Managers of Wealth Offshore

Cayman extends economic substance rules

The notification deadline is provisionally set for March 2020.

Financial watchdog urges Turkey to step up efforts against money laundering

Turkey completed a national risk assessment in 2018.

ESAs publish joint guidelines on AML/CFT cooperation and information exchange under MLD4

The Guidelines also include provisions to structure supervisory cooperation in situations where the conditions for setting up an AML/CFT college are not met.

Malta posts first budget surplus in 32 years in 2016 as economy surges

Muscat said his government had fixed public finances without resorting to austerity measures, but Malta needed to maintain a prudent fiscal stance.

CSSF guidance on persons involved in AML/CFT for Luxembourg regulated funds and investment fund managers

This article of the law requires the appointment of two AML/CFT functions

EU to roll out sanctions against blacklisted jurisdictions

The Finnish presidency confirmed that the four sanctions have been approved by EU member countries and will be automatically agreed to at the opening of the Council of Ministers meeting.

Smart Pension to operate Guernsey AE scheme

Under the new secondary pension legislation, Guernsey employees will have the option to opt out of the scheme, but there will be an obligation on the employer to re-enrol employees every three years.

BVI sees revenue from financial sector drop $30m

The BVI has overhauled many of its financial regulations to avoid being blacklisted by the EU and other international organisations.

World View – Withdrawal Of Canadian Banks: Opportunity To Remedy Not Repeat Mistakes

These laws, which became the model for the rest of the newly independent English Caribbean, pleased Canadian banks.

RBC sells Eastern Caribbean banking operations

Canadian banks have been steadily reducing their footprint in the Caribbean region in recent years.

Reflective Loss: the Unprincipled Principle

The article takes a closer look at the reflective loss principle, which is designed to prevent a claimant from recovering damages for loss suffered because the company in which the claimant is invested has suffered loss.

Bank of Baroda to sell Caribbean subsidiary to ANSA bank

After due diligence, empaneled investment banker BOBCAPS Ltd had identified ANSA Merchant Bank Ltd as a potential buyer, Bank of Baroda said.

Scotiabank sold to Trinidad-based bank

In September, the Eastern Caribbean Central Bank, with the ECCB Monetary Council, approved the application for the transfer of Scotiabank’s assets and liabilities to Republic Bank.

U.S. Anti-Money-Laundering Chief Calls for Beneficial Ownership Registry

Changes to the U.S.’s anti-money-laundering regime also have received support from the White House, which in October released a statement commending the passage of the House bill.

Channel Islands: Year in Review

Global macro-economic uncertainty, regional political disruptions, economic substance rules, beneficial ownership registers, regulatory fines and that’s not the half of it!

Art Forgery Is Easier Than Ever, and It's a Great Way to Launder Money

More and more rich people are buying art and stashing it in strange places.

How to cheaply transfer business from the British Virgin Islands?

Given that this jurisdiction has been very popular in business planning for the past 15 years, not everyone can safely leave existing business schemes.

Examining the structure of a Jersey foundation

A unique legal entity, the Jersey foundation is often referred to as a hybrid structure because it blends the attractive features of both companies and trusts.

Bermuda Economic Substance and Investment Funds Amendment Legislation Tabled

The amendments introduce long-awaited changes to the definition of “holding entity” to bring Bermuda’s economic substance laws in line with other jurisdictions such that a holding entity means a “pure equity holding entity”.

HSBC to pay $192m penalty in US tax evasion case

Private banking arm of UK lender admits to hiding more than $1bn from authorities

Regulation, Risk & Compliance