Managers of Wealth Offshore

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.

Common Reporting Standards Come Into Effect For Many Offshore Funds on January 1, 2016

Due diligence procedures for identifying existing individual accounts with balances of at least $1 million will have to be completed by December 31, 2016

O'Reilly ends 44-year Fitzwilton role

Tony O'Reilly, the former billionaire who was declared bankrupt in the Bahamas in November, has resigned as a director of his Fitzwilton investment vehicle.

Switzerland to vote on whether to ban private banks from creating money

Swiss referendum aims to glimit speculation by granting central bank monopoly over creation of both physical and electronic money, and requiring private banks to hold 100% cash reserves againt deposits.

CIMA satisfied with Cayman National US$6M settlement

The Cayman Reporter highlighted the report however no details on the actual circumstances around of the investigation were revealed in the Cayman National statement.

Swiss private banking group seeks deal With US To Settle American Offshore Accounts Case

Will meet with U.S. officials in the coming week for negotiations, the report said.

CAYMAN ISLANDS: Default settings: Banks offer clarity on troubled loans

Amendments to banking codes don’t normally appear on anyone’s Christmas list.

Cayman Islands: SEC proposes $0 Caledonian settlement

The agreement still needs to be approved by the Cayman Islands Grand Court and the U.S. District Court for the Southern District of New York.

Regulation, Risk & Compliance