Managers of Wealth Offshore

Cayman Regulatory Update – Q1 2024

This Regulatory Update provides a snapshot of the key legal developments in the Cayman Islands over the last quarter

Interest rates for late payments in commercial transactions increase to 12.5%

EU directive against late payments to be turned into regulation

Cayman Islands to be removed from EU AML list and UK list of high risk countries

The Regulation will enter into force on the twentieth day following that of its publication in the Official Journal of the European Union, which is expected later this month.

Aspen launches 'pro-active' cybersecurity package

Bermuda-based Aspen said it had partnered with Surefire Cyber to launch Aspen Cyber Risk Services which covers threats from pre-incident to response and resilience.

Warning of HSBC scam circulating in Guernsey

If you have any doubts at all, you should hang up and contact your bank through different means

BVI Approved Managers and Approved Funds: Upcoming Filing Deadline - 31 January 2024

BVI Approved Funds are required to file an annual return with the Commission by 31 January 2024

Asian Investment Funds | Corporate Governance and Compliance

As such it is unlikely that additional measures with respect to internal controls beyond adopting the corporate governance framework required under the CG Measures would be required.

Proposed changes to Children and Civil Status (Amendments) (Jersey) Law

The draft Law also deals with two other important aspects of parental rights that will affect many parents in Jersey.

Out of sight, out of mind: a comparative guide to Jersey and BVI probate for non-domiciliaries with movable assets

Planning and preparation can help to reduce delay and complication through the probate process at what can be a very difficult time.

Guernsey publishes strategy on combatting financial crime

Guernsey has carried out its second NRA of the money laundering and terrorist financing risks presented by individual sectors and products within the jurisdiction.

Bermuda gets UK green light on CARICOM membership application

Deputy Premier Walter Roban says Bermuda is researching and exploring all that is needed to make a full application and that Britain will be consulted at every step before the application is submitted.

Adaptation finance and the circular economy among top topics for Guernsey at COP28

A further event saw a group of Guernsey’s sustainability leaders joining forces for a panel session on Guernsey’s pioneering waste strategy and wider circular economy model at the Island of Hope event.

3G switch-off in Channel Islands planned by JT

The company said the move would help it to reduce its carbon footprint because 4G and 5G were more energy efficient.

FIHL board authorises $50m share repurchase programme

Fidelis said the programme may be suspended or discontinued by the board of directors at any time.

Seychelles to Introduce Framework for Regulation of Virtual Assets and Virtual Asset Service Providers

A licence shall be required for VA Wallet Providers, VA exchanges, VA Broking, VA Payment Providers and VA Investment Providers operating in or from Seychelles.

Challenges of Taking Security over the Shares of a Licensed Insurer

As the result of the market-leading position of our insurance practice, we have had the chance to advise on many of the more complex deals in the market

Flow, Digicel talk compliance with new data protection law

The telecommunications companies were chastised in prior years for numerous spam calls and texts for promotional items, triggering calls for greater protection of data collected.

BMA revokes registration of Vesttoo fund

The BMA noted that the fund did not appeal the decision.

CIBC Continues To Warn Customers Of Emails From Fake Vendors

Fraudsters use slight variations on legitimate addresses to fool victims into thinking fake accounts are authentic.

BVI Court Freezes Three Arrow Founders' Assets

Following its collapse in 2022, Singapore-based 3AC filed for bankruptcy in the British Virgin Islands with local courts appointing Teneo as its liquidator.

Regulation, Risk & Compliance