Managers of Wealth Offshore

Scotiabank scraps sale of Antigua and Guyana banks for now amid regulatory and political pushback

Sales completed in seven other Caribbean markets

Jersey Chief Minister to speak at IoD Lunch

The lunch will take place at the Grand Hotel on 21 November.

Grant Thornton acquires Price Bailey

All five Price Bailey staff will join Grant Thornton and, as a result of the acquisition, some of the back-office work currently done by Price Bailey in the UK will now be carried out in Guernsey by Grant Thornton.

International Insolvency and Restructuring Seminar to be held in The Bahamas next month

The Board of Directors of RISA Bahamas wishes to extend thanks to the sponsors and are delighted for this opportunity to showcase The Bahamas’ insolvency and restructuring sector as well as the island of New Providence to international delegates.

OECD warns low-tax jurisdictions about meeting economic substance requirements

The substance requirement demands entities have substantial business activity locally; for example, in terms of staffed offices and management decisions made on the jurisdiction.

Bahamas closer to aircraft registry

The government has signed an agreement with Aviation Registry Group to develop The Bahamas’ registry.

GFSC updates financial crime Handbook

Together with links to a tracked version reflecting the changes made to the version issued in June 2019.

Gambling Commission CEO: Malta operators must improve compliance standards

A further 14 were the subject of enforcement investigations, while seven operators have paid £18m ($23.2m) in penalty packages and five have surrendered their licenses.

CIMA strikes off unfit directors

CIMA is also responsible for regulating insurance firms and it issued a notice this month about three firms that failed to satisfy the its termination requirements.

CySEC adopts FATF’s Guidance on Terrorist Financing Risk Assessment

The Guidance provides best-practice approaches, relevant information sources and practical examples for regulated entities to consider when assessing terrorist financing risk on a country-by-country basis.

Conyers advises PagSeguro

Partner Richard Fear and Counsel Cora Miller of Conyers’ Cayman office advised on this matter working with US Counsel Paul Hastings and Brazilian Counsel Mattos Filho, Veifa Filho, Marrey Jr e Quiroga Advogados.

Guernsey continues China captive market development

“Another distinguishing factor is the existing co-operation agreements between Guernsey and China.”

British Columbia issues new company ownership rules to tackle money laundering

The government claims hidden ownership can be used to avoid taxes and launder money - two issues under public scrutiny in the province.

Guernsey ODPA registration exemptions extended

The ODPA is an independent regulator and as such must be financially independent.

New Year brings new fees for annual return and registry services

The JFSC is writing to Jersey registered businesses and trust companies to advise them of the new fee changes, which will come into effect on 1 January 2020.

Kingston Properties Aims For $2 Billion From Rights Issue

If Kingston Properties raises the $2 billion, the amount would represent more than three times its previous rights issue back in 2015.

Subscription-secured financings in Cayman: enforcement vs perfection

Specialised advice should be obtained for other types of vehicles.

4 Potential Structuring Options for BVI Acquisitions

With onshore M&A procedures often cumbersome and time consuming, the British Virgin Islands continue to offer a range of flexible yet familiar structuring options to facilitate takeover transactions.

Money laundering risk building up in private banks, Luxembourg regulator warns

Their deposits went up by 4% last year, or €32 billion, figures from the bankers’ association ABBL show.

BVI Issues Final Economic Substance Rules

The standard requires that for certain highly mobile sectors of business activity, the core income generating activities must be conducted with qualified employees and operating expenditure in the jurisdiction.

Regulation, Risk & Compliance