Managers of Wealth Offshore

Scotiabank announces sale of Puerto Rico and US Virgin Islands operations

Oriental Bank and Scotiabank will work together to help facilitate a smooth transition for the business.

Expanding Into the U.S.: Should You Incorporate in Delaware?

Delaware’s popularity isn’t accidental.

Guernsey insurance supervision sets high standards

Guernsey is the leading captive insurance market in Europe, and is also engaged in reinsurance, insurance-linked securities and longevity risk transfers, as well as some specialist insurance.

RISA Bahamas to host international insolvency seminar

This will be the first event held by INSOL International in The Bahamas

Exclusive Jurisdiction Clauses – Are They Really Exclusive?

In 2016, it was discovered that large sums had been misappropriated through fraudulent actions under the control of one of the credit advisors in which it had invested (and which had purportedly been audited).

Collas Crill Secures Lease Agreement Between Premier Inn And Comprop

The project will also include an office building, restaurant and multi-storey car park, due to complete in December 2021.

Forced Heirship: Options in The Bahamas to Address Disposition Concerns

Specifically, the statutory provisions are intended to avoid the imposition of foreign laws and claims arising out of forced heirship and matrimonial proceedings pursuant to such laws.

Highlights of the Securities Industry (Amendment) Act, 2019

The SCB is now empowered to waive any automatic administrative penalty, in whole or in part, where it considers that it would not be contrary to the public interest to do so.

Drone Regulations in The Bahamas

An unregistered UAS brought into The Bahamas will be retained by the Bahamas Customs Department until registration is obtained.

Guernsey gains insurance regulation approval

The Commission also acknowledges the helpful recommendations contained within the report where, going forwards, Guernsey can further enhance its compliance with international standards.

Switzerland to Tighten its Anti-Money Laundering Rules

The proposed policy update follows the recommendations of the Financial Action Task Force, a global anti-money laundering watchdog.

The German Tax-Dodge Probe That’s Roiling Banks

The trades exploited an interpretation of the tax code that appeared, at the time, to let multiple people claim ownership of the same shares of stock and—crucially—the right to a refund of taxes withheld from dividends.

PNB fraud: Swiss authorities freeze bank accounts of Nirav Modi, sister Purvi

The ED, official sources said, made the request to the Swiss authorities sometime back and sent an official request under the criminal provisions of the Prevention of Money Laundering Act (PMLA).

MiFID II impact could be worse than expected, study finds

The impacts of MiFID II could be worse than previously expected according to new research.

Bermuda Government Proposes Legislative Amendment to Exempt Non-Tax Resident from Economic Substance Requirements

A non-resident entity means an entity which is resident for tax purposes in a jurisdiction outside Bermuda that is not in Annex 1 to the EU list of non-cooperative jurisdictions for tax purposes (the so-called 'black list').

EU ‘welcomes’ economic substance amendment

The Economic Substance Amendment Act 2019 was tabled and passed by MPs last Friday and senators followed suit yesterday.

Bermuda poised to pass Economic Substance Amendment Act

Curtis Dickinson, Bermuda’s minister of finance, told the House that this “puts Bermuda at a serious commercial disadvantage relative to all of our competitors.”

Obligatory registration of UBO’s in the Netherlands from 2020: an overview of the proposal

The data will be centralised in a ‘UBO register.

Money laundering and terrorist financing controls in overseas jurisdictions – advisory notice

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017) require the UK regulated sector to apply enhanced customer due diligence to high-risk countries.

BVI: Filing Deadline Extended For Reporting Financial Institutions

Financial institutions who have not reviewed this list should do so and ensure that they report all the relevant reportable accounts for all applicable reportable jurisdictions no later than July 31.

Regulation, Risk & Compliance