Managers of Wealth Offshore

Cayman Islands to abolish regulatory exemption for single family offices

The Law will therefore be amended to remove the current Schedule 2A 'non-registrable person' exemption for SFOs

‘Malta’s financial juridisction needs a revamp’ | Joseph Cuschieri

MFSA CEO JOSEPH CUSCHIERI says the financial regulator is ready to take on a new role that will bolster its investigative and supervisory powers against the problems of financial crime that risk Malta’s greylisting by Moneyval

Zambia becomes second nation to tear up Mauritius tax deal

Zambia will now try to estimate how much revenue was lost under its tax treaty with Mauritius, which one official described as “not balanced or fair.”

A focus on pension schemes in Guernsey and Jersey

The regulatory proposals aim to further protect the rights and interests of pension scheme members and beneficiaries while supporting business growth in the pensions sector and ensuring that the framework is proportionate.

Barbados exempt from UK regulations

“From 10 July 2020, unless they have visited or stopped in any other country or territory in the preceding 14 days, passengers arriving from the following countries and territories will not be required to self-isolate on arrival.”

St. Kitts and Nevis slashes rates for citizenship investment programme

Caribbean nation is hoping the move will click as it tries to get back growth

Carey Olsen advises Government and Ports of Jersey in relation to Blue Islands £10m loan and based carrier contract

The deal, which has been agreed in order to enable the airline to maintain important air links with regional UK airports and a number of European destinations, will also see Blue Islands move its operating base to Jersey.

Stability Key for Asia as Investors Look for Certainty

The Chinese government, for instance, unveiled its latest stimulus package worth at least 4.5% of GDP at the National People’s Congress on 22 May.

CySEC fines Commerzbank for market manipulation

According to the terms and conditions governed the specific products the underlying basket was (theoretically) virtual and therefore no actual investment into the underlying was supposed to take place.

Central Beneficial Ownership Register Introduced for ICAVs and Unit Trusts

The Financial Vehicles Regulations make specific provision for what constitutes a "beneficial owner" of a unit trust and prescribe for a threshold level of ownership.

CONVERGENCE: New Rules Impacting Regulated Funds In The Cayman Islands

The Rules dealing with segregation of fund assets have been issued for both Regulated Mutual Funds and private funds, which further align the open and closed end regulatory regimes with each other and those in other key jurisdictions.

Cayman Islands: Update for Single Family Offices Conducting Securities Investment Business

In March 2020 the Ministry discussed, with industry members who requested meetings, the possibility of exempting SFOs with registered offices that are licenced under the Companies Management Law or the Banks and Trust Companies Law from the SFO Regulation

Portmann channelled €120 million through Pilatus Bank, inquiry hears

Company at the heart of a US investigation on dirty money from Venezuelan politicians had channelled money through Malta-based Pilatus Bank, the Caruana Galizia public inquiry hears

Automatic tax information exchange unearths €10 trillion offshore

Levels of automatic exchange of data between tax authorities almost doubled last year, uncovering €10 trillion in offshore assets, according to the OECD which says this is a ‘game changer’ in the fight against tax evasion

New U.S. visa restrictions curb foreign hiring

It’s possible that the tightening of visa restrictions could lead to more offshore outsourcing in India and other countries, particularly since U.S. companies have grown more comfortable with remote work during the pandemic.

Jersey advice firm shut up shop

SWM demonstrated a lack of competence by failing to maintain adequate professional indemnity insurance

Real Estate Finance Update

With this moratorium now extending past the September quarter date, landlords may struggle to implement changes to increase rent collections for the remainder of the summer.

Mauritius Government Further Strengthens Laws on Money Laundering and Financing of Terrorism

In relation to the Companies Act, changes are proposed in order to reinforce the concept of beneficial ownership, including identification and record keeping.

Luxembourg tightens screws on trusts with EU rules

Trusts will need to disclose beneficiares from now, in line with EU rules

Working Time Compliance and Remote Working

Employers should also be particularly mindful of actively ensuring employees do not work in excess of the maximum limit as recent case law has demonstrated that employers will be liable for breach of the OWT Act, even in circumstances where the work assig

Regulation, Risk & Compliance