Managers of Wealth Offshore

An introduction to the Cayman AML/CFT/CPF regime

Failure to comply with the requirements of Sections 2B or 2C of the PFPA is an offence

Update on changes to the beneficial ownership regime in the Cayman Islands

Many Legal Persons that were previously out of scope or exempt will now need to identify their registrable beneficial owners

Zane DeSilva calls for boycott of Butterfield Bank

He said more than 20 people had contacted him in the past six months to informally share similar experiences.

‘Rebalance’ onerous VAT dispute payment demand

Rather than paying the disputed sum in full, Mr D’Aguilar told this newspaper a more “balanced” method would be for companies to pay a percentage of the disputed VAT

Opposition finance chief blasts ‘indefensible’ bank fee increase

He accused the commercial banks of continuing to “pile on” fee increases at the same time as they are cutting back services to consumers via branch closures and such like.

Enhanced Cayman Islands beneficial ownership transparency regime now in force

The BOT Act reflects a restatement and enhancement of Cayman's beneficial ownership regime.

Regulator orders satellite internet terminals removed from shelves

It explained that the terminals, which the Cayman Compass understands retailed for around $500 in some cases, can connect to satellite networks like Starlink.

Money market report for the week ended August 2, 2024

Information on ECB monetary operations and the domestic Treasury bill market

Progress Made: Changes to the Cayman Islands Beneficial Ownership Regime Now in Force

Those who fall foul of the new regime could face significant penalties.

Post-termination non-compete clauses in employment contracts

Is EU harmonisation on the horizon?

BML suspends payroll and bulk transfers via internet banking

The error was reportedly caused by a change in the bulk payment system.

Why pricing of risk is challenging

Past experiences are not enough to prepare us fully for what may lurk behind the corner to disrupt our lives

Sure’s acquisition of Airtel Vodafone approved in Jersey but still awaits Guernsey decision

The JCRA say that they have conducted a thorough review of the proposed transaction including detailed economic analysis of all information provided by Sure and Airtel and four public consultations.

Change coming to LCCL & TABL regimes and laws

Bush has also asked for the government to place a moratorium on all LCCL businesses with no Cayman partners and for the government to introduce a fee for foreign developers building apartments and hotels of 5% on the value.

International insurer licences increases by 50%

With 12 new licences issued in the first quarter, this brings to 24 the number of new international insurance licences issued in the first six months of 2024, compared to 16 in the same period in 2023.

Changes to Cayman Islands beneficial ownership reporting regime now in effect

Many entities that previously had few or no obligations will have to take steps to comply.

LGT Wealth Management Jersey Limited notice of intended merger

The Company's special resolutions passed under Article 127F of the Law are available to creditors from the Company, free of charge, on request.

Central Bank Governor: Global IT outage shouldn’t derail digitization efforts

One of the things the experience did not fully draw out but is on our radar as the Central Bank is that we need to strengthen the domestic payment system capacity

Guernsey poised to benefit from new LSE rules to boost growth and innovation

The new rules are the biggest change to the listing regime in over 30 years and aim to support a wider range of companies to issue their shares on a UK exchange, increasing opportunities for investors.

Increased Company Size Thresholds for Audit Exemptions in Ireland

The new thresholds apply to financial years commencing on or after 1 January 2024

Regulation, Risk & Compliance