Managers of Wealth Offshore

The ‘Panama Papers’ exposed the greed of the rich – and then nothing happened

The Panama Papers could have been a massive moment in history.

Phil Sharp takes 13th in La Solitaire du Figaro

Unable to fight for Sharp’s original objective of a top-10 result, he leaves the event with unfinished business, but also a great sense of satisfaction having progressed well with each stage climbing up the ranking.

BVI Government announcement on publicly accessible registers

This is far from a one-way direction of travel and it is clear from the UK’s programme for reform of its own Companies House (published this month) that availability to the public is not a sufficient replacement for professional verification.

Secret documents reveal potential dark side of prepaid debit cards

In 2014, for example, Bank of America characterized Choice Bank as “an issuer of prepaid cards for program managers with inherently high risk.”

Russia's Cabinet Approves Maltese DTA Amendments

Malta and Luxembourg have already agreed to amend their pact with Russia and negotiations are said to be ongoing with the Netherlands.

With money laundering red flags going up, football clubs may have to step up

A Europol report on money laundering recently identified football as a money laundering paradise for organised crime networks

BMA cancels registration for Phoenix CRetro, company eyes move to Asia

The Bermuda Monetary Authority (BMA) has cancelled the insurance registration of Phoenix CRetro Reinsurance Company, a special purpose insurer (SPI), for breaches of the Insurance Act 1978 (Insurance Act).

Trust and Corporate Services market is bouncing back from pandemic

Research shows the Trust and Corporate Services market is bouncing back from the COVID-19 pandemic

How legislative change has impacted The Bahamas investment funds

CESRA demonstrates The Bahamas’ seriousness to continuing as an important and viable global international financial centre.

HSBC exposed in $80m Hong Kong Ponzi scandal

The bank was forced to pay a record $1.9 billion in December 2012 to settle the allegations that it had knowingly allowed for the transactions to go ahead.

HSBC HK shares plummet after reported illicit activity

The revelations underscore challenges for regulatory and financial institutions trying to stop the flow of dirty money despite billions of dollars of investments and penalties imposed on banks in the past decade.

'FinCEN' documents reportedly show banks moved illicit funds

Five global banks appeared most often in the documents — HSBC Holdings Plc, JPMorgan Chase & Co, Deutsche Bank AG, Standard Chartered Plc and Bank of New York Mellon Corp, the ICIJ reported.

Bahamas Chapter – Enforcement of Foreign Judgements (2021)

This team of litigators offered expert analysis of the key issues relating to the enforcement of foreign judgments in The Bahamas for the Getting The Deal Through series which highlights jurisdictions worldwide.

Constitutional changes: UK withdraws Section 81 removal

Premier: 'I'm very disappointed'

Cayman secures $330.4 million in emergency line of credit

The government is paying $1.96 million to establish the line of credit in place, regardless of whether it accesses it or not.

Gibraltar Updates Distributed Ledger Framework to Align With FATF Crypto Regulations

Amendments to new token issuances prevent DLT providers from utilizing internally generated token reserves as part of its regulatory capital requirements.

Jamaican Banks Easing Account Opening Restrictions

Due to the need to satisfy local and international regulations, local banks couldn’t facilitate these people who had a desire to join the formal system but lacked the full documentation.

Creation of security by a Cayman Islands exempted company

This guide therefore examines the key Cayman Islands aspects of the creation by a Company of security over its foreign assets under a foreign law.

The Bahamas Central Bank to Launch Its Digital Currency, the Sand Dollar, Next Month

The Sand Dollar transfers will be made using a mobile-based wallet app on users' phones which will be much easier since more than 90% of the citizens use a mobile phone.

Third Point Reinsurance Ltd. Announces Partnership with New Bermuda-based MGA

Third Point Re will own a minority stake in the newly-formed company.

Regulation, Risk & Compliance