Managers of Wealth Offshore

Malta luxury cards provider fined €373,000 for money laundering breaches

Ultra-rich spenders’ credit card company that recruited former Labour minister Chris Cardona in litany of money laundering breaches

Charges expected after Pilatus money-laundering probe

The bank’s operations were shut down in 2018

AG continues to make the case for The Bahamas’ removal from EU blacklist

The Bahamas’ inclusion on the EU’s blacklist was based upon its presence on the Financial Action Task Force’s (FATF) monitoring list.

Two Steps Forward, One Step Back: The Limits of New Standards on Assessing WMD Financing Risk

At its recently concluded October plenary, the FATF adopted language into its standards that now requires countries – as well as private sector actors – to understand and assess their PF risk, and tailor their counter efforts accordingly.

GFSC introduces ‘fast track’ pre-authorisation for insurance cells

Artex in Guernsey has already implemented a captive cell solution within 48 hours.

Securities Commission urges “extraordinary caution” on Forex trading

The Commission said those entities were not registered nor authorized to conduct financial services business in this jurisdiction.

Beneficial Ownership Transparency: a Spotlight on International Beneficial Ownership Registration

The recommendations made to the G20 reflect a growing trend at an international level to enhance transparency in beneficial ownership.

Republic of the Marshall Islands Update: Economic Substance Regulations 2018, As Amended

Key points and notification requirements of the Republic of the Marshall Islands Economic Substance Regulations 2018 amended Guidance.

Cayman Communication: The Grand Court of the Cayman Islands Approves Direct Court-to-Court Communications Protocol for the First Time In Re LATAM Finance Limited (and others)

In the context of cross-border insolvency and restructuring, the rules of private international law and conflict of laws have not been codified and cannot be discerned in a single set of statutory rules.

Luxembourg CSSF Communication on Temporary Permissions Regime

A short summary of the Commission de Surveillance du Secteur Financier's press release reminding Luxembourg based funds and firms of their options in the context of the UK's temporary permissions regime.

Procedural changes to company migrations into and out of Guernsey

The changes add further certainty to the migration process for clients and advisors.

EU, FATF lists causing correspondent banking problems

Bethel said there are cost implications to these kinds of problems with correspondent banks that place the country’s financial sector at a competitive disadvantage.

GFSC signs MoU with Guernsey Banking Deposit Compensation Scheme

The GBDCS was formed in Guernsey in 2008 during the financial crisis as an important safeguard for Guernsey depositors.

Legal Services Bill marginalises Caymanians

The proposed LSB also states that a person who is otherwise be entitled under the Immigration (Transition) Law

Notice - Maples and Calder (Ireland) LLP

Claire’s appointment is part of a long-term international investment strategy and follows a number of recent strategic appointments across our global offices to ensure that we continue to effectively meet the ever-changing needs of our clients.

Distribution of Foreign Investment Funds in the UK Post Brexit TPR and OFR

Before transitioning to the OFR, any eligible foreign investment fund which is to be marketed in the UK, is required to be opted into the Temporary Permissions Regime ("TPR") by no later than 30 December 2020.

Jersey Consultation feedback on banking fees published

Firms will be notified soon that their fee invoices are ready for collection through the myJFSC portal.

Out from under regulatory orders, The Bancorp finds itself 'at the right time in the right place'

The Bancorp CEO Damian Kozlowski said the order was quite broad in its application.

Bermuda Registrar of Companies updates the Economic Substance Declarations portal

An entity that indicates it does not comply with Economic Substance Regulations in the declaration section will be required to indicate which parts it failed to comply with.

Are the FinCEN Files dangerous and defamatory?

Those disclosing SARs need to be confident that, when filing them, their data will remain confidential. If not, then they need to have the right to a remedy against FinCEN.

Regulation, Risk & Compliance