Managers of Wealth Offshore

CFATF anti-money laundering requirements to cost Cayman millions

Estimates have not been publicly made about how much CFATF-mandated reforms will cost, but the number is in the millions.

GIFA announce brand refresh with new name and modernised logo

During the development of GIFA’s refreshed brand identity, we set out to retain the heritage of the association while modernising the look and feel.”

Answering the call to combat financial fraud

For the purveyors of technology-assisted financial crimes, identity, account access, and payment data are the golden keys that open the door to these organizations’ proverbial bank vaults.

How Guernsey is part of the British financial services family

For 20 years, Guernsey has been at the forefront of developing and meeting evolving global regulatory standards.

$7.8m Caught In Payment Frauds

This is then copied on to a blank card’s magnetic strip, enabling thieves to steal a person’s identity and make purchases or withdraw cash in the actual account holder’s name.

Substance is key for family offices

The independent research, commissioned by Guernsey Finance and carried out by consultancy Gibson Strategy in February and March this year, interviewed family offices, high net worth families and corporate service providers.

Jersey regulator proposes fee changes for registry services

The recommended fee increases are said to be broadly in line with inflation and the decreases will eventually lead to some registry services being offered free of charge,

Thousands of Brits affected by Malta’s pension regulation overhaul

The tougher regulations further enhance client protections, as it is no longer enough for the financial adviser to only be licensed.

BVI ITA publishes Draft Economic Substance Code

The Code provides clarification for entities which may be subject to economic substance requirements to assist with compliance under the Act.

Real Estate Agents, Brokers And Developers - Mandatory Registration With The Department Of Commerce And Investment

The need for such registration is part of Cayman’s commitment to combating money laundering and terrorism financing.

Four (Digital) Candles

The Ordinance confirms that the creation, formation, execution and performance of binding contracts can be effected by computers without human intervention.

Guidance on Guernsey's economic substance requirements published

The Code of Conduct Group were then instructed by the EU Council to undertake a screening process whereby jurisdictions, including Guernsey, were assessed

Money Laundering and the Regulations: When to Report ‘Suspicious Activity’

Where a suspicion does arise, a report to the National Crime Agency may be necessary to obtain a defence before handling such property or becoming concerned in such arrangements.

Are OfReg’s troubles ‘growing pains’ or something more?

But lawmakers, rightly, took the opportunity to question what returns Cayman’s residents have thus far reaped from government’s considerable investment in OfReg.

The mind-boggling scope of HMRC’s new systems

Taxpayers need to be aware that it will be used increasingly – thus placing a higher burden on taxpayers, since the onus is on them to prove their returns are correct.” Says Jessica McLellan, a Director in Tax Risk at Blick Rothenberg.

New Program to Increase Bahamian Ownership of Gov't Assets

The Bahamian people will be empowered to own their own complexes and have returns of 5-6 per cent as opposed to 0.5 per cent as is given in the bank.

Legislators to join international seminar

CPA members travelling to Bermuda from the UK will include the CPA secretary-general, Akbar Khan.

Guernsey Green Finance keen to develop green insurance

Mike Johns, Chairman of GIIA, said: “We do not believe that policyholders should be exposed to unnecessary risk so that the insurer may pursue green and sustainable initiatives.

The Private Trust Companies Regulations in the Cayman Islands

This required substantial disclosures and approvals and other ongoing vetting and regulation by CIMA including a capital requirement and the requirement for an annual audit.

Implications of the BVI Economic Substance Act

Pre-existing entities which are in existence on 1 January 2019 will need to demonstrate economic substance requirements no later than 30 June 2019 and meet reporting obligations within one year of that date.

Regulation, Risk & Compliance