Managers of Wealth Offshore

Jersey's regulator gets top ratings under new standards

The evaluation made a small number of recommendations to improve the JFSC's existing practices, some of which the regulator has already acted upon or is in the process of doing so.

Bermuda's beneficial ownership registers now in full operation

Beneficial owners are any individual or individuals who directly or indirectly own or control more than 25% of the shares, voting rights or interests in a company or who control a company by other means.

Jersey tax alert Guidance on economic substance legislation released

The Jersey authorities also have released additional guidance on the information in relation to economic substance to be disclosed in the Jersey corporate tax return for 2019 and subsequent years.

BVI: Draft Economic Substance Code released

The Code provides important clarifications regarding the implementation of the new economic substance rules in the BVI

Human error remains biggest risk in data protection locally

The Bailiwick’s Data Protection Commissioner, Emma Martins, commented on the trends observed in thenature of the breaches reported.

Guidance on Aspects in Relation to the Economic- Substance Requirements as Issued by Guernsey, Isle of Man and Jersey

The guidance is principles based and therefore, cannot cover specific scenarios and will not replace the need to take independent professional advice.

CFATF anti-money laundering requirements to cost Cayman millions

Estimates have not been publicly made about how much CFATF-mandated reforms will cost, but the number is in the millions.

GIFA announce brand refresh with new name and modernised logo

During the development of GIFA’s refreshed brand identity, we set out to retain the heritage of the association while modernising the look and feel.”

Answering the call to combat financial fraud

For the purveyors of technology-assisted financial crimes, identity, account access, and payment data are the golden keys that open the door to these organizations’ proverbial bank vaults.

How Guernsey is part of the British financial services family

For 20 years, Guernsey has been at the forefront of developing and meeting evolving global regulatory standards.

$7.8m Caught In Payment Frauds

This is then copied on to a blank card’s magnetic strip, enabling thieves to steal a person’s identity and make purchases or withdraw cash in the actual account holder’s name.

Substance is key for family offices

The independent research, commissioned by Guernsey Finance and carried out by consultancy Gibson Strategy in February and March this year, interviewed family offices, high net worth families and corporate service providers.

Jersey regulator proposes fee changes for registry services

The recommended fee increases are said to be broadly in line with inflation and the decreases will eventually lead to some registry services being offered free of charge,

Thousands of Brits affected by Malta’s pension regulation overhaul

The tougher regulations further enhance client protections, as it is no longer enough for the financial adviser to only be licensed.

BVI ITA publishes Draft Economic Substance Code

The Code provides clarification for entities which may be subject to economic substance requirements to assist with compliance under the Act.

Real Estate Agents, Brokers And Developers - Mandatory Registration With The Department Of Commerce And Investment

The need for such registration is part of Cayman’s commitment to combating money laundering and terrorism financing.

Four (Digital) Candles

The Ordinance confirms that the creation, formation, execution and performance of binding contracts can be effected by computers without human intervention.

Guidance on Guernsey's economic substance requirements published

The Code of Conduct Group were then instructed by the EU Council to undertake a screening process whereby jurisdictions, including Guernsey, were assessed

Money Laundering and the Regulations: When to Report ‘Suspicious Activity’

Where a suspicion does arise, a report to the National Crime Agency may be necessary to obtain a defence before handling such property or becoming concerned in such arrangements.

Are OfReg’s troubles ‘growing pains’ or something more?

But lawmakers, rightly, took the opportunity to question what returns Cayman’s residents have thus far reaped from government’s considerable investment in OfReg.

Regulation, Risk & Compliance