Managers of Wealth Offshore

GFSC fines trust company £266,000

The Guernsey Financial Services Commission said the failings were serious and spanned a significant period.

BMA registers four in June

The BMA noted that the registration/licensing of approved insurance entities is issued after the IALC application process and may be confirmed in future periods.

Jersey Finance Reaffirms Commitment to Developing Global Opportunities

This is particularly pertinent with a JFSC report due later this year that will detail these trends.

IMF report: Govt debt projected at 81% of GDP by 2028

Gross financing needs will remain significant over the medium term, despite an expected decline from approximately 25 percent of GDP in 2022 to 19 percent of GDP in 2027.

Proposed increase to employment tribunal award limits in Jersey

The recommendation to Social Security Minister Lyndsay Feltham by the Jersey Employment Forum

BMA issues new guidance for segregated account companies

Among the provisions in the guidance are detailed requirements on letters of credit.

Ten years after an ICIJ exposé, Danish authorities charge Nordea bank with money laundering violations

In 2013, ICIJ media partner Politiken revealed that Russian nationals and others used the services of Nordea’s Copenhagen branch to maintain about 100 offshore companies.

Government to prioritise Isle of Man businesses in procurement

At its June sitting Tynwald approved an Order that will ensure that reserving contracts for local businesses does not constitute an anti-competitive practice.

Grant Thornton Channel Islands assists Royal Court of Guernsey

Ben was assisted by Samuel Hilton, Manager of the Forensic Investigation Services and Recovery & Reorganisation team.

EU Commission looks at wage- fixing and no-poach agreements

Competition law and labour markets

Ogier extends its partnership with National Trust for Jersey to donate 150 free family passes

The passes will be distributed through the Children and Families Hub

Central Bank hoping to compel banks to use, distribute Sand Dollar

Rolle said uptake of the Sand Dollar continues to be slow, and bringing commercial banks into the distribution network could spur wider use.

Balancing Innovation And Stability: Bermuda Monetary Authority’s Stance On Affiliate Investments

A new approval process for affiliate investments forms a key part of the Bermuda Monetary Authority’s enhanced regulatory regime for long-term insurers and reinsurers.

BMA issues guidance on consultation

It outlines the authority’s expectations of companies that use segregated accounts and separate accounts to conduct regulated insurance business.

Maples Group observes switch back to Cayman securitisation structures

The EU Securitisation Regulation, in turn, bans the use of special purpose vehicles (SPVs) in EU AML-listed countries.

Guide to Freezing Orders in Bermuda

The applicant makes an application to the Court, in particular setting out in an affidavit the reasons for the application and the basis on which the relevant test is met.

Balancing innovation and stability: BMA's stance on affiliate investments

This requirement applies to all long-term insurers, reinsurers and insurance groups, regardless of their use of the scenario-based approach for regulatory reporting.

Cayman Islands: Recent trends in residency by investment

Cayman's continued economic stability provides extra pull to new residents.

Lawyer for BMA says claim of collusion is outrageous

The company is no longer willing to proceed and the BMA is going along with that.

Butterfield denies MP claims in face of ‘active’ inquiries

Government backbencher Zane DeSilva, who represents Southampton East, complained that Black Bermudians coming out of prison were being denied an opportunity to hold a bank account.

Regulation, Risk & Compliance