Managers of Wealth Offshore

Cayman Islands Schemes of Arrangement - Business as Usual

Some legal commentary has suggested that such a scheme is novel or landmark.

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.

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.

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

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

JTC Director in top 100 chartered accountants list

Every year it asks industry professionals to nominate chartered accountants under 35

House: OECD backs economic substance rules

“Indeed, the EU and OECD recognise that the economic substance framework must reflect a level playing field across all equivalent jurisdictions.”

Mauritius Government hits back on Leaks

The Mauritius Government also accused the ICIJ of trying to harm the island’s reputation and says it has instigated a criminal investigation into an IT system that has been intruded and breached. – Linda van Tilburg

Bermuda Veterans’ pension boost gets approved

Derrick Burgess, the Progressive Labour Party MP who oversees seniors’ issues, said administrators of veterans’ benefits had wrongly cut from the allowance in the past.

OECD concludes that The Bahamas legal framework is ‘not harmful’

“This confirmation by the OECD that The Bahamas’ domestic laws are not harmful affirms The Bahamas as a partner in the global fight against harmful tax practices and reinforces to the international community that

Regulation, Risk & Compliance