Managers of Wealth Offshore

Luxembourg law on the register of beneficial owners comes into force

Entities are not only obliged to provide information to the RBE, but also to hold such information, including supporting documents, at their registered office.

EDITORIAL – Offshore under microscope again, with no end in sight

This is despite the fact that the Cayman Islands government, as is its custom, adopted and has implemented most of the safeguards and hoop-jumping required to placate the task force – for now, at least.

The Asian Banking and Finance Sector; 2019 and beyond [Brought to you by Appleby]

China has recently introduced a series of cybersecurity and data protection regimes which can and will affect the operation of the banking and finance sector.

Cyprus pushes to bring crypto assets under EU money laundering rules

Тhe EU directive sets a new legal framework for European financial regulators to monitor crypto-related businesses and service providers in order to protect against money laundering and terrorism financing.

Permanent Capital’s Acquisition of Bermuda Commercial Bank

Permanent Capital intends to grow BCB into a full-service commercial bank.

Cayman bracing for negative Financial Action Task Force review

Mr. McLaughlin did not go into specifics, but statements have been made in recent public hearings that demonstrate Cayman’s struggles to meet FATF standards.

Guernsey welcomes UN PRI Climate Change Reporting Development

Guernsey is positioned at the forefront of the development of green and sustainable finance as a member of the UN’s International Network of Financial Centres for Sustainability

2019 will see the US as key offshore center as OECD’s CRS restricts global banking

Although there are some delays, in 2019 the vast majority of committed countries will be exchanging information under the Organisation for Economic Co-operation and Development’s (OECD) common reporting standard (CRS).

Top 5 countries with the highest trade tariffs

The world’s most developed nations tend to favour low tariffs, while poorer countries have retained higher trade barriers

Premier dismayed by report calling for British voting rights in overseas territories

What annoys me is that if the people behind the report were to get into power

Britain’s bond with Cayman: Governor seeks to restore ‘trust and confidence’

Four months into the job, the governor believes he has already done much to restore “trust and confidence.”

Your taxes OECD proposals for a digitized economy

Taxation based on marketing intangibles may reflect, for example, trademarks, trade names, customer lists, customer relationships, proprietary marketing and customer data.

Bahamas Signs $12 Million Bilateral Agreement With China for Economic and Technical Cooperation

Chinese Ambassador to The Bahamas, His Excellency Huang Qinguo said that today was a ‘good’ day for the two countries.

Transatlantic tensions over dirty money

The US and EU governments are unhappy with Brussels’ money laundering blacklist

Butterfield to sharpen cost-cutting focus

In the fourth quarter, Butterfield reported $1.2 million in redundancy costs and a $14.6 million increase in salaries and other employee benefits due to new teams to service its expanded trust business.

Virgin Islands launch new BEPS measure

The VI’s most recent measure came in the form of amendments to the Mutual Legal Assistance (Tax Matters) Act

Abraaj close to selling major assets

Abraaj’s largest creditor, Kuwait’s Public Institution for Social Security, has filed a petition in the Grand Court for the company’s Cayman entities – Abraaj Holdings and Abraaj Investment Management Ltd. – to be wound up an

Foreign affairs select committee calls for overseas territories to publish ownership registers

The foreign affairs select committee said today that "those who seek to undermine our security and that of our allies must not be able to use the overseas territories to launder their funds."

Gov’t rejects 'dirty money' blacklisting by European Commission

The European Commission said in a statement issued February 13, 2019, that it has adopted a new list of 23 jurisdictions with ‘weak anti-money laundering and terrorist financing regimes’.

New law on validity of Wills in Cayman offers ‘far greater flexibility’

Previous rules, based on common law, placed restrictions on how a will dealing with any asset other than land or buildings would be recognised in the Cayman Islands.

Regulation, Risk & Compliance