Managers of Wealth Offshore

Expats win appeal over penalties on delisted Qrops

HMRC claimed pension transfers were unauthorised

Task force gives Isle of Man a year to improve AML compliance

The IoM regulator improves oversight in eight out of 40 problem areas

HMRC warns it will use social media to track down tax evaders

Criminal investigation is usually reserved for cases where HMRC needs to send a strong deterrent message or where the conduct involved is very serious.

Cayman Islands in spotlight ahead of Florida senate elections, as new anti-money laundering rules loom

The Cayman Islands has not yet overcome the negative stigma of being a tax haven, facilitating money laundering and tax avoidance of wealthy Americans and Europeans.

More than 1,000 people a day need to settle Rangers-style avoidance schemes before deadline to avoid charge

Those who fail to provide information to HMRC by September 30 will face a “loan charge” in April next year.

British Overseas Territories: privacy vs transparency

Government pressure for greater financial transparency must also strike a delicate balance with the need for privacy

BVI mulls whether to take on UK in public registers dispute

The island fears that publicising the names of these beneficial owners could discourage them from doing business with the BVI

Out with the old – BVI probate rules

The BVI has entirely revoked its old probate rules

BAHAMAS: ‘Higher Capital Buffers’ For Commercial Banks

“When the need arises to deploy this pre-raised capital, however, it will be important that high fixed capital requirements do not impair a Bahamian banking and economic recovery.”

Financial system risk is elevated and global standards are essential in managing cross-border infrastructure investment

The report says the financial outlook will also be shaped by China’s ability to manage risks relating to high indebtedness and leverage in its banking, shadow banking and wealth management industries.

Measures to avoid EU blacklist could hurt BVI’s finance sector

No details on the legislative changes that are being prepared have been made public, even as the December 2018 deadline to implement the changes looms.

Demerger Regime introduced in Jersey

The Regulations will allow for a Jersey company to demerge into two or more Jersey companies, which may or may not include the demerging company

OECD releases fourth round of BEPS Action 14 peer review reports

A document addressing the implementation of best practices is also available for each jurisdiction that opted to have such best practices assessed.

Eric Watson used Caymans to 'disguise commercial reality', courts hear

The case hinges on a series of related-party loans and share transfers undertaken in 2002 as rich-lister Watson formally left New Zealand - a step intended to sever his taxable ties to the country of his birth - to reside in London.

From Roman stoics to UK case law – lessons on stress management

"From the point of view of employers, prevention is always better than cure – this session looks at case law about how the courts and tribunals deal with stress disputes, how potential claims arise, and what the statute book has to say.

The need for insolvency fail-safe in Cayman

This legislative position, affirmed by the Grand Court in the China Shanshui case, can be problematic.

Commissioner reports on data breaches

The ODPC continues to be engaged with the data controller on these cases.

Bermuda's Charities Amendment Act: Balancing AML/ATF standards and privacy

The public only has the right to inspect the register of charities in respect of public charities, together with such public charities’ statements of accounts and annual reports.

Gibraltar-headquartered Sovereign obtains new Hong Kong licences

Any person who carries on a trust or company service business in Hong Kong without a licence commits an offence.

Jersey opens tax consultation to appease EU and avoid blacklist

Crown dependency canvassing stakeholders on substance rules in bid to avoid being branded a tax haven

Regulation, Risk & Compliance