Managers of Wealth Offshore

Financial industry welcomes public registers move by Guernsey but Westminster wants more

The transition should not bring any disruption to the financial sector operating in the jurisdiction.

Investment and pension-change complaints expected to continue

ISLANDERS are being warned to ‘never invest in a product they don’t understand’ and be wary of cashing out or transferring their pensions, with complaints relating to the matters on the increase.

Lloyds freezes 8,000 offshore Jersey accounts in dirty money push

UK lender spent three years asking clients for personal information under new rules

Changes to the excluded person regime under the Securities Investment Business Law

The obligation to file AML/CFT reporting forms is a new requirement with two forms to be submitted to CIMA via the online REEFS portal by 15 August 2019.

Labuan IBFC partners with Tricor Group to Enhance Outreach in China

The arrangement, while non- exclusive, provides for a focused commitment by both parties to explore the expansive China market.

Pagcor orders POGOs to follow govt regulations

Tria also urged POGOs not to hesitate to approach Pagcor should they need clarification.

Statistics on automatic exchange of banking information and the right to hold authorities (and banks) to account

It is still hard to know how well this system is working

Dubai regulator warns investors about Cyprus scam

Fraudsters impersonating island’s financial watchdog

Cayman Islands: The New Cayman Regulatory Landscape – What Questions Should a Lender Ask?

This article addresses what Cayman Islands regulatory requirements lenders in the fund finance arena should be aware of and breaks down our views as to what questions can reasonably be asked of borrowers as part of the due diligence process.

Cayman Island Voluntary Liquidations 2019

The timing of the commencement of the voluntary liquidation of a Cayman Islands company was often driven primarily by the desire to avoid incurring the following year's annual government fees.

Implementation of public register needs ‘detailed consideration and care’

P&R PRESIDENT Gavin St Pier, has sought to reassure the finance sector over a public register of beneficial ownership.

Parliament agrees to align with OECD tax transparency rules

The government had tried since 2005 to convince parliament to adapt Swiss law, while in 2015 the OECD said it considered Swiss attempts to tighten rules on bearer shares insufficient.

Reframing escrow agreements: the shift from corporate to private transactions

Escrow agreements are ideal for this kind of transaction because a buyer might be purchasing something they’ve not seen in person or had authenticated by a trusted party they’ve been able to appoint themselves.

Jersey Finance Comments on Commitment to Move Towards Public Registers of Beneficial Ownership

As an industry, we are now looking ahead to working together with government and other partners to move forward

Channel Islands move towards wealth transparency

The move follows sustained pressure on the islands to do their part of tackle tax avoidance.

Islands announce plans to set up ownership registers

The commitment announced today will increase further transparency and accessibility whilst maintaining high standards of accurate, up-to-date, verified information.

Cayman securities investment business - changes for excluded persons

Failure to complete and submit the forms by the 15 August 2019 deadline could result in deregistration of the excluded person.

CIMA cancels broker’s director licence following fraud charges

The Cayman Islands-based broker, together with California-based stock promoter Gannon Giguiere and three others, is accused of having participated in penny stock pump-and-dump schemes that purportedly netted the defendants $1.57 million in proceeds.

Official statement from the governments of Guernsey, Jersey and Isle of Man on beneficial ownership registers

The commitment announced today will increase further transparency and accessibility whilst maintaining high standards of accurate, up-to-date, verified information.

Beneficial Ownership Update: Crown Dependencies

The Crown Dependencies (Jersey, Guernsey and the Isle of Man) have announced a joint policy commitment as to “ultimate beneficial ownership” information.

Regulation, Risk & Compliance