Managers of Wealth Offshore

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.

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

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

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.

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

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.

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.

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

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.

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

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.

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.

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.

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.

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.

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

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

Approach to enhancing AML standards - Adam Farkas

These investigations take significant time for our AML, legal and management teams but we believe are worthwhile and we will continue to use this tool where needed.

CAYMAN ISLANDS: Government to introduce digital assets framework

The term regulatory sandbox typically describes a “safe space” in which businesses can test new products, services and business models without immediately being subjected to all regulations and licensing requirements.

Caribbean RoundUp

The IDB said the loan is funded from the Ordinary Capital and will be disbursed in a single tranche within a year.

Regulation, Risk & Compliance