Managers of Wealth Offshore

FIAU fines firm €94,000 over lax money laundering checks

N Trust was fined following a review earlier this year

FATF Publication on ML/FT risks arising from Migrant Smuggling & FATF Public Statement on the situation in Ukraine

The FIAU strongly encourages subject persons to consult this publication which is accessible on the FIAU website.

Demystifying the Mauritius Trust: Insight, Concept and Residency

Mauritius Trusts are governed by the Trust Act 2001 which lays out the regulations relating to the creation and administration of Trusts on the island.

MALTA: Submitting reports via goAML in line with regulation 15(4) of the PMLFTR

SPs were therefore requested to report a TRN for every pending transaction in addition to the STR/SAR.

Increased Crackdown on Citizenship and Residency by Investment Programs

A breakdown of three recent major developments.

Sanctions screening poses compliance challenge

Sanctions are also applied against North Korea over its nuclear weapons programme and against Iran for its nuclear enrichment activities.

Alderney power price cap to be kept 'as long as possible'

Diesel is the fuel for Alderney's power station and kerosene is the fuel most people use to heat their homes.

Ask the Business Coach: Any ideas on how to deal with customer complaints?

Customers tell family, friends and colleagues when they have received a great customer experience, but they tell 3X more people when they have a terrible experience.

Navalny supporters claim Cayman superyacht tied to Putin

Crew members allegedly part of Russia’s security services

Creditor-Driven Winding Up Regime Introduced in Jersey

A company will be deemed unable to pay its debts if the creditor has served a statutory demand (in the prescribed form) on the company requiring payment of the sum due, and for 21 days the company has not paid the sum due.

Creditor-Driven Winding Up Regime Introduced in Jersey

Whilst the Jersey provisional liquidation regime is not currently as wide reaching as is the case in certain other offshore jurisdictions, the underlying concept and intention behind the regime is consistent.

Regulators Unveil Pricing Structure For Renewables

That supplier is BPL, with the regulator clarifying that the fuel cost compensation will be calculated by stripping out the impact of its current hedging policy.

How to improve the EU’s AML Package on beneficial ownership registration

This report contains the Tax Justice Network’s proposed amendments to improve the EU’s draft Anti-Money Laundering (AML) Package with regard to beneficial ownership registration.

JFSC: Addition of the UAE to the FATF grey list

Countries and territories listed under sources 1 and 2 of Appendix D2 should be treated as non-compliant with FATF recommendations for the purposes of Article 17A of the Money Laundering Order.

DCI to provide anti-money laundering update for real estate

The Cayman Islands updated its national risk assessment in 2021 and these updates provide each sector with new information regarding their risk exposure.

Joint risk statement to the financial services industry: Customer relationships associated with Russia and Belarus

The JFSC has published associated guidance on dealing with higher risk relationships relevant to the current situation, and industry will be notified of their publication.

Channel Islands suspend Russia tax co-operation

Suspending the ability for Russia to receive such information from Guernsey ensures that the Russian government cannot use that information to increase its tax revenues, a States of Guernsey spokesperson said.

OECD announces release of commentary on Pillar Two model rules for global minimum tax

The newly released commentary on the GloBE model rules indicates that the implementation of the new rules “is envisaged by 2023.”

Jets, yachts and mansions: The hunt for Russia’s rogue billionaires leads through Cayman

Investigating the Caribbean front in the economic war on Russia

Gov’t will still implement publicly accessible registers of beneficial ownership

“The commitment is one which I did not give lightly nor did I give it without reservation."

Regulation, Risk & Compliance