08/06/2019
Malta must send strong signal against financial crime - top US official
Financial crime, citizenship sale have the US worried
Regulation, Risk & Compliance
08/06/2019
Private bank fined $10.6m over tax evasion charges
Had around 100 US clients with almost $200m in assets at its peak, with most of the accounts being in the names of nominee entities.
08/06/2019
New mandatory disclosure rules – Directive 2018/822/EU
A number of challenges may arise under the new reporting obligations and determining whether there is a reportable cross border arrangement raises complex technical and procedural issues for taxpayers and intermediaries.
08/06/2019
MIFID II – What's Next for Regulation?
And for anyone in doubt as to the breadth of MiFID II – regulations affect nearly every asset and professional occupation within the financial services industry across the European Union.
08/06/2019
The Supreme Court of Bermuda considers whether to exercise its inherent jurisdiction to intervene in the administration of a trust
The case confirms that the courts of Bermuda have the power to validate the actions of invalidly appointed trustees.
08/06/2019
Cayman Islands Schemes of Arrangement - Business as Usual
Some legal commentary has suggested that such a scheme is novel or landmark.
08/05/2019
Still not in the clear: More updates to BOSSs laws as BVI eludes EU blacklist
The EU’s definition of economic substance has to do with financial services companies setting up physical and appropriately-staffed office spaces in the territory.
08/02/2019
IMF tells Panama it needs to do more to combat money laundering
The authorities are fully committed to implementing the recommendations of the action plan agreed with the FATF and aim to be out of this list as soon as it is possible.
08/01/2019
Migrating To Guernsey: A Jurisdiction Of Quality And Substance
Migrations into Guernsey are typically straightforward, subject to requirements of the jurisdiction being exited and consent of the Guernsey Financial Services Commission (for funds or regulated entities) and once shareholder approval has been obtained
08/01/2019
The Bahamas central bank governor laments loan repayment delinquency rate and liquidity
The central bank governor has continually commented on the high liquidity in the banking sector that is a product of banks' conservative lending practices.
08/01/2019
Estera Nominees Shortlisted In ICSA Jersey Awards 2019
The names of the winners will be announced at the ICSA Jersey Annual Dinner, Awards & Graduation Ceremony on Friday
08/01/2019
US Partnership Representative Requirements
The Partnership Representative and any Designated Individual must maintain a “substantial presence” in the US as defined by the updated centralised audit regime.
08/01/2019
Legal action against businesses that fail to comply with Trade Commission decisions
“If the company fails to comply with the directions, then the Commission can institute proceedings against the business before a tribunal or in the court,” added Fahie, who noted that decisions by the Commission can be appealed.
08/01/2019
Privy Council judgement on extra-territorial jurisdiction of cross-border clawback claims in a Bahamian Mutual Fund Liquidation
The Privy Council had to consider each of these legislative provisions in addition to the 1870 Bankruptcy Act as well as numerous cases decided prior to the change of the legislative landscape in England.
07/31/2019
Legislative Assembly passes raft of financial legislation
The jurisdiction must now demonstrate both establishment of legislative framework and effectiveness of such framework, Premier Alden McLaughlin stated earlier in the session.
07/31/2019
Revenue Jersey Ruling on Murabaha Contracts
Commodity Murabaha contacts are commonly used in order to facilitate a Shariah-compliant loan or indebtedness between two parties, this is sometimes referred to as Tawarruq.
07/31/2019
Jersey confirms Sharia-compliant status
Revenue Jersey has today (30 July 2019) published a Statement of Practice, which confirms the tax free status of typical Sharia compliant funding structures.
07/31/2019
Cyprus and Kazakhstan sign convention for avoidance of double taxation
The Convention is also expected to regulate the exchange of banking and other information in line with Article 26 of the OECD Model Convention.
07/31/2019
Global Registration Services -Market Update Q2 2019
Emma Conaty and Erin Meehan provide a global update on issues affecting the cross border marketing and distribution of investment funds.
07/31/2019
Companies 20 years in default to be struck from register
The act explains that while the registrar general does not have to give notice to any company 20 years in arrears of it being struck from the register, the removal will be gazetted.