Managers of Wealth Offshore

New PIF rules further enhance Guernsey’s funds offering

A third path will enable a PIF to be created as a bespoke private wealth structure requiring a family relationship between investors.

Malta-based trust company fined

The company also neglected to “implement adequate internal control procedures to protect the scheme members from any financial losses” and “failed to ensure that the individual member accounts are adequately liquid at all times”.

Commission confirms decision to increase Private Investment Fund (PIF) options

All currently registered PIFs continue to be registered under the current “Path 1” regime which remains available to those wishing to raise money from broader categories of investor.

CIMA extends deadline for first filing of audited accounts and associated FAR form by Private Funds to 30 September 2021

The extension relates only to the FAR forms for Private Funds. For the avoidance of doubt, FAR forms relating to open-ended mutual funds registered under the Mutual Funds Act (Revised) must still be filed within six months of the relevant financial year e

Risk of Jersey's finance industry being used to fund terrorism classed as medium to low

A key recommendation is for the island to develop a more robust skills base across the public and private sectors to 'identify, investigate and supervise compliance with terrorist financing requirements.'

Private Investment Fund Rules and Guidance 2021

The changes provide for two new categories of PIF, neither of which require a licensed manager.

Not business as usual at FIAU

Fight against money laundering 'not a sprint but a marathon'

Corporate governance of ILS vehicles – A view from the boardroom

Executive Director, Sherman Taylor serves on the board of a number of ILS vehicles registered in Bermuda.

Govt announces financial legislation to come into effect this summer

“It will require significant staff training, vendor education and awareness, and the establishment of new functions such as a tribunal to handle disputes.”

ABN Amro to settle money laundering probe for $574 million

The investigation into ABN started a year after fellow Dutch bank ING paid a record fine of 775 million euros to settle a similar case.

How does Brexit affect the UK’s Anti-Money Laundering laws?

This whitepaper sets out to uncover the impact of Brexit upon the UK’s AML laws and what these changes mean for regulated businesses in the UK.

Jersey: Return to the Office – Anxiety, Discrimination and Reluctant Employees

Businesses have been provided with specific guidance to make your RTW space as safe as possible.

Getting ready for the 30 April 2021 Cayman Economic Substance filing deadline

The Cayman Entities affected include all legal persons that are registered with the Cayman General Registry i.e. companies of all kinds and limited partnerships.

Jersey-based corporate turnaround consultancy launched

The IFT is the UK’s leading membership organisation for turnaround experts.

Walkers Acts on Kettle Limited's Bermuda Innovative Agent Licence

Walkers was led by Bermuda partners Peter Dunlop and Natalie Neto, supported by Senior Associate Rachel Nightingale.

Company service providers have one month left to register with MFSA

Regulator holds virtual meeting with more than 500 CSPs

STM Group delays results after Court of Appeal case

The delay is due to the ruling in relation to the Adams v Carey case as announced by the Company on 1 April 2021.

AML systems and controls – an ever-increasing area of focus

Mr Steward addressed how seriously the FCA takes this crucial area of regulatory focus and reiterated the requirement for firms to have in place systems and controls that are purposeful and efficient in managing financial crime risk.

Ferbrache & Farrell assist on first limited partnership migration out of Guernsey using new legislation

The application involved both Guernsey legal and regulatory aspects, as well as dealing with US Counsel in order to ensure the migration into Delaware.

Ireland Update – Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021

These obligations are expected to come into further focus as the European Commission designates additional high-risk third countries in response to the FATF expanding its list of monitored jurisdictions.

Regulation, Risk & Compliance