Managers of Wealth Offshore

Anti-discrimination law update – votes, votes and more votes

Update on the Guernsey proposals for protection from discrimination for individual religious or philosophical beliefs

JT takes its place in the fight against global fraud

There has been a worldwide increase in SIM card fraud – an account take over, where control is transferred from a genuine SIM card to one controlled by criminals.

The unintended consequences of the FATF Standards, with an emphasis on Bermuda

Regulators in civil‑law jurisdictions whose laws do not recognise trusts appear to more readily assume that trusts are frequently used for money laundering or terrorist financing.

Guernsey Mourant Governance Services team wins Corporate Services Team of the Year award

The award recognises best practice in good governance in a complex legal and regulatory environment and is awarded to the team that demonstrates excellent collaboration, strong communication, and effective and innovative ways of working.

Top ten FATCA sign-ups revealed - Cayman Islands leads the pack

Under FATCA, banks and other financial services businesses outside America are compelled to report the income of all US citizens, accidental or otherwise.

BMA Releases 2020 Captive Report

The report focuses on four key areas: business written, industry utilisation, balance sheet composition and profitability indicators.

EU Commission designates replacement rates for CHF LIBOR and EONIA

The CHF LIBOR is the rate of interest at which large multinational banks access the wholesale, unsecured funding market to fund themselves in Swiss francs.

Future-proofing Guernsey’s finance sector

The new and amended regulatory laws offer industry more coherent legislation by removing inconsistencies across sectors.

Definitions of “Benefit” - Jersey’s Royal Court offers Useful Guidance on Trusts and Non-Financial Benefits

The Court confirmed in this regard that the interpretation of “benefit” applies equally to an application to vary a trust as it does to an appointment of income or capital.

Trust but Verify: Establishing a Client’s Source of Wealth

Epstein advocates a “trust but verify” mindset.

Implementation Automatic Exchange of Information(AEOI) Reporting – things to consider

What many members of industry have since found, especially those members who perform reporting across multiple jurisdictions, is that reporting is in fact not wholly standardized.

Financial Crime in Latin America and the Caribbean: Understanding Country Challenges and Designing Effective Technical Responses

The 300-page report provides a country-by-country overview of the scope of financial crimes and main threats facing individual countries.

Digital Transformation of AML/CFT for Operational Agencies

The FATF is continuing its work on digital transformation, focusing on how the use of technology and advanced analytics could support ML/TF investigation and information exchange.

JFSC: Proposals to increase banking fees for 2021-2022

The deadline to provide us with feedback is 26 November. The fees notice will be published by 30 November.

How long does a third party have to pursue a claim in tort and/or contract against a defendant who has died?

It was uncertain, however, whether this ancient time period extended to third party claims but a recent case before the Master of the Royal Court has now clarified this area of law.

Bermuda: Annual CRS Compliance Certification Form deadline extended, revised guidelines issued

The CRS Compliance form will be an online form with five sections required to be completed and submitted annually via the portal by all Bermuda reporting financial institutions and trustee-documented trusts (FIs).

Second national report on risks of money laundering and terrorist financing

It also provides an overview of the legislative provisions that have been implemented in this period with a view to improving the Swiss toolkit for combating money laundering and terrorist financing.

Covéa swoops for PartnerRe again

The $9 billion to be paid by Covéa on the closing of the transaction is based on a consolidated common shareholders’ equity value of $7 billion.

Futu, Tiger Brokers fall sharply as Chinese central banker warns on offshore trading by online brokers

China’s strict data privacy law goes into effect on November 1, raising risks for online brokers, state media said recently

Cayman Islands publishes reforms to restructuring regime

Under the proposed amendments, a company may petition the Court for the appointment of a restructuring officer[1] on the grounds that it is or is likely to become unable to pay its debts and intends to present a compromise or arrangement to its creditors

Regulation, Risk & Compliance