Managers of Wealth Offshore

China looking into Bank of China money laundering allegations: Xinhua

The report quoted unnamed BOC sources as saying the bank kept the program secret because it knew it was illegal.

Visit Isle of Man seeks a new chair and members for its non-executive board

The agency has set ambitious headline targets to grow annual visitor numbers to 500,000 and achieve an annual economic contribution of £520m by 2032.

Republic Bank agrees to ECCB audit

The audit aims to verify that there are no systemic issues responsible for the delays in transaction processing.

Regulatory oversight is key for Bermuda's insurance sector

Such oversight plays a vital role in the success of the industry by fostering a transparent and accountable insurance environment on the island.

Get up to speed with ESOP changes for 2024 in Ireland

This briefing summarises some of the main unapproved share option schemes available to companies in Ireland.

AT1 capital instruments issued by Swiss banks: recent developments and outlook

These instruments have features that distinguish them from other types of debt or equity, such as being perpetual, subordinated, and convertible or write-downable under certain conditions.

MFSA urges financial institutions to clearly list their terms and fees

Five financial institutions were assessed through a total of 50 online or offsite interactions

Crown Dependencies take next steps to implement OECD’s Pillar Two global tax framework

The Income Inclusion Rule imposes a top-up tax on a parent entity in respect of the low taxed income of a foreign subsidiary.

Regulatory oversight is key for Bermuda’s insurance sector

Oversight is provided by the Bermuda Monetary Authority, the island’s financial regulator.

MFSA urges financial institutions to clearly list their terms and fees

Five financial institutions were assessed through a total of 50 online or offsite interactions

Bermuda – Economic Substance Declaration Filings – May 2024 Alert

Such Declaration Forms must be filed annually

How can charities achieve a smooth audit?

Thorough documentation is arguably one of the key ingredients of a charity audit; it’s important to maintain detailed records for all transactions.

Guernsey takes next steps in implementing OECD Pillar Two Framework

The Income Inclusion Rule imposes a top-up tax on a parent entity in respect of the low taxed income of a foreign subsidiary.

Offshore companies can still play an important role

Closer to home, in the UK, the leaked Panamanian information triggered numerous criminal and civil tax investigations into tax evasion and aggressive tax avoidance.

Isle of Man considers change of policy on family offices

The call for input will lead to further research on the available options, which will form the content of a further consultation paper or discussion paper in due course.

Regulator statement opens door to fund tokenisation in Guernsey

It also usefully sets out that other tokenisation structures, including public, permissionless blockchains, may pose additional risks and may not be consistent with the Bailiwick's regulatory framework.

Financial Services Authority is inviting feedback regarding the provision of Family Office-type services

The NRA is currently being conducted as part of the island’s anti-money laundering and countering the financing of terrorism long-term effectiveness programme.

BOV employees on an exchange visit to Mapfre offices in Madrid

Opportunity to engage in insightful discussions and knowledge-sharing sessions

BVI Company Distributions - From Dividends to Reorganisations

Distributions, including payment or transfer of dividends is often viewed as a relatively minor area of importance in BVI corporate law.

£1 million from dormant bank accounts to go to charities

The JCF has placed the money into the Jersey Community Fund, which pools donations from a number of donors and makes grants to charities and community groups.

Regulation, Risk & Compliance