Managers of Wealth Offshore

How the FinCen Papers provide an opportunity to improve the Suspicious Activity Report (SARs) regime

Buzzfeed has had these SARs for over a year.

OECD/G20 Inclusive Framework on BEPS shows progress in implementing tax transparency through Action 13 Country-by-Country reporting

This is to ensure a timely and consistent implementation across the world, which is key to the success of CbC reporting.

EU-US Privacy Shield declared invalid – what's next?

To ensure transatlantic data flows between the EU and the US following this annulment, the EU Commission and the US government reached a new political agreement on the subject, following which the Privacy Shield decision was adopted in July 2016.

FINMA reprimands Swiss private Bank

In the course of these proceedings FINMA found that the bank did not make sufficient efforts to investigate the substantial growth in the client’s assets.

Guernsey signs pension agreement with Latvia

The Agreement will enable them to get a small, part pension from Guernsey when they reach pension age.

Jersey may broker its own deal with the EU: Brexit

No 10 described a deal as only "still possible" - with a strong attack on the EU's failure to give ground.

Ireland Update – Data Protection Commission issues Guidance on Cookies

The purpose of this examination was to determine how, and whether, organisations are complying with the law in this area.

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.

Regulation, Risk & Compliance