Managers of Wealth Offshore

Cyprus: Outgoing sports watchdog chairman blamed for failure to clean up sports

Akel MP Giorgos Loucaides said the dissolution of the committee appeared to be the result of Papacharalambous’ actions.

BML warns against sharing internet banking credentials on third party websites

Assuring that such websites would be monitored and that steps would be taken to mitigate any potential risks, BML reiterated the message to refrain from sharing personal banking information.

US Beneficial Owner Disclosure Rule

A beneficial owner per the definition of the Act is any individual who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise exercises substantial control over an entity, or owns or controls 25% or more of th

Luxembourg: No Interest And Royalty Deduction For EU Non-Cooperative Tax Jurisdictions

The Cayman Islands was removed from the list at ECOFIN’s last meeting in October 2020 and thus should not be impacted by this new law, given that it is effective from 1 March 2021 onwards.

Mauritius bank adopts AI to ensure compliance

Financial institutions in Mauritius and around the world are under increased pressure by both national and international compliance regulators to implement extensive due-diligence processes.

How Offshore Firms Are Assisting Investment Managers in an Increased Regulatory Environment

However, the Cayman Islands had previously been party to bi-lateral and multilateral treaties enabling the provision of such information on request to most jurisdictions.

Is Guernsey a leading jurisdiction for ICCs?

Large corporate structures with several entities and holdings can often be complicated to manage from an administrative perspective.

Ogier advises on EPIC £335m portfolio sale

The portfolio included the Tesco RDC in Fradley Park Lichfield

Bank of Valletta plc: An update on recent developments

However, on a positive note, as we started seeing an improvement in business sentiment during H2’20, European banks started reversing part of their provisions.

Q&A - Mask wearing rules and legislation in Jersey and Guernsey

A previous amendment to the Covid-19 (Workplace Restrictions) (Jersey) Order 2020 took effect on 30 January 2021.

Independent review recommends changes to regulatory authorisation framework

Our decision to look at our authorisations framework was driven by our commitment to continually improve how we operate and forms part of our wider programme of organisational improvements set out in our four-year strategic roadmap.

Cayman economic substance deadlines

For such entities reporting on a financial period ending on or after 1 March 2020, the deadline is 12 months after the period end date.

BVI’s financial secrecy score worsens in the last two years

The index also grades each country’s legal and financial system with a secrecy score out of 100 where a zero out of 100 is full transparency and a 100 out of 100 is full secrecy.

Commission allows more time for firms to complete regulatory returns

Auditors are also reminded of their obligations to notify the Commission as soon as possible if they become aware at any time of potentially serious issues arising within a firm or fund which they are auditing.

Cayman financial investigators freeze US$200 million

The money is held in a combination of Cayman-based and foreign accounts.

Economic Substance Returns in the Cayman islands

Client companies that have nominated CO Services as Responsible Person will be contacted separately to provide the required information for submission.

BMA confirms three new entities registered in January

Meanwhile, Argo Insurance Services Bermuda was also licensed as an agent.

Investor briefing highlights Cayman’s stability, new regulations

The statements by Premier Alden McLaughlin, Financial Services Minister Tara Rivers and CIMA Managing Director Cindy Scotland

Caveat Depositor. How Safe Is Your Stablecoin?

Many are what we know as “shadow banks.”

Blank Swan Flies Again - New BVI Legistration Confirms Availability Of Free-Standing Interim Relief

The decision in Convoy has been appealed to the Privy Council and is due to be heard on 16 February 2021.

Regulation, Risk & Compliance