Managers of Wealth Offshore

IRS Still Hunts Offshore Accounts As More Foreign Banks Sign Deals With U.S.

The IRS updated its list of foreign banks where accounts trigger a 50% rather than 27.5% penalty in the IRS’s long-running Offshore Voluntary Disclosure Program.

European Commission Letter to ESMA on Application of AIFMD Passport

The Commission stated that with regard to the advice on granting the AIFMD passport to managers and funds established in third countries, it agrees that the country-by-country approach adopted by ESMA is correct.

Malta Continues to set New Standards in Attracting Foreign Capital

Malta also boasts an excellent reputation, having developed an effective business infrastructure over the past 15 years and positioning itself as an international business hub.

Isle of Man resists offshore ownership register

The UK is publishing its first register of beneficial company ownership this year.

Mergers and Acquisitions of CIMA Regulated and Licensed Cayman Companies

Associate Hugh Anderson discusses the latest M&A activity involving Cayman Islands entities licensed and regulated by the Cayman Islands Monetary Authority.

Atlanta mortgage company to pay $2 million fine

The U.S. Securities and Exchange Commission said Ocwen misstated its profits in parts of 2013 and 2014 by using asset values provided by a Cayman Islands firm that Erbey also ran, rather than an independent company, as it had stated.

Bush: UK FACTA death of finance industry

He knocked the Financial Services Minister for agreeing to the proposal which will see all tax information related to UK residents automatically exchanged with UK authorities.

Brazil offshore tax amnesty signed into law

Residents of Brazil with undeclared offshore assets can now voluntarily declare and regularise their tax affairs without facing criminal prosecution and only face a one-off charge and penalty.

Cayman copies Delaware for limited liability law

Cayman has taken the blueprint from Delaware for the introduction of its new Limited Liability Company legislation.

Appleby Sponsoring RCA's Regulation, Operations and Compliance Bermuda Symposium

Additionally, CCOs from Top 100 hedge funds and private equity firms will provide exclusive insights regarding current or ongoing SEC examinations, NFA audits and other regulatory inspections.

Fiduciary Decision Making in Respect of Assets Under Trust - Guernsey Financial Services Commission

This topic was chosen as it represents a key responsibility of trustees and is also a common theme in complaints notified to the Fiduciary Supervision Policy and Innovations Division (“the Division”).

CIMA adds 30 new insurance licenses in 2015; total number falls

The number of Class A insurance companies, which are licensed to offer insurance products in the domestic market, increased from 28 to 31 during 2015.

Hong Kong: BVI Update: Important Changes To BVI Legislation

Further to our previous updates regarding changes to the legislation of the British Virgin Islands, the relevant anticipated legislation has now been published.

BERMUDA: No vote for long-term overseas residents

We believe it’s fair that only students who are officially resident in Bermuda should get that right to vote.

‘Wolf of Wall Street’ Swiss Bank Pays $188 Million in Tax Case

“Under the terms of the agreement, UBP pays a heavy price for its criminal conduct and must cooperate fully in all matters relating to the conduct described in the agreement until all civil or criminal examinations, investigations or proceedings are

Cayman Islands: Business Owners Have More Guidance To Cease Their Licences

Business owners now have clearer instructions for ceasing their trade and business licences, under the new Trade and Business Licensing Law.

BAHAMAS: Central Bank Urged: ‘Step In’ Over Bob’S $100m Loss

They will also likely urge the 35 per cent minority investors, and the Bahamian public, to draw encouragement from the 91.4 per cent reduction in year-over-year losses for the 2016 first quarter.

Cayman Islands regulator refuses to assist with $450m fraud investigation

It has not closed down B & C Capital Ltd, a shell company that held itself out as a "bank," and received the assets of as many as 60 Canadian and American retirees and pensioners.

Swiss Private Bank Has Agreement in Principle in U.S. Tax Probe

The bank remains committed to cooperating proactively with the DOJ’s investigation

Saudi NCB wins approval to set up derivatives trading unit

The Cayman Islands-based unit, The Saudi National Commercial Bank Markets Limited, will be 100 percent owned by NCB and have a paid-up capital of $50,000, a bourse statement said.

Regulation, Risk & Compliance