Managers of Wealth Offshore

Going Private Transactions During Covid-19

The Courts in all of the jurisdictions above have proactively moved towards virtual hearings to facilitate the continued conduct of Court business.

Scandal-hit states oppose plan for EU scrutiny of money laundering

At a closed-door videoconference of EU finance ministers on Tuesday, Estonia, Hungary and the Czech Republic opposed the plan, according to three officials who attended the online meeting.

Millionaire Monaco-based Matalan founder sues PwC over tax liability

This alleged non-residence led Hargreaves to claim he was not liable to capital gains tax on a gain of £200 million arising on the disposal of Matalan shares during its time as a public company.

Credit Suisse targets Luckin ex-billionaire's family assetsLenders led by Credit Suisse

Banks that participated in the loan facility to Lu’s investment vehicle have signaled they plan to sell Luckin shares pledged as collateral, though its unclear whether they’ve started offloading the stock or how much money they’ll be abl

The world’s dirty money by the numbers

Regulations are in place — but 99 percent of criminal proceeds still escape control in the EU.

Threatened Insolvency: Personal Exposure Of Directors

This article delves briefly into areas where a director may become personally liable for actions taken when the company is experiencing financial difficulties.

AG: Financial Services industry cannot continue to make “errors of the past”

Bethel said some 116 persons charged before the courts, 79 prosecutions and 46 money laundering convictions.

Asset Protection

Jersey and Guernsey trusts are an essential part of the toolkit

Getting THE Deal Through | BVI – Private Equity: Fund Formation

A private equity fund vehicle (as with any BVI-registered company or a limited partnership) is required to maintain both a registered agent and a registered office in the BVI.

Providence trouble for PwC

The auditor tried to have the claim thrown out but the appeal failed and the case will proceed.

Mourant Regulatory Update – Guernsey Corporate May 2020

An overview of Guernsey legislative and regulatory developments for the period 18 February 2020 to 15 May 2020.

Carey Olsen and Slaughter and May advise the States of Jersey on financing its response to COVID-19

The States of Jersey appointed Carey Olsen and Slaughter and May to advise on the RCF.

Probate and estate planning administration for non-Guernsey domiciliaries

The Guernsey Ecclesiastical Court issues a Grant of Probate if the deceased left a Will or a Grant of Administration if they died intestate.

EU Commission launch of AML/CFT action plan

The Commission intends to deliver on all these actions by early 2021.

Bermuda Amends National Pension Scheme – Update #3

First, any member or former member of a defined contribution pension plan or local retirement product, who has not attained normal retirement age and has not retired, will be able to obtain a refund of up to $12,000 of their vested pension balance.

Walkers Acts on 3 Major Norwegian Cruise Line Transactions

Secondly, Walkers acted as Bermuda counsel to NCLC as it closed its private offering of $862.5 million aggregate principal amount of its 6.00% exchangeable senior notes due 2024 (the “Exchangeable Notes”) on 11 May 2020.

PwC fails to dismiss £25m negligence claim over Guernsey ‘Ponzi scheme’

Auditor accused of failing to uncover fraud at fund that collapsed, owing investors £40m

O Dear, O Dear: Royal Court of Jersey refuses to grant applications for rectification and ratification pursuant to its supervisory jurisdiction over trusts

The judgment is a salutary lesson in a number of ways.

Mauritius: the regulatory impact of Covid-19 on the financial services industry

Relevant documents may now be provided to the Financial Reporting Council in an electronic form as part of a review of the practice of an auditor.

Mauritius: companies in financial difficulty and the COVID-19 (Miscellaneous Provisions) Act, 2020

The effect of these amendments is that companies are given more time to pay debts exceeding MUR250 000 and creditors cannot put a company in liquidation for sums of less than MUR250 000.

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