Managers of Wealth Offshore

CYPRUS: Latest amendments to Companies Law Cap.113

Section 361A is amended by reference to the Open-Ended Undertakings for Collective Investment Law and/or Alternative Investments Law.

Transforming a black swan into a phoenix the British Virgin Islands’ solution to standalone injunctive relief

Dispute Resolution International is distributed to all members of the IBA Dispute Resolution Section, giving it a readership of approximately 4,000. It is published twice a year and was launched in May 2007.

Lloyd’s head meets Bermuda industry leaders

Lloyd’s of London CEO John Neal was in Bermuda this week meeting regulatory and insurance leaders.

Credit Suisse's Settlement Under Scrutiny

Credit Suisse settled tax fraud allegations with the U.S. Justice Department (DoJ) for $2.6 billion.

Jersey aims to build ties with Oman

The Minister also met with the Central Bank of Oman, the Ministry of Finance and the Tax Authority of Oman to "discuss how to develop the Oman-Jersey relationship in a number of areas.

Guernsey linked to thousands of UK property ownerships

THE legal ownership of thousands of properties in the UK has been linked to Guernsey by new research.

EU formally adopts public CbC reporting

Subsidiaries or branches below the revenue threshold also will be required to publish their tax information if they are deemed to exist only to help the group avoid the new reporting requirements.

Reaching out for regtech

Despite all these challenges, there are ways of phasing in regtech so organisations aren’t overwhelmed by the transition.

In Brief: Guernsey Employment Law – Autumn 2021

The Population Management Office is continuing to encourage individuals and businesses to get in contact with them if they or their employees are reaching their limit under a Population Management Permit.

Bermuda to provide a new framework to obtain permanent residency

The changes come into force effective 1 December 2021 and the Department of Immigration will begin to accept applications for Permanent Resident Certificates (PRC) pursuant to the new provisions as of 1 January 2022.

The Cayman Islands' progress in strengthening measures to tackle money laundering and terrorist financing

Cayman Islands will remain in enhanced follow-up on the basis that it had a low or moderate level of effectiveness for 7 or more of the 11 effectiveness outcomes.

FATF Consolidated assessment ratings

This table provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance (last updated on 16 November 2021).

AML/CFT Handbook consultation support – first release

These proposed changes will simplify the use our handbooks, making it easier to find the information required for all supervised persons in one place.

Cyber Security Breaches Are Greatest Staff-Related Risk

Employers surveyed also revealed that over three-quarters of businesses had "significantly" or "moderately" changed their employment policies as a result of the impact of Covid-19.

GFSC increases Fees for 2022

The Commission will therefore undertake a restructuring of the fees within the investment sector so that the types of investment licensees that require greater supervisory attention pay a licence fee based on the size of the firm.

Cayman Islands' Privy Council clarifies reflective loss principle

At all material times the Respondents, Bank of Bermuda (Cayman) Ltd (the Administrator) and HSBC Securities Services (Luxembourg) SA (the Custodian) were service providers to Primeo.

European Parliament formally adopts EU public Country-by-Country Reporting

A breakthrough was achieved in February 2021 in the Council of the EU, as a result of certain countries changing their previous position and agreeing to support the proposal.

Cayman Islands Government Extends Global Citizen Program

This is welcome news and shows the Government's commitment to the GCCP and is a recognition of the benefits it brings to the jurisdiction.

Fund structuring: Shariah compliant funds In Guernsey

Guernsey has traditionally been a favoured domicile for Shariah compliant structures.

Heads Will Roll: Cayman’s Proposed Amendment to the Companies Act (2021 Revision) Would Abolish Headcount Test

Members’ schemes of arrangement will then only require the approval of 75% in nominal value of the members

Regulation, Risk & Compliance