10/28/2020
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.
Legal,Regulation,Tax & Compliance
10/28/2020
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.
10/28/2020
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
10/28/2020
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.
10/28/2020
Cayman Islands beneficial ownership enforcement manual
The Registrar has stated that it values voluntary disclosure and any such disclosure will be taken into consideration.
10/28/2020
Brexit - The Endgame Approaches
Financial services firms and their counsel entering an important phase as deadline nears
10/28/2020
High Risk Wealthy Programme (HRWP)
HRWP provides a different approach to the typical enquiry process
10/26/2020
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.
10/26/2020
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
10/25/2020
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
10/25/2020
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
10/25/2020
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.
10/23/2020
Focus on the future of banking supervision in a changing world
International banking supervisory community meets virtually
10/23/2020
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.
10/23/2020
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.
10/23/2020
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.
10/23/2020
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.
10/23/2020
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
10/23/2020
Asian Legal Business Conversations: Hong Kong Managing Partner Cameron Adderley
He focuses on corporate and commercial practice including securities, mergers and acquisitions, financing and capital market transactions.
10/22/2020
FCA urges struggling borrowers to seek debt advice
But as loan repayment holidays come to an end and job protection schemes fade away to be replaced by less generous measures, those without their own financial defences are at risk of experiencing severe financial damage.