Managers of Wealth Offshore

Mandatory Disclosure Rules

The Regulations do not follow the EU model enacted as DAC 6 (EU Council Directive 2011/16) (DAC 6).

Heads of state launch historic UN plan to stamp out global tax abuse

The tax reform proposals were harshly criticised by leading economists

Bermuda Announces New Economic Investment Residential Certificate

This is the Government’s latest immigration initiative aimed at increasing economic activity in Bermuda

Jersey fines LGL £550,000 for breaches of Money Laundering Order

While there is no suggestion that any of the funds provided by Angola were of suspicious origin or that the investments into which the funds were placed were themselves suspicious, LGL failed to identify the real risks of money laundering that were appare

Banks: 25% Never Verified Building Code Compliance

The survey, which issued 42 questions set against the impact of "catastrophic physical damage" resulting from a Category Five striking New Providence and Grand Bahama, received 94 responses from the 110 institutions targeted for a reply rate of

Rewriting the narrative of Malta’s enforcement against AML practices

In order to be sanctioned, these individuals must have been found to be responsible (thus who have caused or contributed to) for AML/CFT breaches committed by that subject person.

Cayman Islands Funds Update: Q4 2020

Specifically, the regulatory bodies and competent authorities focused on receiving clarifications and refinements to the existing regimes, which continued to occur in January 2021.

Advance healthcare directives under Cayman law

Advance directives have been around for some time, the UK for example has had these types of directives available to persons for many years.

New Legislation Welcomed for the Execution of Deeds in The Bahamas

The Bahamas was one of the last jurisdictions in the common law world that required an actual seal to be affixed to deeds.

Luxembourg digitalises the AML/CFT Market Entry Form (Funds and IFM)

The Form must be initiated and submitted by the compliance officer in charge of the control of compliance with the professional obligations of the Fund respectively the IFM, or by the person responsible for compliance with the professional obligations.

PRI's new reporting framework – are you ready?

It is compulsory for signatories to report on their responsible investment (RI) activities annually

Cayman Islands Securities & Banking Country Update

The Monetary Authority Law and the Banks and Trust Companies Law provide the legal framework for banking supervision in the Cayman Islands.

Directors’ Duties – Inaction is a breach of duty - Privy Council rules

The Board rejected the liquidator’s additional arguments that the speed and concision of the trial Judge’s judgment ought to attract criticism.

Hawksford plan to cut office space by a third

ONE of Jersey’s largest finance firms is planning to reduce its office space by a third, with more staff to work remotely and greater shared-space hot-desking.

Who Is Who: Monaco business dynasties

HelloMonaco is introducing you to the Principality’s most famous business dynasties whose brands have long gone global.

FCA approaches JFSC over new Woodford business

Woodford’s new business, WCM Partners, would need to apply for appropriate permissions before commencing any regulated activity in the UK.

What are dematerialised securities, and why do they matter for Luxembourg?

Dematerialisation is essentially the process by which physical documents and certificates are changed into and then used in electronic format.

FOCUS: Corruption, conviction and red flags

The case involved two breaches of the 2008 Money Laundering Order

Germany: Draft law proposes anti-avoidance measures regarding noncooperative jurisdictions

A jurisdiction that is engaged in unfair tax competition would be defined as a jurisdiction that applies tax measures

Important changes to the prudential reporting regime for BVI funds

The Order requires that the Funds continue in the traditional manner to file their Mutual Fund Annual Returns

Regulation, Risk & Compliance