10/06/2020
HSBC and UBS: Still more dirty deals by big banks
The bank is no stranger to such allegations, having squandered its reputation in a string of lawsuits brought against it for allegedly laundering $881 million for Mexican drug cartels.
Regulation, Risk & Compliance
10/06/2020
China's Hong Kong signs tax pact with Georgia to avoid double taxation
This CDTA will come into force after being approved by related authorities of both sides.
10/06/2020
Cayman’s financial services industry pleased with EU’s recognition of Cayman Islands cooperation
Cayman Finance and the Cayman Islands financial services industry actively support the Cayman Islands Government’s efforts to ensure our tax neutral regime remains progressive, continuing to meet the highest evolving global standards on transparency
10/05/2020
Cayman: Pension withdrawals have totalled some $400 million
Most individuals withdrew the maximum amount allowed under the law.
10/05/2020
Clarien Bad Loans Weigh On NCB Financial
Defaulted loans which are unserviced for 90 days within Clarien Bank worsened in March to over US$91.7 million, up one-third year-on-year from US$68.8 million.
10/05/2020
JFSC warns investors to be cautious in times of crisis
Many islanders won’t consider themselves investors but anyone who has a bit of money put aside and needing to make a decision about what to do with it is an investor.
10/05/2020
HSBC Ignored Jersey Fraud Warnings
The company making these false claims, Pantrust International, was a successor to La Hougue, a Jersey trust company.
10/05/2020
Negotiating Bermuda’s borders
At the gate, an official in scrubs, mask and “shower cap” instructed visitors to stay six feet apart, while another similarly-clad health official took the temperature of people waiting in line.
10/05/2020
Whistleblowing in Guernsey and Jersey - What Employers Need To Know
The specific rights which afford this protection are those conferred under the Islands’ respective employment protection
10/04/2020
Possible dirty money moving through Barbados
“The industry adheres to all applicable laws and regulatory requirements in Barbados, including the guidance provided by the Barbados Financial Intelligence Unit,” she said.
10/02/2020
Announcement from the Ministry of Financial Services and Good Governance - Mauritius
Mauritius had already agreed to implement a detailed Action Plan within an agreed timeline with the FATF, to be removed from the FATF list and subsequently from the EU list.
10/02/2020
Substance Filing Deadline Approaches for BVI Companies and Partnerships
The legislation requires in scope companies and partnerships to file certain information annually in respect of their activities during their last 12 month financial period.
10/01/2020
Landmark decision approving third party litigation funding in the British Virgin Islands
Given the large number of relatively small creditors and the lack of available funding in the estate, the liquidators turned to the commercial third party funding market to meet their anticipated costs and expenses, including the costs of prospective liti
10/01/2020
Dirty money has ‘metastasized’ within global banking system, top regulator says
New York’s financial regulator acknowledged that the financial system is “awash with trillions of dollars in dirty money,” and has called on banks to help fix it.
10/01/2020
British Virgin Islands to unmask secret company owners
Anti-corruption campaigners hailed a victory for transparency and the fight against hidden movements of huge sums of money.
10/01/2020
More sophistication being seen in use of captives
The requirements for exempted companies and LLCs to state the nature of the business will also now be included on annual returns.
10/01/2020
CIMA rules on segregation of assets for mutual funds and private funds
A fund must appoint a service provider (which includes an administrator, auditor, custodian, investment advisor, investment manager, operator, prime broker, promoter or registrar or any of their delegates) to ensure safekeeping of the fund’s financi
09/30/2020
Further Amendments to the Cayman Islands Companies Law, LLC Law and SIBL
In the Amendment Laws, gazetted on 20 August 2020, certain information relating to Cayman Islands companies and limited liability companies will be publicly searchable from 1 October 2020.
09/30/2020
Bfsb Chief Shortlisted For International Awards
The International Investment Awards are the longest-running event of their kind.
09/30/2020
DOJ Crackdown on Swiss Banks Generating Leads for IRS
The DOJ’s Swiss Bank Program, announced in 2013, allowed Swiss banks to resolve potential criminal liabilities in the U.S. by agreeing to certain requirements.