10/06/2021
Registration of overseas entities
There will be a new requirement for the Land Registry to enter a restriction on the title of land owned by an overseas entity
Government Regulation
10/06/2021
Deputy Judge President’s warnings regarding urgent applications
The DJP reminded practitioners that the ultimate test as to whether a matter is urgent, is whether irreparable harm is apparent if an order is not granted in that week.
10/06/2021
The International Trade Law Review: UK Customs and Trade
A declaration may be made by any person established in the UK who is able to present the goods in question
10/06/2021
Cayman Islands Voluntary Liquidations 2021
Funds seeking to de-register from CIMA will also be required to complete a final audit in most instances.
10/06/2021
Saudi data protection reform to take effect in March 2022
The Personal Data Protection Law (PDPL), published in the Official Gazette in KSA on 24 September 2021, sets out conditions around the processing of personal data as well as a series of rights that ‘personal data owners’ will enjoy.
10/06/2021
UK government to impose financial crime levy on regulated firms
Respondents also agreed that proportionality, predictability, simplicity and cost-effectiveness were key core principles the government should consider when designing the levy.
10/06/2021
Guernsey discrimination law update: Where are we now?
In the interests of best practice, many employers already ensure equivalence of rights between Guernsey and the UK, and will therefore have anti-discrimination policies in place.
10/06/2021
The Statement of Practice issued on 25 August 2021 clarifies the tax treatment of trusts and foundations established in Mauritius
Any trust or foundation may claim partial exemption on such categories of income specified in the ITA subject to satisfying the conditions prescribed relating to substance of their activities.
10/06/2021
Collas Crill Explains...Cross Border Recognation of Insolvency Proceedings
The first step is to make an application to the appropriate foreign court for the issuing of a letter of request seeking the assistance of the Royal Court.
10/06/2021
From Panama to the Pandora papers: what’s changed in offshore tax
The rich and powerful continue to evade and avoid tax despite progress in recent years
10/05/2021
Public country-by-country reporting: new transparency requirements
The information should be publicly disclosed on a country-by-country basis for European Union Member States and for black listed or grey listed jurisdictions.
10/05/2021
Switzerland consults on amendments to AML Ordinance
Banks will be required to file suspicious activity reports when they have any 'well-founded suspicion' of criminal funds.
10/05/2021
Passing the Golden Thread Through the Eye of a Needle - Observations on Recent Approach as Between Hong Kong and Offshore Jurisdictions
The application of such a power has resonated with similar common law jurisdictions globally.
10/05/2021
Walkers Launches Online AML Training Solution in Bermuda
The online platform enables users to access training on the AML regime through a sophisticated e-Learning module, which is regularly updated to ensure any changes to the AML regime are captured.
10/05/2021
EBF calls for regulatory clarity over proposed EU-level AI rules
The Act aims to develop an ecosystem of trust for AI in the EU, which encourages investment, aims to strengthen competitiveness and ensures that AI systems respect fundamental rights and EU values.
10/05/2021
Pandora Papers: In defence of offshore trusts
The initial release of information always includes some genuine wrongdoing – corrupt politicians or alleged fraudsters, trying to hide wealth they presumably ought not to have.
10/05/2021
Leak reveals how Swiss wealth consultants shield global cast of suspects
Secret files show sprawling industry of enablers exploiting gaps in anti-money laundering laws.
10/04/2021
Does dirty money need banking secrecy to thrive?
Recently uncovered suspicious transaction reports, made to the US Financial Crimes Enforcement Network (FinCEN), show Swiss banks moving billions of dollars around the world.
10/04/2021
Changing Attitudes
We have to have a jurisdiction where people want to move to the Island, work and spend money here.
10/04/2021
Safra Sarasin’s Irish funds management unit fined €385,000
Sarasin Funds Management (Ireland) Limited fined €385,000 and reprimanded by the Central Bank of Ireland for breaches of investment restrictions and inadequate supervision of delegates