Managers of Wealth Offshore

S&P improves its assessment of outlook for Guernsey

These strengths are offset by the external risks to Guernsey’s economy and policymaking framework, and its lack of meaningful monetary flexibility.”

European Union: The General Election And The Future Of Brexit - What It Means For Guernsey Funds

Brexit will therefore have no direct impact on the Channel Islands' financial services industries.

The LuxSE updates its Rules & Regulations

The LuxSE has substantially amended its Rules & Regulations to integrate recent mandatory legal and regulatory developments as well as to provide increased clarity, transparency and usability for its clients.

Bermuda Recognised As A Global Leader In The Fight Against Financial Crime

Alongside the supervisory authorities, the financial institutions of Bermuda and in particular the insurance sector, demonstrated a strong understanding of their exposures to ML/TF risks with supporting mature risk rating frameworks.

Gov’t presses on to meet CFATF requirements

While Cayman insists its offshore sector is extremely well regulated, there are still vulnerabilities there and across other previously unregulated sectors.

What money laundering rules mean for crypto and trusts

There are significant penalties for those individuals and entities failing to fulfil their responsibilities.

A new framework for Cayman's regulatory regime for investment funds

On 30 January, the new bill and the amendment will be put before the Legislative Assembly for any final amendments, before they are passed into law.

Key Regulatory Topics: Weekly Update 20 December 2019 - 9 January 2020

Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector.

Global banks hit with £6.2bn in fines

This is double the amount, and nearly double the value, of penalties handed out in 2018, when 29 fines of $4.27bn (£3.2bn) were imposed.

FRC review of new corporate governance code early adopters

The FRC noted their policy seems to have made an immediate impact on the FTSE 250 with the number of chair’s serving for over 9 years dropping by 33% (from 73 to 49)

Bermuda declared a top-tier jurisdiction for AML

It is also working to implement its framework for licensing and supervision of relevant private trust companies and to ensure the appropriate oversight of privately funded charities.

Collas Crill Explainsreinstating A Dissolved Jersey Company

The Law has a procedure that allows a Jersey company which has been dissolved to be reinstated.

Bulgin: Cayman suffering from ‘review fatigue’

Laments continuous changes in international rules

Jersey's private wealth relationship with the Middle East

The relationship between Jersey and the Middle East is an important one.

BVI Funds Regulatory Update by Ogier

This change will bring BVI into line with other jurisdictions who have enacted similar legislation in recent times

France blacklists BVI, Bahamas

Panama remained on the list for the same reasons

CSSF Provides Clarification on UBO Identification and Verification

The Commission de Surveillance du Secteur Financier, published CSSF circular 19/732 regarding clarifications on the identification and verification of the identity of ultimate beneficial owners.

New ESG Disclosure Requirements for EU Funds and Asset Managers

A new EU Disclosure Regulation EU/2019/2088 on disclosures to be made by asset managers and investment funds relating to sustainable investments and sustainability risks has been made.

France blacklists BVI and Bahamas as non-cooperative tax havens

France has blamed the jurisdictions' deficiencies in the exchange of tax information for the listing, stating that French tax authorities were unable to obtain the requested information.

Government proposes changes to Cayman Islands funds regime

Under the bill, CIMA will have the power to enforce special measures against a private fund if the authority believes the fund has breached

Regulation, Risk & Compliance