Managers of Wealth Offshore

Victims to hit out at Malta’s ‘shameful’ financial services

Ominous countdown to send emails to millions of investors warning them to avoid the Mediterranean island

Derivative actions in the name of Bermudian companies: when is judicial leave required?

One question to which the new provision gives rise is whether it applies to any proceedings in the name of a Bermudian company, wherever commenced.

Six percent of Cayman Islands protected under conservation law

Booby Pond on Little Cayman, the Crown-owned land at Barkers, and large swathes of land in the Central Mangrove Wetlands are among the areas preserved for future use so far.

Duff & Phelps highlights regulatory rethink

In the UK, total penalty figures rose markedly to £866m in 2017 from £71m in 2016, though this can be explained in part by two large penalties issued separately by the Serious Fraud Office and Financial Conduct Authority totalling £673.3

New money laundering decree for free trade zones in Uruguay

The new regulation states that that operators, direct and indirect users of the free zones are obliged to report any unusual or suspicious activities, whether or not they carried out.

BERMUDA: Island faces ‘substance’ challenge

The Bermuda Government has committed to enacting new laws by the end of this year to keep Bermuda off the European Union’s list of noncooperative jurisdictions.

German criminal probe zeroes in on tiny unit sold by Deutsche Bank

Business being investigated was barely profitable and put up for sale in 2016

Panama Papers: Four charged in US with fraud and tax evasion

Prosecutors allege Mr Owens and Mr Brauer created and ran sham foundations and shell companies to conceal assets.

FBR drags feet over action on untaxed offshore investment

The FBR received the first batch of data about locals’ offshore investments under an international exchange of information agreement in September, but the details about the foreign transactions are still lying unattended in the central databank of t

Mauritius tax authority issues guidance on place of effective management

The majority of the Board of Directors’ meetings must be held in Mauritius, or the executive management of the company must be regularly exercised in Mauritius.

ECCB calls for calm, as it reviews application for sale of Scotiabank's operations

These regulators will collaborate on the review of this application

BAHAMAS: Accountants Await Business Licence Regulation Change

Many accountants and private sector executives view the new regulations as “overkill

Bahamas Urged: ‘Heed’ Fiscal Council Warning

The degree of independence with respect to the operations and budgeting also varies widely across countries

Senate Backs Bid To Use Dormant Bank Funds

After a lengthy back and forth between the two, Mr Darville withdrew his claims that the process would not be legal.

Mauritius’ SBM gets RBI approval to merge operations with its Indian subsidiary

The Reserve Bank of India Saturday said it has approved merger of SBM (Mauritius), India with SBM Bank (India).

Deutsche Bank chief dismisses takeover speculation

Sewing’s remarks followed the two-day raid as part of an investigation linked to the so-called Panama Papers leak of documents about offshore finance.

Bermuda insurers increase cat resilience

In addition, the global share of gross estimated potential loss assumed by Bermuda insurers on major catastrophe perils (combined) increased by about 2.0 percent.

End to rulings on Swiss principal companies and finance branches

Under the current regime, a notional interest is calculated on the capital made available to the Swiss permanent establishment that leads to a reduced taxable net profit of the Swiss finance branch in Switzerland.

Private Wealth in the spotlight at Guernsey Finance Forum

The event was extremely well attended which is testament to Guernsey’s reputation in the London market and the calibre of speakers including Sir John Sawers, former head of the MI6 Intelligence Service, who delivered the keynote speech.

Changes to the Charity Commission charity register - what does it mean for trustees?

Any pre-existing dispensation for a trustee displaying their legal name on the register will automatically remain in place.

Regulation, Risk & Compliance