12/03/2018
Bermuda insurers increase cat resilience
In addition, the global share of gross estimated potential loss assumed by Bermuda insurers on major catastrophe perils (combined) increased by about 2.0 percent.
Regulation, Risk & Compliance
11/30/2018
End to rulings on Swiss principal companies and finance branches
Under the current regime, a notional interest is calculated on the capital made available to the Swiss permanent establishment that leads to a reduced taxable net profit of the Swiss finance branch in Switzerland.
11/30/2018
Private Wealth in the spotlight at Guernsey Finance Forum
The event was extremely well attended which is testament to Guernsey’s reputation in the London market and the calibre of speakers including Sir John Sawers, former head of the MI6 Intelligence Service, who delivered the keynote speech.
11/30/2018
Changes to the Charity Commission charity register - what does it mean for trustees?
Any pre-existing dispensation for a trustee displaying their legal name on the register will automatically remain in place.
11/29/2018
Cayman Funds - Meeting the new anti-money laundering rules, deadline approaching
This change means that all regulated funds – those registered or licensed with the Cayman Islands Monetary Authority (CIMA) – as well as unregulated investment entities, such as private equity, venture capital and real estate funds, are caught
11/29/2018
Caribbean Banks support passage of tax bill amendments
CAB “strongly encourages” Caribbean countries that have not yet done so to ensure that they are compliant with international automatic exchange of information/exchange of information on request (AEOI/EOIR) tax standards in order to avoid the n
11/28/2018
Gibraltar regulator grants Lendingblock in-principle licence as DLT Provider
Following this in-principle decision and the successful testing period, the Lendingblock platform is open for institutional onboarding in preparation for launch.
11/27/2018
Barbados captives to pay license fee and zero tax under new law
The legislative changes are part of Barbados’ commitment to ensure it is compliant with the Organisation for Economic Cooperation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) programme
11/27/2018
Update on the Isle of Man Personal Injury Discount Rate
The Bill will now return to the House of Lords for consideration of the amendments and Royal Assent may be received in November, meaning that new rate is likely to be in place by July 2019.
11/27/2018
Barbados minister foresees OECD compliance by year-end
Payments by Barbados-registered IBCs to non-residents and to other IBCs currently benefit from a range of tax exemptions.
11/26/2018
Brexit: May gives way over Gibraltar after Spain's 'veto' threat
Spanish prime minister had demanded written assurance as price of support for withdrawal agreement
11/23/2018
BITU says Scotiabank dispute could become regional
The bank moved its back-office operations, inclusive of account processing, reconciliations, customer support, and collection services to Port of Spain to cover customers in Trinidad and Tobago and 17 other countries in the Caribbean from that location.
11/23/2018
Guernsey substance proposals – the Banking and Finance perspective
The tests require companies that are in scope to demonstrate that they meet the economic substance tests, including that they are "directed and managed" in Guernsey
11/23/2018
CIMA to supervise banking groups on a consolidated basis
CIMA supervises and regulates banks incorporated and licensed in Cayman in accordance with the principles developed by the Basel Committee on Banking Supervision.
11/23/2018
Former Saint Lucia prime minister critical of Caribbean Development Bank
Anthony said there’s nothing that the CDB loves more than consultants, adding that every single project must have consultants.
11/23/2018
Trinidad opposition blames government over possible international blacklisting
She said that the opposition is maintaining its position that the Income Tax (Amendment) Bill, 2018 “lacks clarity, is ambiguous and flawed” and that she had received correspondence from Finance Minister Colm Imbert on the matter.
11/22/2018
St Kitts highlights citizenship scheme to GCC residents
The country also allows dual citizenship and holders of its passport can also keep and the original passport of the country of the immigrant’s origin.
11/22/2018
After Malta, Denmark and Latvia scandals, ECB boosts money laundering scrutiny
The ECB is to launch a dedicated network of watchdogs sharing information on the matter, its chief supervisor Daniele Nouy said yesterday.
11/22/2018
Big Four rivals outline recommendations for changing UK audit market
It has become the narrative that refuses to go away for the largest professional services firms of the UK
11/22/2018
Border control merger a ‘multi-year’ project
Though the new agency will be established on Jan. 1 under the leadership of the current Collector of Customs Charles Clifford