07/02/2020
ECB withdraws Malta-based bank's licence
The authority said on Wednesday that auditing firm Ernst&Young would continue to act as bank administrators.
Regulation, Risk & Compliance
07/02/2020
Aspen completes 1.2m bridge for BVI company
Legals and valuations were instructed within 30 minutes with enquiries and undertaking received same day.
07/01/2020
Cayman grants 'registered persons' exemption from beneficial ownership rules
The change, which came into effect yesterday, means that all future company reporting for these 3,000 or so firms will be filed under the Cayman Securities Investment Business Law.
06/29/2020
BMA Continues Phased Reopening Of Offices
Stage one of the BMA’s re-opening plan granted access to certain essential personnel based on business need and COVID-19 risk factors.
06/28/2020
Offshore Business Update: British Virgin Islands
The British Virgin Islands (BVI) Government has taken proactive measures which are designed to control, suppress and prevent the spread of COVID-19 in the BVI by restricting access to the BVI, curfews and encouraging social distancing.
06/28/2020
Offshore Business Update: Cayman Islands
The practical importance of this is that it allows originating process, such as writs and petitions to be validly issued in electronic form at a time when paper filing is not possible.
06/28/2020
Offshore Business Update: Guernsey
It should be noted that the normal protocols for such meetings should be observed as far as possible, and revert back to normal as soon as the threat from the outbreak recedes.
06/28/2020
Offshore Business Update: Hong Kong
In particular we will focus on the impact to filings, ability to conduct searches, certificates of good standing, other relevant searches, court sessions, travel restrictions and the implications for Economic Substance compliance and residency.
06/28/2020
Cayman Islands: Regulator to investigate late pension withdrawal payments
The pension provider approved more than 6,000 withdrawals out of more than 9,000 applications. In the first two days alone, BritCay received about 2,000 phone calls, said Neil Wright, BritCay’s pension and life operations manager.
06/26/2020
Guernsey data protection authority announces extension to exemption registration
The ODPA has explained that the extensions have been granted due to the fact that it has taken longer than expected for the States of Guernsey and the ODPA to reach agreement on the method of funding the ODPA .
06/26/2020
Switzerland to become a leading location for sustainable financial services
In view also of the global challenges, further efforts must be made to safeguard and further expand the interests and competitiveness of the Swiss financial centre internationally.
06/26/2020
Ogier advises Brooks Macdonald on acquisition of Channel Islands wealth management and funds business of Lloyds Bank International
The cross-border Ogier team was led by Jersey-based partners Matthew Shaxson and Niamh Lalor
06/26/2020
Coronavirus and home baking's renaissance in Cyprus
In recent years, the Bank has extended its support to flour producing company Hadjigiorkis Flourmills
06/26/2020
Bermuda prepares to end its state of emergency on June 30
Bermuda has been relatively successful in containing its outbreak.
06/26/2020
Physical distancing guidelines update
Licensed venues (for example, pubs) will be able to provide an alcohol-only seated service from 01 July, provided the number of cases remains low.
06/26/2020
Does the threat of being blacklisted change behavior?
Regression discontinuity evidence from the EU’s tax haven listing process
06/25/2020
Fidelity CEO admits breaking law
Fidelity has around 11,000 members in its pension fund
06/25/2020
Ultra-Rich Monaco Wants to Fund Social Impact Projects With Security Tokens
Given Monaco’s high concentration of wealth (one in every three people is a millionaire and the place attracts hundreds of billionaires), it’s surprising it doesn’t have much of a financial center – like the comparably small Lichte
06/25/2020
Tynwald vote not to kick pension can down the road
Middle MHK Bill Shimmins accused Mr Thomas of trying ’to kick the can down the road for another six months’.
06/25/2020
Equity Trust fined £115k over money laundering vulnerability
Shortcomings were found in the identification and monitoring of ‘Politically Exposed Persons’ – customers in prominent public roles, putting them at higher risk of bribery and corruption.