02/07/2019
HMRC allowed to request documents from person abroad says Court of Appeal
There are fines for failing to comply with a notice, and criminal offences for destroying or tampering with documents.
Regulation, Risk & Compliance
02/07/2019
Cayman Islands: Anti-Money Laundering Audits Required For Securities Investment Business Excluded Persons
The Guidance Notes provide, amongst other things, that financial services providers should, on a regular basis
02/07/2019
Changes to the Guernsey AML/CFT Handbook
The GFSC has announced that in anticipation of the changes to the law it has already begun adopting the new rules to allow for technical issues which could lead to complications once the law is in force.
02/07/2019
New Legislation Changes Legal Landscape in The Bahamas
The following Acts are significant pieces of legislation that introduce changes to the legal landscape in The Bahamas
02/06/2019
CBI Brexit update on location requirement for directors and designated person
Central Bank of Ireland's Brexit update on location requirement for directors and designated persons of fund management companies
02/06/2019
Wealth manager warns against ‘crony capitalism’
‘State capture’ is a form of political corruption in which private business interests hold undue sway on political decision-making for their own benefit.
02/06/2019
Auditor finds vast differences in pay to board members
Cayman Airways board chairman Philip Rankin, by contrast, is not paid for his services, though he and other board members receive free flights for themselves and their families on the national airline.
02/05/2019
Switzerland set to transfer details of Indian account holders in HSBC
The investigation had revealed there were 276 Indian account holders with at least $1 million in their balance of whom 85 are residing in the country.
02/05/2019
Understanding Offshore Banking for Expats
Many expats share certain personality traits such as flexibility, curiosity, and financial acumen.
02/05/2019
Cayman to introduce changes to its trust law this year
The Cayman government is planning to amend the Trusts Law and related regulations this year, Minister for Financial Services Tara Rivers announced.
02/04/2019
Financial Reporting Authority needs more staff for growing caseload
The Financial Reporting Authority is dealing with a growing backlog of uncompleted reports.
02/04/2019
D-Day for Australian Banks as Bombshell Inquiry Report Set for Release
The Royal Commission was a quasi-judicial independent body led by a former high court judge that was tasked by the government
02/01/2019
Amendments to Trust Law expected
Last year, government passed a bill that provided the industry with greater certainty and clarity with regard to wills in cases where a testator dies outside of the Cayman Islands.
02/01/2019
Using Trust in Business to Drive Good Market Outcomes by Greg Medcraft, OECD
On a macro level, we know that trust in business took a dive during the financial crisis ten years ago, and still hasn’t fully recovered.
01/31/2019
OECD deems Seychelles’ preferential tax practice not harmful
The island nation had to conform to international standards on tax matters in relation to the implementation of measures against tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax location
01/31/2019
Guernsey issues Brexit guides
This information will be regularly reviewed and updated as the outcome of the UK-EU negotiations becomes clearer in the coming weeks.
01/31/2019
Cayman’s compliance regime leads by example
This is unlikely to change under the AML/CFT regime, but CIMA will expect fund managers to check that the service provider’s AML measures are sound and robust.
01/30/2019
The IRS’s Updated Voluntary Disclosure Procedures for Offshore Accounts and Assets
As part of the program, taxpayers would receive protection from criminal prosecution for failing to previously report their foreign accounts and the income from those foreign accounts
01/29/2019
New laws aimed at taxing rich celebrities on 'fame and image' face hurdles
The tax measure, first unveiled in the 2018-19 federal budget, was aimed at stopping some high-profile individuals creating sneaky structures to minimise the amount of tax they pay.
01/29/2019
Cayman Islands captive count rises
Class B, C and D licensees totaled 703 — up from 696 in 2017 — with 21% of insurers in these groups were formed as segregated portfolio companies, according to the statement.