Managers of Wealth Offshore

Global banks hit with £6.2bn in fines

This is double the amount, and nearly double the value, of penalties handed out in 2018, when 29 fines of $4.27bn (£3.2bn) were imposed.

FRC review of new corporate governance code early adopters

The FRC noted their policy seems to have made an immediate impact on the FTSE 250 with the number of chair’s serving for over 9 years dropping by 33% (from 73 to 49)

Bermuda declared a top-tier jurisdiction for AML

It is also working to implement its framework for licensing and supervision of relevant private trust companies and to ensure the appropriate oversight of privately funded charities.

Collas Crill Explainsreinstating A Dissolved Jersey Company

The Law has a procedure that allows a Jersey company which has been dissolved to be reinstated.

Bulgin: Cayman suffering from ‘review fatigue’

Laments continuous changes in international rules

Jersey's private wealth relationship with the Middle East

The relationship between Jersey and the Middle East is an important one.

BVI Funds Regulatory Update by Ogier

This change will bring BVI into line with other jurisdictions who have enacted similar legislation in recent times

France blacklists BVI, Bahamas

Panama remained on the list for the same reasons

CSSF Provides Clarification on UBO Identification and Verification

The Commission de Surveillance du Secteur Financier, published CSSF circular 19/732 regarding clarifications on the identification and verification of the identity of ultimate beneficial owners.

New ESG Disclosure Requirements for EU Funds and Asset Managers

A new EU Disclosure Regulation EU/2019/2088 on disclosures to be made by asset managers and investment funds relating to sustainable investments and sustainability risks has been made.

France blacklists BVI and Bahamas as non-cooperative tax havens

France has blamed the jurisdictions' deficiencies in the exchange of tax information for the listing, stating that French tax authorities were unable to obtain the requested information.

Government proposes changes to Cayman Islands funds regime

Under the bill, CIMA will have the power to enforce special measures against a private fund if the authority believes the fund has breached

FCA becomes AML and CTF supervisor of UK cryptoasset activities

The FCA is now the anti-money laundering and counter terrorist financing supervisor for businesses carrying out certain cryptoasset activities under the amended Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.

Cayman Islands Financial Reporting Authority reminds relevant institutions of obligations under the financial sanctions regime

The Notice highlights the prohibitions relating to asset freezes

Cayman: Introduction of Registration Regime for Closed-Ended Funds Summary

Both this summary, and the more detailed client advisory, are based on the Bill as published.

Cayman Islands: Withdrawal of Fifteen Investor Exemption

Directors of registered mutual funds are required to be individually registered or licensed under the Director Registration and Licensing Law.

Appleby Acted as Bermuda Counsel to Akinova Leading up to the Completion of a First of its Kind' Parametric Cyber Risk Transfer

Appleby said: Congratulations to the AkinovA team on the completion of the first cyber parametric instrument trade.

Regulation, Risk & Compliance