Managers of Wealth Offshore

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

Gaming and betting controls in the BVI

Any BVI companies involved in gaming activities should assess if they now require a licence following the Gaming Act's enactment.

British Virgin Islands Introduces Data Protection Law

The entity is also responsible for personal information processed on its behalf by a third party processor.

We Hope This Registers! A Summary of Cayman Corporate and Partnership Registers in a Finance Transaction

Because we know that it can be a little befuddling, we have set out below a guide to the various Cayman exempted company, limited liability company and exempted limited partnership registers in the context of a finance transaction.

Mauritius Exits the grey list of the Financial Action Task Force

Appleby Mauritius in a concerted effort with the various regulators which included amongst others the Attorney General’s Office, The Financial Intelligence Unit, the Financial Services Commission and the Bank of Mauritius actively participated in fu

Sanne’s ACCA accreditations now approved to global platinum status

Across jurisdictions, Sanne supports over 200 trainees on their journey to achieve an ACCA qualification

Improved Access to Capital Markets for Jersey Companies

The definitions of qualified investor and professional investor in the new exemptions are taken from the EU Prospectus Regulation and Jersey’s investment business regulatory regime respectively and are well-known to investors and those who operate

Malta has not filed a single actionable report of EU funding fraud this year

Chief prosecutor at EPPO flags concerns about lack of reporting in Malta

Malta greylisting means week’s delay for BOV-to-HSBC transfer

Malta bank-to-bank transaction held up for one week until correspondent bank was satisfied that underlying clients are not from Iran or North Korea

Cayman Islands to introduce a dedicated 'restructuring officer'

Under the Amendment Bill, the filing of a petition for the appointment of a restructuring officer would trigger an automatic global moratorium on claims against the company, giving it the opportunity to seek to implement a restructuring.

New Restructuring Tool in the Cayman Islands

A powerful tool for companies when facing creditor pressure. In keeping with its creditor friendly regime, the moratorium does not prevent secured creditors from enforcing their security.

Extension to Global Citizen Concierge Program

The annual fees are relatively low and a successful applicant will pay US$1,500 per annum for their Certificate (a fee which includes one dependant), with fees of US$500 for each additional dependant.

Barbados FTC wants stronger legislation to deal with pyramid-type schemes

She told the online publication, Barbados Today, that in order for an offence to be constituted, you had to have both.

The Anti-Money Laundering Act of 2020

Congress also increased penalties for violating the BSA.

Regulation, Risk & Compliance