Legal and Regulatory Updates in Offshore Financial Centers

The Hong Kong police cited money laundering as the reason for requesting the accounts be frozen

With a judicial inquiry looming and the EU looking to blacklist the territory, the BVI is debating where its future lies

Any entity with an incomplete ESD filing on the portal should complete the filing prior to the update.

A draft bill (incorporating the requirements of the Fifth Money Laundering Directive) is expected to be approved by the House of Representatives in due course.

If the business of the Company will require a licence under the laws of the Cayman Islands

Mr Sands said The Bahamas and its tourism industry had overcome the September 11 terror attacks, two Gulf wars and numerous recessions before, although nothing like a global pandemic.

The Ogier team, which advised on both corporate and financing elements of the transaction

The Cayman Islands reinsurance industry is experiencing significant growth

Guernsey tax resident companies carrying out certain relevant activities have to comply with the substance requirements set out within the Income Tax (Substance Requirements) Implementation Regulations 2018

The term offshore refers to something outside the national boundaries, no matter if the location is water-based or inland.

Appleby acted as Bermuda counsel for the Stable Group in the structuring, establishing and licensing of its subsidiaries: Stable Corporation and Stable Bermuda.

The DITC announced further Economic Substance updates including reporting deadline extensions.

The Central Bank will continue to engage with firms to assess the robustness of their application of the F&P Regime and will initiate necessary supervisory responses to any weaknesses identified.”

Both Guernsey and Jersey have been fortunate in that employees have been able to return to workplaces that are relatively Covid-19 secure since lockdown measures were eased

The Investment Business (Approved Managers) Regulations, 2012 provides a regulatory ‘light’ regime for qualifying managers in the BVI.

The Market Integrity working group have combined to ensure that the added regulation meets the global market standards for exchanges and other marketplace platforms, while also considering recently defined standards set by the EU and other international b

The penalties for non-compliance are quite high given the seriousness of the legislation

Entities which are engaged in or wishing to engage in virtual asset services and are currently holding a license granted by CIMA under another regulatory authority must notify CIMA under the VASP Law.

Prior to the new Act coming into force, both contingent fee agreements between attorneys and litigants and funding agreements between third party funders and litigants require the approval of the court

Information reported on beneficial ownership will not be made publically available without further changes to the law.