11/04/2020
Financial services providers operating outside the BVI granted extension
This is not the first time an extension has been granted.
Regulation, Risk & Compliance
11/04/2020
Cayman reports anti-money laundering progress to FATF
This year, the Cayman Islands Monetary Authority, the jurisdiction’s financial regulator, became the supervisor of registered persons – the previously unregulated excluded persons – for anti-money laundering purposes.
11/03/2020
The Cayman Islands Administrative Fines Regime & Investment Funds
This update provides a non-exhaustive overview of some of the most pertinent AFR fines applicable to Cayman Islands regulated investment funds and their operators.
11/03/2020
Statutory Demands In Guernsey
A statutory demand is a formal written demand made by a creditor of a debtor for satisfaction of an outstanding debt.
11/03/2020
Restricted Purpose Companies – The SPV in its purest form
Of all the offshore transactions I’ve worked on, only three have featured restricted purpose companies, and I feel rather lucky about that, as I know many even more experienced practitioners who haven’t seen any at all.
11/03/2020
Cayman Islands introduce regulations for virtual asset service providers
The notorious tax haven appears to be cleaning up its act on AML and counter terrorist financing ahead of an FATF review.
11/03/2020
The Remote Trustee: Getting Your House in Order After the COVID-19 Pandemic
One important consequence coming out of the COVID-19 pandemic was the (sudden) obligation on businesses to embrace remote working for employees.
11/03/2020
FSC releases consultation papers on Robotics and AI as well as Crowdfunding
The consultation paper then goes on to elaborate the substance requirements as well as the risk and governance framework applicable to such an entity.
11/03/2020
Significant Achievements Reached by Cayman Islands in CFATF Assessment Efforts
The Cayman Islands has been tasked with implementing the Recommended Actions arising from an assessment of the jurisdiction by the CFATF (Caribbean Financial Action Task Force), the regional body of the FATF.
11/02/2020
Lombard Bank fined €340,000 by FIAU over money laundering shortcomings
FIAU finds low level of risk assessment and enhanced due diligence for PEP and voluminous transactions at Lombard Bank
11/02/2020
The Bahamas launches one-year extended stay program
The Bahamas said that not only will visitors be encouraged to enjoy the white sand beaches, incredible blue-hued waters and delicious cuisine
11/02/2020
Pensions problems in OTs raised in House of Lords
State pensions are uprated only if the recipient lives in a country with a reciprocal agreement under UK government policies.
10/30/2020
BDO acts for Channel Islands Media Group’s acquisition of TPA Creative Digital Agency
CIMG, which also owns the Guernsey Press, is a joint venture between Bailiwick Investments Limited and MXC Guernsey Limited.
10/30/2020
BMA signs up for GFIN’s cross border fintech initiative
GFIN comprises more than 60 international organisations and seeks to support financial innovation in the interest of consumers.
10/29/2020
Cayman Islands Update: Further Changes on the CRS Form DITC Portal and CbCR Regime
An overview of the recently introduced CRS Compliance Form and the new DITC portal now with CbCR reporting functionality.
10/29/2020
$10,000 fines approved for quarantine breaches
The law changes, piloted by Health Minister Dwayne Seymour, were approved late Friday on second reading in the Legislative Assembly.
10/29/2020
New version of lawyers bill published
David Collins, president of the Cayman Islands Legal Practitioners Association, welcomed the publication of the new law, but said the organisation had yet to consult with its membership on the legislation.
10/29/2020
St Kitts and Nevis' Citizenship by Investment Programme Offers Wealthy Americans a Plan B
Americans are looking for a safe and secure route to alternative citizenship offering a Plan B in the face of unpredictability.
10/29/2020
Why Cross-Border Fund Domiciles are Transforming into Fund Management Hubs
The impact of European-led initiatives is not limited to the European market.
10/29/2020
Data protection – changes to ODPA registration requirements
Update prepared by Helen Wyatt (Partner, Guernsey) and Jonathan Stevens (Associate, Guernsey)