Managers of Wealth Offshore

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

NAIC grants Bermuda reciprocal jurisdiction status

NAIC has also reaffirmed Bermuda as a qualified jurisdiction, following the completion of its five-year re-evaluation

Cayman Islands economic substance regime – further developments

The Cayman Island rules are currently being drafted, in conjunction with the development of the reporting system, and will be published in due course.

Fund Manager Voting RightsIn Voluntary Winding Up

The Cayman Islands Court of Appeal provided guidance on how a holder of management shares must exercise their voting rights in circumstances where the fund is contemplating the cessation of business and a voluntary winding up.

Deutsche Bank staffers cleared but bank fined in money laundering case

Sources close to the investigation said as recently as July that prosecutors were set to escalate the investigation

IFCs must contribute to the evolution of the corporate tax landscape by Geoff Cook

If this steams ahead, there is the potential for a seismic shift that could have a significant impact on cross-border trade and investment.

Continuing Requirements under the Securities Investment Business Law

We recommend that our clients and prospective clients seek legal advice in Cayman on their specific proposals before taking steps to implement them.

Vatican investments linked to global money laundering investigations

Swiss financial news sites also linked the bank to an alleged $62 million bribe paid to a PDVSA official.

Furbert committed to working with trust industry

Mr Furbert said the Government is committed to continuing to work with the private client pillar, and industry in general, to ensure that Bermuda remains a premier jurisdiction.

New appellate guidance on the Duomatic principle

Mr Dickinson instructed solicitors to prepare documentation to transfer the property to his name.

Council sets strategic priorities for AML/CFT reform

The conclusions point to significant recent enhancements to the AML regulatory framework.

Bahamas Showcased To Middle East Clients

The BFSB also arranged high-level meetings for Mr Johnson along with BFSB directors.

Regulation, Risk & Compliance