Managers of Wealth Offshore

Barbados joins IOM

The IOM works to help ensure the orderly and humane management of migration; promote international cooperation on migration issues

Tax amendments incoming

The plans include introducing GST at 5%.

VBL Group enters new phase after securing financing from Bank of Valletta

Accelerating the conversion of dormant assets into revenue generating ones

BOB triples value of loan recoveries

This credit loss expense was $5.3m or 45.28 percent lower than the prior fiscal year primarily due to efforts on remediation and improvement of loan status and recoverable values.

Central Bank shift in govt securities policy lauded

The Central Bank announced in a statement that it will create a savings bond for small investors that is expected to launch in April 2023

Malta shuts door to beneficial owner registry as EU Court invalidates rules

Malta Business Registry follows suit after European Court of Justice rules that public access to the beneficial owner registry was an interference with privacy rights

Guernsey funds legal and regulatory update

An overview of Guernsey funds legislative and regulatory developments for the period 1 September to 30 November 2022.

Bankman-Fried admits that he prioritised Bahamian withdrawals

“This was us trying to create a regulatory pathway forward for the exchange just to like kind of appease the citizens of the country that we’re currently in.”

Communiqué of 103rd Meeting of the ECCB Monetary Council

While global inflationary pressures are expected to ease by the end of 2022 (the pace of price increases is expected to slow), the overall price level is expected to be substantially higher than it was pre-pandemic.

Parliament approves amendment to VAT Regulations

The Vat Added Tax (VAT) Regulations will allow customs officers to accurately classify and apply duties to items coming into SVG under the 2022 Harmonized Commodity Description and Coding System.

BankClarity Partners with Moneycorp to Deliver Global FX Purchasing Power and STP of Cross Border Payments

Specifically, the agreement will hugely benefit global providers of administration services to international corporations, trusts and funds.

Bahamas attorney general attacks 'gross oversimplification' of FTX blame critics

Any attempt to lay the entirety of this debacle at the feet of The Bahamas because FTX is headquartered here would be a gross oversimplification of reality.

Cayman Islands: Year-End Obligations

Under the ES Act, a late penalty filing fee of US$6,098 can be imposed together with an additional penalty fee of US$610 for each day an ES Return remains outstanding.

Central Bank announces Macroprudential Policy Framework for Irish Property Funds

The Central Bank expects that existing Property Funds will make gradual and orderly progress towards lower leverage levels over the implementation period.

Companies House Reform 2022

This proposes measures to reform Companies House and give the Registrar of Companies additional powers to maintain the accuracy of the UK’s record of companies.

The UN’s collaboration with insurers in this ‘decade of action’

The ESG agenda originated in the investment industry to help investors better understand the elements of sustainability that were not traditionally integrated into financial analysis and decision-making.

Shining a light from Bermuda on climate risk finance

There were some noteworthy announcements coming out of COP27, especially about the importance of biodiversity, which I think were significant for Bermuda, in relation to our coral reefs.

Consultation on ‘six directorship’ exemption for directors

This is proposed as a practical and proportionate solution to deliver on the recommendation.

Fidelis completes ‘ground-breaking transaction’

All capital and risk transfer resources currently available to Fidelis brokers and clients will continue to be available, ensuring a seamless transition from the current to new structure.

EU Court of Justice Blocks Public Access to Beneficial Owner Information: Implications for Bermuda

Bermuda has a comprehensive central register of beneficial ownership information, which is held and maintained by the Bermuda Monetary Authority.

Regulation, Risk & Compliance