07/28/2023
Bahamas’ public service payroll system leaks millions in overpayments
Wilson shared that there are instances of employees who have been receiving a paycheck for decades, even though there is no record of their service or productivity.
Regulation, Risk & Compliance
07/28/2023
St Kitts and Nevis announces further monumental changes to its Citizenship by Investment Programme
All background due diligence checks will be commissioned by the Citizenship by Investment Unit
07/27/2023
Guernsey States staff to get 5.8% pay rise in 2024
The States announced the RPIX between April and June was 6.8%, 0.2% lower than June 2022.
07/27/2023
Clarien and Butterfield raise rates, HSBC holds for now
Its move comes as central banks globally raise the cost of money in the battle with inflation, with consumers struggling to make ends meet as prices remain elevated and in some cases continue to rise.
07/26/2023
Scotiabank named NHT's newest mortgage financing partner
The NHT expects this list of institutions to increase in the weeks ahead, as it wraps up negotiations with other mortgage partners.
07/26/2023
BVI litigation briefing: Significant changes to court rules governing service out of the jurisdiction come into effect from 31 July 2023
The changes are expected to substantially improve the efficiency of progressing claims against foreign parties by removing some of the more burdensome hurdles previously encountered in the early stages of such proceedings.
07/26/2023
Commission consults on fees for 2024
The Commission is consulting on an overall increase in fees of 7.3%.
07/26/2023
Vesttoo says compliance procedures were circumvented
Henderson had previously worked at insurtech Stable, ILS fund Peak Capital and as underwriter at PartnerRe and Brit Insurance.
07/25/2023
BVI delegation visits UK parliament to strengthen relations
The group was accompanied by Clerk of the HOA Phyllis Evans, Public Relations Officer Linton Leonard and Acting Director of the BVI London Office, Tracy Bradshaw.
07/25/2023
Valuation policy for non-retail investment funds
A valuation policy should not be seen as a burden, but rather as a tool that increases clarity
07/25/2023
Probity, sanctions and conduct – review of a challenge to GFSC enforcement powers
The issuance of the Decision itself and the subsequent publication of the Prohibition Orders relating thereto on the GFSC website was also brought into focus.
07/25/2023
Distributions, share purchases and redemptions under the BVI Business Companies Act
This guide examines the key aspects of distributions, share purchases and redemptions by a BVI company under the Act.
07/24/2023
Chamber alarmed at banking access for non-finance businesses
It wants banks to streamline account opening processes and reduce wait times to help local businesses, as well as working with firms to help them meet regulatory requirements.
07/24/2023
Treasury scrutinising three more banks who 'closed customer's accounts due to their political views' in wake of Nigel Farage's Coutts closure
Officials are investigating Metro Bank, Yorkshire Building Society and American Express following complaints from Nigel Farage, Reverend Richard Fothergill and Richard Tice.
07/21/2023
Regulatory Updates for Cayman Islands Q2 2023
A Rule is a CIMA directive creating a regulatory obligation and a breach may lead to a fine or regulatory action.
07/21/2023
What are the rules on bank account closures and what rights do people have?
The UK’s banking rules have come under scrutiny after Nigel Farage accused Coutts of closing his account unfairly.
07/20/2023
Vesttoo execs quit ahead of investigation into misstated collateral
The directors include Pasha Romanovski of Hanaco Ventures and Chris Gottschalk of Mouro Capital.
07/20/2023
Regulation is biggest challenge to capital raising, say alternative fund managers
These findings come as the industry faces global regulatory burdens and impending regulatory changes, as well as increased scrutiny from regulators over sustainability practices and reporting.
07/20/2023
Proposed Irish Tax Measures to Apply to Outbound Payments
The proposals have been developed in the context of the OECD BEPS process and the recommendations of the European Commission that EU Member States take actions to reduce aggressive tax planning.
07/20/2023
DBJ to review and update payables financing solution
After roughly a two-year run of the loan programme, the DBJ wants to execute a post-implementation evaluation of the product, after which it will review and update the product accordingly.