Managers of Wealth Offshore

EU ‘dirty money’ action plan faces resistance, criticism

Reuters has reported that the plan has faced resistance already from three member states embroiled in money laundering scandals: Estonia, Hungary and the Czech Republic.

The European Commission approves the COVID-19 Interest Rate Subsidy Scheme

The government has allocated around €40 million to pay up to 2.5 per cent interest due on the working capital loans covered under the MDB COVID-19 Guarantee Scheme, for the first two years.

HSBC urges island businesses to stay alert to cyber fraud in face of Covid-19

In addition, fraudsters have sought to exploit mass communications around Covid-19 by attempting to divert payments through purchase scams for medical equipment and fake mobile apps purporting to be related to Covid-19.

Probate and estate planning administration for Guernsey domiciliaries

Guernsey is an independent legal jurisdiction for estate administration purposes.

IFM notification on fund issues and large redemptions via CSSF eDesk

The CSSF has now extended this monitoring to a greater number of IFMs and has integrated the accompanying notification process into its eDesk portal.

The importance of a robust sales process: sanction applications for the sale of company property under the Cayman Islands Companies Law

If it is not satisfied that the best commercial interests of the company (as reflected by the wishes of stakeholders) are met by the proposed sale, then sanction will be refused.

SLiC International Closes Seed Funding Round

SLiC selected Bermuda as it’s global headquarters due to its sophisticated legal structure and skilled workforce.

The Cayman Islands Private Funds Law 2020: an overview of the latest changes

The law also includes operational changes in a number of areas, such as annual audit requirements, annual return for the fund, record retention, valuations, cash monitoring and safekeeping of assets.

Mauritius Minister of Health Issues Regulations Under Section 79A of the Publish Health Act - The Employment Perspective

Mauritius has been under a national lockdown since 20 March 2020

EU lists Mauritius as high risk country for money laundering

The EU’s revised list for high risk countries considered developments that have taken place at the international level since 2018.

EU, Caribbean Nations at Loggerheads Over Money Laundering Blacklist

The EU blacklist uses the FATF monitoring list as a starting point and serves as a way to hold the included countries accountable since the FATF has no enforcement ability of its own.

The End Of Treaty Abuse And A Fresh Start Of Tax Treaty Use – The Multilateral Instrument (MLI)

Each signatory has chosen which Double Tax Treaties to be included in the Instrument and submitted its MLI positions with respect to the different options provided for in the MLI.

Bermuda edges towards phase two of its COVID-19 response strategy

Bermuda is also looking at other COVID-19 related apps that will help the country manage the pandemic

Malta delays the start of EU office to fight corruption

Without Malta's nomination, EPPO will not be able to operate

Liquidity Options for Fund Managers

Even during times of crisis, a manager is constrained by the powers that are granted to them under the terms of the fund documents, and they will generally not be able to take any actions that are not expressly permitted under those documents.

Bermuda: Economic substance declaration portal now available

The ESD will collect information that will be considered by the Registrar when determining whether an entity meets the economic substance requirements, including the following types of information:

Q & A On The EU Listing Of The Bahamas

The Bahamas will continue to liaise with the FATF to ensure the on-site inspection takes place

Bahamas 'disappointed' by EU's blacklist proposal

The Caribbean jurisdiction, which is also part of the British Commonwealth, underlined that it remains fully compliant on tax co-operation and transparency and is not included on any EU blacklist for tax purposes.

Harneys litigation podcast “Take 10” season two

Could the common law power of recognition be relied upon by PRC Administrators instead?

Governor Byles promises Jamaica will be off EU blacklist next year

Governor Byles pointed out that the BOJ's recently overhauled regulatory regime for electronic retail payment system, dubbed the fintech regulatory sandbox would assist in the Jamaica getting off the blacklist.

Regulation, Risk & Compliance