Managers of Wealth Offshore

Trust Essentials - July 2019

This article sets out a brief overview of the new substance regime with a particular focus on its application to private wealth structures.

SOS Substance on Substance: Episode two

The update clarified that the commencement dates for entities’ first “financial period” remain unchanged

Update on the Isle of Man Personal Injury Discount Rate

Despite the 2017 change in England and Wales, no change was made to the discount rate in so far as it applied to Isle of Man cases.

Circle to Base International Operations From New Bermudan Entity

Circle was granted a ‘Class F’ license under the Bermudan Digital Assets Business Act of 2018 with the Circle describing itself as “the first major crypto finance company” to receive the permit.

Suspected Crypto Ponzi Scheme has no License in Malta, Regulator warns

“The MFSA wishes to alert the public, in Malta and abroad, that Emirate Coin Tech is NOT a Maltese registered Company NOR licenced or otherwise authorised by the MFSA to provide any investment, crypto currency or other financial services which are r

Harmonizing international regulations in the digital economy

In preparation for this meeting, assistant attorney general Makan Delrahim met on June 5 with his G7 counterparts in Paris and drafted a common understanding of G7 competition authorities on competition and the digital economy to inform the discussion in

Trusts to be kept out of UK's new beneficial ownership register

The risk of criminals exploiting UK trusts to launder money is assessed to be low

Malta’s anti-money laundering regime fails final Moneyval review

PN asks what the government is going to do about it

Mauritius Regulatory Update

As a competitive offshore jurisdiction of choice, Mauritius continues to grow steadily to further promote its capabilities and opportunities to investors.

Landscape of Bermuda financial sanctions

Financial sanctions are imposed to combat money laundering, terrorist financing and the development of weapons of mass destruction.

ECCB to launch pilot digital currency project

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.

Bermuda raises retirement age for public servants

Pearman said that, while some might be concerned that an increase to the retirement age might slow the ability of younger workers to move up the ranks, that concern was outweighed by other factors.

Trustees’ liens: first in time, first in line

Equity Trust maintained its claim took priority over the Z II Trust’s other creditors.

Trinidad and Tobago Appeal - The Importance of Transparency

Having ruled on the regulations, the Privy Council turned to the disclosure which had been made by the Commission to the Court in the judicial review process, and criticised the unfortunate lack of transparency about the appointment process.

Guernsey meets family office need for expertise and professionalism

“Jurisdictions like Guernsey, who can give a lot of support given their expertise in this sector, can become the main infrastructure for the family office,” she said.

UK dirty money plan stirs ‘policy capture’ debate

Banks avoid new criminal law, as government relies more on public-private model to fight money laundering.

British Virgin Islands - Update on substance rules for BVI companies and limited partnerships

Depending on the assessment, some BVI entities must establish economic substance in the BVI in order to comply with the requirements of the Act.

European reinsurers can claim capital credit from Guernsey reinsurers

There is no reason why the benefit of that reinsurance should not be recognised under the Solvency II capital calculation.

Growth in Ogier's dedicated Compliance and Take on Team as specialists step up to senior roles

The dedicated Take on Team has grown from six at the end of 2017 to a full complement of 20, supported by the firm's Service Innovation Team and process mapping experts.

Campbells successfully acts for the Defendants in the matter of Steven Goodman v Dawn Cummings and DMS Governance Ltd.

The Judgment is a vindication of DMS and Ms Cummings and serves as a useful reminder to those that seek to pursue vexatious claims against independent directors and professional fund governance companies in the Cayman Islands.

Regulation, Risk & Compliance