Managers of Wealth Offshore

Fighting money laundering on every front

It helps make sure preventative measures are robust, and businesses' risk assessments are complete.

Cayman: Introduction of Registration Regime for Closed-Ended Funds Summary

Walkers will continue our work with the Cayman Islands government, the Cayman Islands Monetary Authority and other key local professionals, and will provide updated summaries and client advisories as matters progress.

Barbados' economic substance rules brings and end to separate tax rates

The Act requires business companies that are resident in Barbados for tax purposes and which conduct certain types of activity to have adequate substance in the jurisdiction.

Cayman Islands Mutual Funds Law (2020 Revision)

The proposed amendments to the Mutual Funds Law (2020 Revision) have now been passed into law.

Fundamental snag with new EU money-laundering rules

In this instance, the intention of the registers has been partially described on the European Commission's website as: "Enhancing transparency by setting up publicly available registers for companies, trusts and other legal arrangements."

Barbados' economic substance rules brings an end to separate tax rates

The new requirements in Barbados are contained in the Business Companies (Economic Substance) Act, 2018.

Buyers bemoan ILS need for models

These revelations will be of great interest to the ILS community in Bermuda as they clearly illustrate some of the barriers to growth that still exist in this market—and what needs to happen for these to be overcome.

Key Amendments to Cayman AML Regulations and Guidance Notes

Changes to the AMLRs and the AML/CFT Guidance Notes to implement observations made by the CFATF in its Mutual Evaluation Report of the Cayman Islands.

The Offshore Litigator's Perspective

It is our client's second win in the Privy Council in this litigation and our briefing on it is vital reading for those interested in the offshore funds industry

Guide To Cryptocurrency Tax Rules

A profit is taxable as a short-term gain if a position has been held for a year or less, as long-term if held for more than a year.

Amendments to Investment Funds Act passed

“The amendments also expand the provisions for sharing information with other regulators and adjusts the transitional period for the investment funds act 2019 to facilitate adjustments being proposed in the amendment bill itself.”

NCB lost heavily on its commercial and consumer banking segment in 2019

Only business line not to make a profit in 2019

Practice Direction Issued In Maritius For Disclosure Of Beneficial Ownership Information To The Registrar

The Registrar of Companies in Mauritius has issued a practice direction relating to the disclosure of beneficial ownership by companies and any other entities such as partnerships and foundations.

A four year strategic focus for the JFSC

As well as focusing on financial crime, over the next four years the JFSC will prioritise developing its approach to supervising businesses and strengthening its own organisational resilience.

Cayman/Jamaica visa disparity flagged

McLaughlin reminded lawmakers that visas and entry of people into the country are considered a matter of national security.

SYZ Bank (Bahamas) becomes EAM after management buyout

The buyout is subject to regulatory approval, which is expected to take place in the coming months.

CSSF launches annual online AML/CFT survey

The survey has to be initiated and submitted within the eDesk by a member of the management of the supervised entity (preferably the AML/CFT compliance officer), while the completion might be entrusted to another employee of the entity, without prejudice

Regulation, Risk & Compliance