Managers of Wealth Offshore

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

Snapshot: registrations of charges and priority of security in BVI law

The effect of such a Section 163 filing is to create priority of that security interest over any subsequently registered or unregistered security interest.

A Guide to Blockchain and Cryptocurrency Regulation 2022 (GLI chapters): Bermuda, Cayman Islands and Jersey

The Carey Olsen chapters provide analysis and commentary on blockchain and cryptocurrency regulation in Bermuda, the Cayman Islands and Jersey.

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.

Regulation, Risk & Compliance