Managers of Wealth Offshore

EBA publishes guidelines on ICT and security risk management

These Guidelines set out expectations on how all financial institutions should manage internal and external ICT and security risks that they are exposed to.

Scotiabank To Sell Its Operations In British Virgin Islands To Republic Bank

The transaction supports the Bank's strategic decision to focus on operations across its footprint where it can achieve greater scale and deliver the best value for customers, Scotiabank said in a statement.

Nomura receives regulatory approval for crypto custody in Jersey

"This is part of a bigger trend, where institutional custody players are getting their head around the digital assets space.”

Appleby Advises KKR on GBP 45 Million Acquisition of Prometic Bioseparations

The total purchase price is up to GBP 45 million, subject to adjustments for working capital and indebtedness and the achievement of future revenue thresholds.

Bermuda’s AML regime among the best in the world: Premier Burt

Bermuda had been ahead of other jurisdictions in accommodating ILS business, which is why he started doing business there more than a decade ago.

US FATCA crackdown pushing demand for tax advice

The FATCA international tax code was designed to stop Americans stashing money abroad to evade tax.

Mizuho penalized for not reporting $77m in Caymans profits

Japanese megabank says it didn't skirt taxes in 2008 effort to raise capital

Yorgen Fenech’s 61 connected companies under scrutiny

Financial Intelligence Analysis Unit launches hunt for money laundering

Guernsey ‘stronger’ as updated economic substance guidance is published

Guernsey was placed on the whitelist at the earliest opportunity in the process in March 2019.

Updated economic substance requirements for Guernsey fund managers

Fund managers are in scope of the law where they have income in relation to their fund management activities.

UPDATE 1-Swiss revamp antiquated money laundering, terrorism finance report system

Switzerland, the world’s largest repository for offshore wealth

MS Amlin restructures business to strengthen international collaboration

James Illingworth will also step down as chief underwriting officer, but retains his seat as a non-executive director of the group in the near term.

BVI Securities And Investment Business (Amendment) Bill

The FSC will have the power to issue regulations to supplement the legislation (Regulations).

Bermuda to be ‘less affected’ by Brexit

“Bermuda is less affected than some other overseas territories as we do not receive aid from the European Union."

BVI to embrace digitalisation to further innovate funds industry

Weak links, whether large or small can have significant effect and impact.

Cayman National Bank IOM confirms customer account details stolen in hack

The bank warned stolen details could be used for "fraudulent purposes" and said it would contact customers affected.

Vattenfall chief calls for 'EU-level offshore vision'

Industry facing “unprecedented pressure” Gunnar Groebler tells Offshore2019 delegates

11 POGO branches shut due to tax violations, BIR says

The government has intensified its crackdown on illegitimate operations following a plea from China to "punish" firms that illegally recruit its nationals.

Why Guernsey and Jersey should be in your UK/European tool kit

The mature and stable regimes of the Channel Islands offer Asia-based managers an efficient hub to manage capital flows across the world, write Carey Olsen's Andrew Tually and Susan McKinstray.

Switzerland pushes for more financial transparency

The Swiss parliament is likely to examine the proposal for the first time in the 2020 spring session.

Regulation, Risk & Compliance