Managers of Wealth

UK Regulators Fine Goldman Sachs International $126 Million for 1MDB ‘Failures’

The Financial Conduct Authority and the Prudential Regulation Authority said the firm allowed severe misconduct to go unaddressed.

Mishcon de Reya files claim against public nature of EU beneficial ownership registers

The LBR rejected this request and so the claim was filed with the district court in Luxembourg with assistance from Luther S.A., a law firm based in the region.

Company ownership secrecy prevails in Southeast Asia, UN report says

The United Nations Office on Drugs and Crime recommends strengthening reporting of beneficial ownership information across the region to stop dirty money flows.

Vessel Registration in the Cayman Islands

This briefing note summarises the registration process and sets out some of the key reasons for registering vessels in the Cayman Islands.

Withholding tax exemption on banks' too-big-to-fail instruments to be extended for another five years

TBTF instruments are an important tool used by banks to meet regulatory capital requirements. Therefore, Parliament has already exempted the interest on TBTF instruments

Brexit: permanent residents must apply to EUSS by 30 June 2021

From 31 December 2020 all EEA and Swiss citizens and their family members will be subject to immigration control and may be asked to prove their status.

Cayman Islands beneficial ownership enforcement manual

The Registrar has stated that it values voluntary disclosure and any such disclosure will be taken into consideration.

Brexit - The Endgame Approaches

Financial services firms and their counsel entering an important phase as deadline nears

High Risk Wealthy Programme (HRWP)

HRWP provides a different approach to the typical enquiry process

Mozambique Seeks Ex-Credit Suisse Bankers

The trio pleaded guilty to charges in the U.S. last year to charges of bribery and money-laundering.

PIMFA calls for the approval of unregulated financial promotions to be a regulated activity

By making the approval of financial promotions a regulated activity, the Government would be empowering the Regulator and enabling it to take enforcement action on firms that approved unsuitable investments without the necessary expertise or due diligence

FATF commends the tremendous progress made by Mauritius and advises to keep this momentum

Issues by the Ministry of Financial Services and Good Governance on 25 October 2020

Leading firm for 25 areas across UK legal directories

This recognition – thanks largely to the time, effort and energy expended by our clients and contacts in giving their feedback – demonstrates our ability as a firm to guide businesses, high-net-worth individuals and their families and philanth

We're going to court, say lawyers in Neil Woodford payout fight: Law firm on track for class action by end of year

Manager Neil Woodford was subsequently sacked by Link, the fund broken up and a majority of the assets disposed of with money being returned to investors.

Focus on the future of banking supervision in a changing world

International banking supervisory community meets virtually

FCA and PRA fine Goldman Sachs International £96.6 million for risk management failures in connection with 1MDB

The 1MDB transactions involved clients and counterparties in jurisdictions with higher financial crime risk.

Goldman is clawing back or cutting millions in pay from CEO Solomon, Blankfein and others over 1MDB

Goldman is seeking to claw back $76 million from the three former employees most implicated in the scandal, the bank’s board said Thursday in a statement.

Swiss Cut Bank Penalty In 1MDB Case To $77M

FINMA has thus taken into account the new case law on the disgorgement of profits, including the Federal Administrative Court’s judgement of November 2019.

MAS Bans Former BSI Banker Over 1MDB ‘Secret Profits’

These POs were issued at the conclusion of an investigation conducted by the MAS and took effect on 22 October 2020.

Luxembourg: Draft 2021 budget law presented to Chamber of Deputies

The new legal framework would omit some of the conditions required by the 2014 circular

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