad says Court of Appeal

There are fines for failing to comply with a notice, and criminal offences for destroying or tampering with documents.

Cayman Islands: Anti-Money Laundering Audits Required For Securities Investment Business Excluded Persons

The Guidance Notes provide, amongst other things, that financial services providers should, on a regular basis

Changes to the Guernsey AML/CFT Handbook

The GFSC has announced that in anticipation of the changes to the law it has already begun adopting the new rules to allow for technical issues which could lead to complications once the law is in force.

New Legislation Changes Legal Landscape in The Bahamas

The following Acts are significant pieces of legislation that introduce changes to the legal landscape in The Bahamas

CBI Brexit update on location requirement for directors and designated person

Central Bank of Ireland's Brexit update on location requirement for directors and designated persons of fund management companies

Wealth manager warns against ‘crony capitalism’

‘State capture’ is a form of political corruption in which private business interests hold undue sway on political decision-making for their own benefit.

Auditor finds vast differences in pay to board members

Cayman Airways board chairman Philip Rankin, by contrast, is not paid for his services, though he and other board members receive free flights for themselves and their families on the national airline.

Switzerland set to transfer details of Indian account holders in HSBC

The investigation had revealed there were 276 Indian account holders with at least $1 million in their balance of whom 85 are residing in the country.

Understanding Offshore Banking for Expats

Many expats share certain personality traits such as flexibility, curiosity, and financial acumen.

Cayman to introduce changes to its trust law this year

The Cayman government is planning to amend the Trusts Law and related regulations this year, Minister for Financial Services Tara Rivers announced.

Financial Reporting Authority needs more staff for growing caseload

The Financial Reporting Authority is dealing with a growing backlog of uncompleted reports.

D-Day for Australian Banks as Bombshell Inquiry Report Set for Release

The Royal Commission was a quasi-judicial independent body led by a former high court judge that was tasked by the government

Amendments to Trust Law expected

Last year, government passed a bill that provided the industry with greater certainty and clarity with regard to wills in cases where a testator dies outside of the Cayman Islands.

Using Trust in Business to Drive Good Market Outcomes by Greg Medcraft, OECD

On a macro level, we know that trust in business took a dive during the financial crisis ten years ago, and still hasn’t fully recovered.

OECD deems Seychelles’ preferential tax practice not harmful

The island nation had to conform to international standards on tax matters in relation to the implementation of measures against tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax location

Guernsey issues Brexit guides

This information will be regularly reviewed and updated as the outcome of the UK-EU negotiations becomes clearer in the coming weeks.

Regulation, Risk & Compliance