Managers of Wealth Offshore

BOJ to cease exchange of CAD, GBP, and EUR coins

This operational hurdle has rendered it increasingly difficult for the Bank to derive value from the exchanged coins.

FTX Bahamas customers given mid-August claims deadline

The US Bankruptcy Court is scheduled to hear the Chapter 11 Debtors’ Reorganisation Plan on June 25th.

It is extremely difficult to get information out of a body that regulates the Island’s finance industry, our biggest employer

In the UK, fellow journalists and I use the FoI Act often: including to request information from the Financial Conduct Authority (FCA), the regulatory body for the finance industry.

ODPA moving closer to the centre of Town

The usual drop-ins at St Martins House have been paused while the move takes place, and will restart twice-monthly from late August.

Access to beneficial owner information of companies registered in Jersey is changing

This information is not currently publicly available, although it is accessible by regulatory and law enforcement bodies.

Be Prepared: Key Cayman Islands Voluntary Liquidations Deadlines and Dates to Consider

In addition to immediate cost-savings, companies can avoid other filings and any fees that might arise out of having a stub year.

The use of cash in Jersey to be reviewed

In April, Economic Development Minister Kirsten Morel said that he was considering bringing a proposition in a non-ministerial capacity to enshrine the right to use cash in law.

Fines for breaches

Finance minister signals banks will pay if ABMs out longer than stipulated in new regulations

Melita’s environmental and health and safety standards shine in ISO audit

ISO certificates in information security, environmental management, and occupational health and safety

BDA legal committee establishes new DAO

“We anticipate efficient governance models for business to be further developed in Bermuda.”

ADGM and the Bermuda Monetary Authority sign a digital assets MoU

The MoU creates a framework enabling the collaboration between the BMA and the FSRA to support the establishment of digital assets entities across their jurisdictions and ensure their effective supervision

Outsourced Support for Effectively Navigating ELTIF 2.0

On the investor side, putting funds into ELTIF structures should be that much simpler, particularly for high-net-worth investors.

Bankruptcy & Restructuring - Planning for Failure

A failure to recognise and act upon early signs of distress turned what might have been a controlled descent into a freefall.

AG commits to combating money laundering at Caribbean task force meetings

The biannual CFATF Plenary Meetings provide a forum for all 24 CFATF member states

Money market report for the week ended June 7, 2024

ECB cuts interest rates for the first time since 2019

Government announces changes to EIRC investments

Those who invest $2.5 million in specific Bermuda industries, sectors, charities, or government programmes, receive residency rights.

Cayman Islands Anti-Money Laundering Surveys for Financial Service Providers 2024

The AML surveys assist CIMA in the exercise of its functions, including the collection of AML / CFT / CPF and sanctions data from FSPs.

Key Advantages of Using Cayman Islands Exempted Companies

There are no exchange control regulations or currency restrictions in the Cayman Islands

Higher Jersey savers’ rates ‘driving up mortgage costs’

During the investigation, JCC chair Carl Walker wrote to the six main mortgage providers requesting a “detailed explanation” about the elevated rates in Jersey, giving them three weeks to respond.

£1.3m in compensation awarded last year by financial ombudsman

The ombudsman, who is accountable to the States of Jersey and Guernsey, found in favour of complainants in almost half the 342 cases closed during the year.

Regulation, Risk & Compliance