Managers of Wealth Offshore

Cayman bracing for negative Financial Action Task Force review

Mr. McLaughlin did not go into specifics, but statements have been made in recent public hearings that demonstrate Cayman’s struggles to meet FATF standards.

Guernsey welcomes UN PRI Climate Change Reporting Development

Guernsey is positioned at the forefront of the development of green and sustainable finance as a member of the UN’s International Network of Financial Centres for Sustainability

2019 will see the US as key offshore center as OECD’s CRS restricts global banking

Although there are some delays, in 2019 the vast majority of committed countries will be exchanging information under the Organisation for Economic Co-operation and Development’s (OECD) common reporting standard (CRS).

Top 5 countries with the highest trade tariffs

The world’s most developed nations tend to favour low tariffs, while poorer countries have retained higher trade barriers

Premier dismayed by report calling for British voting rights in overseas territories

What annoys me is that if the people behind the report were to get into power

Britain’s bond with Cayman: Governor seeks to restore ‘trust and confidence’

Four months into the job, the governor believes he has already done much to restore “trust and confidence.”

Your taxes OECD proposals for a digitized economy

Taxation based on marketing intangibles may reflect, for example, trademarks, trade names, customer lists, customer relationships, proprietary marketing and customer data.

Bahamas Signs $12 Million Bilateral Agreement With China for Economic and Technical Cooperation

Chinese Ambassador to The Bahamas, His Excellency Huang Qinguo said that today was a ‘good’ day for the two countries.

Transatlantic tensions over dirty money

The US and EU governments are unhappy with Brussels’ money laundering blacklist

Butterfield to sharpen cost-cutting focus

In the fourth quarter, Butterfield reported $1.2 million in redundancy costs and a $14.6 million increase in salaries and other employee benefits due to new teams to service its expanded trust business.

Virgin Islands launch new BEPS measure

The VI’s most recent measure came in the form of amendments to the Mutual Legal Assistance (Tax Matters) Act

Abraaj close to selling major assets

Abraaj’s largest creditor, Kuwait’s Public Institution for Social Security, has filed a petition in the Grand Court for the company’s Cayman entities – Abraaj Holdings and Abraaj Investment Management Ltd. – to be wound up an

Foreign affairs select committee calls for overseas territories to publish ownership registers

The foreign affairs select committee said today that "those who seek to undermine our security and that of our allies must not be able to use the overseas territories to launder their funds."

Gov’t rejects 'dirty money' blacklisting by European Commission

The European Commission said in a statement issued February 13, 2019, that it has adopted a new list of 23 jurisdictions with ‘weak anti-money laundering and terrorist financing regimes’.

New law on validity of Wills in Cayman offers ‘far greater flexibility’

Previous rules, based on common law, placed restrictions on how a will dealing with any asset other than land or buildings would be recognised in the Cayman Islands.

Cyprus is proving to be an attractive destination for investment funds

With the on-going Brexit negotiations causing significant uncertainty across the continent, Cyprus offers a secure and cost-effective European jurisdiction for fund management companies

Spotlight on The Bahamas

The Bahamas will be top of mind for you,” McCartney remarked to an audience that featured a range of service provider and fund management professionals.

BIR wants crackdown on offshore gaming firms

They allowed us to join the task force because we are asking data from Immigration and DOLE on the list of these foreign nationals,” Guballa said.

€17bn pension provider vows to scrutinise firms over tax payments

Fels pointed out that some of PenSam’s members worked its social and heath assistants in a tax-financed welfare sector.

Panama Papers ‘tightened the noose’ on offshore assets of Maduro’s inner circle

In the wake of the scandal, it became harder to launder money through investment in Panamanian real estate for Venezuelans who grew rich on the back of their political connections

Regulation, Risk & Compliance