Managers of Wealth Offshore

Switzerland to Tighten its Anti-Money Laundering Rules

The proposed policy update follows the recommendations of the Financial Action Task Force, a global anti-money laundering watchdog.

The German Tax-Dodge Probe That’s Roiling Banks

The trades exploited an interpretation of the tax code that appeared, at the time, to let multiple people claim ownership of the same shares of stock and—crucially—the right to a refund of taxes withheld from dividends.

PNB fraud: Swiss authorities freeze bank accounts of Nirav Modi, sister Purvi

The ED, official sources said, made the request to the Swiss authorities sometime back and sent an official request under the criminal provisions of the Prevention of Money Laundering Act (PMLA).

MiFID II impact could be worse than expected, study finds

The impacts of MiFID II could be worse than previously expected according to new research.

Bermuda Government Proposes Legislative Amendment to Exempt Non-Tax Resident from Economic Substance Requirements

A non-resident entity means an entity which is resident for tax purposes in a jurisdiction outside Bermuda that is not in Annex 1 to the EU list of non-cooperative jurisdictions for tax purposes (the so-called 'black list').

EU ‘welcomes’ economic substance amendment

The Economic Substance Amendment Act 2019 was tabled and passed by MPs last Friday and senators followed suit yesterday.

Bermuda poised to pass Economic Substance Amendment Act

Curtis Dickinson, Bermuda’s minister of finance, told the House that this “puts Bermuda at a serious commercial disadvantage relative to all of our competitors.”

Obligatory registration of UBO’s in the Netherlands from 2020: an overview of the proposal

The data will be centralised in a ‘UBO register.

Money laundering and terrorist financing controls in overseas jurisdictions – advisory notice

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017) require the UK regulated sector to apply enhanced customer due diligence to high-risk countries.

BVI: Filing Deadline Extended For Reporting Financial Institutions

Financial institutions who have not reviewed this list should do so and ensure that they report all the relevant reportable accounts for all applicable reportable jurisdictions no later than July 31.

Deloitte Jersey Announces Three-Year Partnership with Every Child Our Future

This is the latest community partnership formed as part of Deloitte’s One Million Futures initiative.

Bermuda Amends Economic Substance Legislation to Exclude Entities Tax Resident in Other Jurisdictions

The amendment has been passed in the House of Assembly and is expected to be passed by the Senate on Wednesday 26 June.

Jersey’s public register of beneficial ownership of companies – no immediate action required

Jersey will review that report and then set a timeline for the implementation of any public beneficial ownership register.

Bahamas Listing Escape Awaits Fatf 'Action Plan'

The Bahamas' "action plan" is due to be completed in time for the FATF's next conference in October

Malta to Register All Property Rental Contracts on Blockchain

Malta has established itself as a blockchain and digital currency-friendly country, and has become known as a “blockchain island.”

Financial industry welcomes public registers move by Guernsey but Westminster wants more

The transition should not bring any disruption to the financial sector operating in the jurisdiction.

Investment and pension-change complaints expected to continue

ISLANDERS are being warned to ‘never invest in a product they don’t understand’ and be wary of cashing out or transferring their pensions, with complaints relating to the matters on the increase.

Lloyds freezes 8,000 offshore Jersey accounts in dirty money push

UK lender spent three years asking clients for personal information under new rules

Changes to the excluded person regime under the Securities Investment Business Law

The obligation to file AML/CFT reporting forms is a new requirement with two forms to be submitted to CIMA via the online REEFS portal by 15 August 2019.

Labuan IBFC partners with Tricor Group to Enhance Outreach in China

The arrangement, while non- exclusive, provides for a focused commitment by both parties to explore the expansive China market.

Regulation, Risk & Compliance