Managers of Wealth

Record year for money laundering tip-offs

At the beginning of 2020, the office introduced a new online systemexternal link for submitting reports.

EU pushes to ‘phase out’ Malta’s citizenship scheme

Citizenship sale schemes posed money-laundering and corruption risks

UK taxman offers no quarter to offshore asset holders

HMRC allowed relief to all taxpayers affected by coronavirus but not those with assets abroad

Duties and Liabilities of Directors of Bermuda Companies

The duties of a director of a Bermuda company apply equally to all directors howsoever appointed.

Corporate Governance During Covid-19

The director remains under an ongoing duty to supervise the performance of the delegated power

CRS And FATCA Update

We have summarised the key updates below which Cayman Financial Institutions (Cayman FIs) need to be aware of

COVID-19 and tax residency

In early April 2020, the OECD released their guidance (PDF 327 KB) on how certain issues dealt with under the model OECD tax treaty will be affected by COVID-19

Cayman Islands: Change in Definition of Beneficial Ownership

The deadline for beneficial ownership filings has been further extended to 15 May 2020

Trusts and insolvency - a guide

To determine whether a trust is or is not insolvent, the cash-flow test applies, namely the inability of the trustee to meet its debts as trustee as they fall due out of the trust property.

Zedra’s CEO, Ivo Hemelraad explores the ways the Coronavirus has changed business and what we might expect next

It was a natural priority for us to focus on employee wellbeing, putting our team’s health at the centre of our response.

Old and new rules suggest coronavirus initiatives for private foundations

Discussed below are some situations where existing law creates opportunities for foundations fighting COVID-19.

IRS Issues Relief to Foreigners Stranded in the United States due to Coronavirus

US tax resident status brings with it taxation and reporting of worldwide income, as well as the risk of a potential US tax bill for (otherwise non-US) employer earnings or for foreign, non-US companies controlled by these potential “accidental&

CySEC issues guidance on completing the due diligence procedures after the commencement of a business relationship

CySEC sets out the parameters in which regulated entities are permitted to make use of this exception.

Recent Events Affecting the Bermuda Funds Industry and Upcoming Filings

Once registered as a private fund, the operator of the fund must certify to the BMA annually that the fund continues to satisfy the qualifying criteria (participants less than 20).

GDPR Survey: Benefits Beyond Compliance

Compliance is a chain of responsibilities.

Restructuring and Corporate Recovery measures in Guernsey

Financial services firms are working remotely and there has been no business interruption, with the island's internet infrastructure seemingly able to cope with the different way of working.

Capital Markets in the current climate

Capital markets and structured finance encompass a variety of asset types that have already been directly affected by the outbreak.

CS sued for price rigging worth billions in corporate bonds, report says

The banks are accused of inflating spreads between the prices where they bought and sold odd-lot bonds

Continuing obligations for Cayman Islands mutual funds

Every entity incorporated or registered in the Cayman Islands will be required to notify the Cayman Islands Tax Information Authority

Unexplained Wealth Orders discharged by English High Court

Update prepared by Christopher Edwards (Partner, Guernsey) and Jeremy Bell-Connell (Associate, Guernsey)

Legal,Regulation,Tax & Compliance