Managers of Wealth Offshore

Jersey Consultation feedback on banking fees published

Firms will be notified soon that their fee invoices are ready for collection through the myJFSC portal.

Out from under regulatory orders, The Bancorp finds itself 'at the right time in the right place'

The Bancorp CEO Damian Kozlowski said the order was quite broad in its application.

Bermuda Registrar of Companies updates the Economic Substance Declarations portal

An entity that indicates it does not comply with Economic Substance Regulations in the declaration section will be required to indicate which parts it failed to comply with.

Are the FinCEN Files dangerous and defamatory?

Those disclosing SARs need to be confident that, when filing them, their data will remain confidential. If not, then they need to have the right to a remedy against FinCEN.

Ireland Update: Virtual Risk Assessments and Employee Consultation on Remote Working Arrangements

Clarity on employer obligations to home working employees is particularly welcome due to the significant increase in employees working from home on a full or part time basis due to COVID-19 restrictions.

Regulation and the Risks of Implementing Liquidity Limits for Asset Managers

Regulation is necessary and should provide a clear framework for asset managers and suitable protection for investors.

HMRC and Advertising Standard Authority launch new action to disrupt promoters of tax avoidance schemes

A joint enforcement notice on misleading adverts is one of several interventions to tackle promoters.

UK Supreme Court rules in favour of Chubb Bermuda in case against Halliburton

The Supreme Court unanimously dismissed Halliburton's appeal.

A practical guide to substance in Guernsey for trust and corporate service providers

Whilst the new substance regime is aimed at companies rather than trusts, where those companies form part of a trust structure, the trustees will seek reassurance that applicable substance requirements are being met.

‘MaltaFiles’ firm Credence fined €261,000 over money laundering shortcomings

FIAU fines Credence €261,000 over shortcomings in due diligence of PEPs and lack of scrutiny of high-value transactions

The Cayman Islands: A jurisdiction of choice for family offices

Dart first considered the question of where to locate its own family office in the early 1990s in order to choose an offshore base of operations for Ken Dart and his family.

Cayman Islands: ‘Risky’ sectors given online compliance route

Given the challenges posed by the need for increased regulation and compliance of these sectors and the growth in interactions between the DCI an online system has been established to make things easier.

ESMA publishes a report on funds' resilience to future shocks

This report comes as a result of a coordinated supervisory exercise performed alongside national competent authorities (NCAs), following a recommendation issued by the European Systemic Risk Board (ESRB) in May.

CRS to be introduced locally to combat tax evasion

This is the Revenue Administration (Amendment) Act, which was approved by the Lower House on November 10 and passed in the Senate yesterday.

A Caribbean-Central America alliance for climate justice

Yet, the situation in Central America and neighbouring Colombia is catastrophic.

Post-COVID financial regulation - John Cassar White

The EBA has postponed its 2020 EU-wide stress testing of banks to 2021.

FCA communication to Luxembourg-based entities about the UK temporary permissions regime

In order to benefit from the TPR, such Luxembourg entities are invited to notify the FCA of their intention to do so. Notifications have to be submitted before 30 December 20201.

Revisiting the “old chestnut”

The inherent discretion to confirm the powers of controllers appointed under Section 24 of the Insurance Law

JAMAICA: Senate approves wider mutual exchange of tax information

The Bill seeks to amend the substantive legislation to implement the Convention on Mutual Administrative Assistance in Tax Matters to improve international tax compliance

US tax rules for a Delaware LLC

These non-US resident tax members are responsible for assessment on any net profits at 30% of their US-sourced income.

Regulation, Risk & Compliance