Managers of Wealth Offshore

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.

Cyprus is proving to be an attractive destination for investment funds

With the on-going Brexit negotiations causing significant uncertainty across the continent, Cyprus offers a secure and cost-effective European jurisdiction for fund management companies

Spotlight on The Bahamas

The Bahamas will be top of mind for you,” McCartney remarked to an audience that featured a range of service provider and fund management professionals.

BIR wants crackdown on offshore gaming firms

They allowed us to join the task force because we are asking data from Immigration and DOLE on the list of these foreign nationals,” Guballa said.

€17bn pension provider vows to scrutinise firms over tax payments

Fels pointed out that some of PenSam’s members worked its social and heath assistants in a tax-financed welfare sector.

Panama Papers ‘tightened the noose’ on offshore assets of Maduro’s inner circle

In the wake of the scandal, it became harder to launder money through investment in Panamanian real estate for Venezuelans who grew rich on the back of their political connections

Landmark Deal Signed for Redevelopment of New Providence Landfill

The team on this transaction was led by partner, Portia Nicholson

Govt exploring ‘outreach strategy’ with EU on blacklisting

European Union stresses objective of listing process is not to ‘name and shame’ countries

Future of work summit puts Guernsey on the global stage

The event will focus on how to maximise productivity in the workforce as technology develops, as well as understanding the changing face of the workplace and workforce.

Optimism that amendments to Act will satisfy EU requirements

McCartney said the government was indeed active in fine-tuning the amendments.

Pm Urged: ‘Get Offensive’ To Reclaim Local Economy

He argued that the domestic sector, operating solely in Bahamian dollars, was of little to no use to money launderers and other financial criminals

Govt In Late Anti-Blacklist Law Changes

It thus appears that the EU was dissatisfied with parts of the Act passed in early December 2018, and that The Bahamas was in danger of being re-blacklisted if it failed to adjust the legislation to its satisfaction.

Recent IRS Interim Guidance Provides That It Is Not Too Late For Your Willful Clients To Voluntarily Disclose Their Offshore Accounts, But Penalties Abound

As all good things seem to come to an end, in late September 2018 the OVDP sunsetted.

Regulation, Risk & Compliance