07/25/2019
Cyprus regulator and certified accountants join forces to fight money laundering
The MoU was signed by CySEC chairwoman Demetra Kalogerou and ICPAC chairman Demetris Vakis
Regulation, Risk & Compliance
07/25/2019
Switzerland abolishes bearer shares
The abolishment of bearer shares is all encompassing, and from the 1st January 2020, no Swiss company will be able to issue bearer shares – even if they are able to do so currently.
07/25/2019
European Commission Calls for Tougher Action on Money Laundering
One of the four reports is intended to serve as a “post-mortem” analysis of suspected money laundering
07/25/2019
Navigating Economic Substance
The requirement to show Economic Substance is primarily aimed at preventing what is called “base erosion and profit shifting”.
07/25/2019
CYPRUS: Financial Action Task Force Guidance on Risk-based Approach for Trust and Company Service Providers
The Guidance is aimed at TCSP practitioners, countries and their competent authorities
07/25/2019
OECD says Cayman tax regime not harmful
Tara Rivers was expected to present several amendments to the LA to ensure that Cayman meets the latest raft of international standards, while the OECD-led 131-country coalition has given Cayman the nod of approval.
07/24/2019
Financial services bills dominate Legislative Assembly agenda
Despite the lengthy list of legislation, the sessions is expected to last only three days.
07/24/2019
Trust Essentials - July 2019
This article sets out a brief overview of the new substance regime with a particular focus on its application to private wealth structures.
07/24/2019
SOS Substance on Substance: Episode two
The update clarified that the commencement dates for entities’ first “financial period” remain unchanged
07/24/2019
Update on the Isle of Man Personal Injury Discount Rate
Despite the 2017 change in England and Wales, no change was made to the discount rate in so far as it applied to Isle of Man cases.
07/24/2019
Circle to Base International Operations From New Bermudan Entity
Circle was granted a ‘Class F’ license under the Bermudan Digital Assets Business Act of 2018 with the Circle describing itself as “the first major crypto finance company” to receive the permit.
07/24/2019
Suspected Crypto Ponzi Scheme has no License in Malta, Regulator warns
“The MFSA wishes to alert the public, in Malta and abroad, that Emirate Coin Tech is NOT a Maltese registered Company NOR licenced or otherwise authorised by the MFSA to provide any investment, crypto currency or other financial services which are r
07/23/2019
Harmonizing international regulations in the digital economy
In preparation for this meeting, assistant attorney general Makan Delrahim met on June 5 with his G7 counterparts in Paris and drafted a common understanding of G7 competition authorities on competition and the digital economy to inform the discussion in
07/23/2019
Trusts to be kept out of UK's new beneficial ownership register
The risk of criminals exploiting UK trusts to launder money is assessed to be low
07/23/2019
Malta’s anti-money laundering regime fails final Moneyval review
PN asks what the government is going to do about it
07/22/2019
Mauritius Regulatory Update
As a competitive offshore jurisdiction of choice, Mauritius continues to grow steadily to further promote its capabilities and opportunities to investors.
07/22/2019
Landscape of Bermuda financial sanctions
Financial sanctions are imposed to combat money laundering, terrorist financing and the development of weapons of mass destruction.
07/22/2019
ECCB to launch pilot digital currency project
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
07/22/2019
Bermuda raises retirement age for public servants
Pearman said that, while some might be concerned that an increase to the retirement age might slow the ability of younger workers to move up the ranks, that concern was outweighed by other factors.
07/22/2019
Trustees’ liens: first in time, first in line
Equity Trust maintained its claim took priority over the Z II Trust’s other creditors.