NEWS

Photo: Reuters On December 9, South Korea's Ambassador to China, Kim Jang-soo, and China's Vice Minister of Commerce, Wang Shouwen, exchanged diplomatic notes that set December 20, 2015, as the date for the entry into force of the free trade agreement (CSKFTA) between the two countries. The CSKFTA was signed on June 1 this year, soon after negotiations commenced in May 2012. As the most substantial FTA South Korea has signed, and given its expected effect of increasing South Korean economic growth prospects, the Government applied a significant amount of pressure in Parliament for its ratification by the end of...

NEWS 2020

Photo: Over Shanghai Guernsey Finance, the promotional agency for Guernsey's financial services industry internationally, has signed an agreement to cooperate on business development with the Shanghai Family Office Union. It also announced that it will open a Hong Kong representative office during the first quarter of 2016. Welcoming the agreement, Guernsey Finance's Director of International Business Development, Kate Clouston, said: "We are thrilled to have a partner in Shanghai with whom we can work to develop ties and increase business exchanges in the private wealth space." "Guernsey industry experts now have the opportunity to help Chinese firms understand international regulatory...

NEWS 2020

Photo: Cayman Finance The Cayman Islands published a bill for a new law on 18 December 2015 to allow for the formation of a new Cayman Islands vehicle: the limited liability company (an "LLC"). The introduction of the LLC responds to requests from the investment funds industry.  It takes its inspiration, in part, from the Delaware limited liability company. The flexible nature of the vehicle means that it will also be well-suited to a broad range of general corporate and commercial applications. The introduction of the LLC is expected to further cement the Cayman Islands' position as the domicile of...

NEWS 2020

Photo: BVI Finance For the sixth consecutive year, the British Virgin Islands (BVI) has been named the most important offshore financial services jurisdiction by OIL's annual Offshore 2020 report. The report is based on the opinions of 300 global financial services industry professionals and explores key trends and issues facing the industry. Martin Crawford, the CEO of OIL's parent company, Vistra Group, viewed BVI as being in pole position when compared to other offshore jurisdictions and as the most popular offshore location for both companies and individuals in China. With its focus on adding value, rather than just volume, Mr....

NEWS 2020

Photo: FTP A protocol to upgrade the free trade agreement between China and the 10-member Association of Southeast Asian Nations was signed on November 22 in Kuala Lumpur, Malaysia.  After the signing ceremony, Chinese Minister of Commerce Gao Hucheng said that completion of the FTA protocol, which amends several articles of the original agreement, including those relating to trade in goods and services and investment, "reflects the desire of the two sides to deepen and expand economic and trade cooperation." According to Gao, total trade between China and ASEAN member countries increased from only USD54.8bn in 2002 to USD480.4bn in...

NEWS 2020

Ben Bernanke & China’s Leading Bankers among nearly 90 Elite Speakers The prestigious annual Asian Financial Forum (AFF), co-organized by the Hong Kong Special Administrative Region (HKSAR) Government and the Hong Kong Trade Development Council (HKTDC), will be held on 18 and 19 January at the Hong Kong Convention and Exhibition Centre. The forum is expected to attract more than 2,600 participants including financial services professionals, business leaders, investors and high net-worth individuals from around the world.  “The Asian Financial Forum will again be the focus of attention for  the global financial services industry at the beginning of the year,...

NEWS 2020

Photo By: Getty Bermuda's Government has announced that it will introduce new pathways for expats to receive permanent residency and Bermuda status. The changes will be included in the Bermuda Immigration and Protection Amendment Act 2016, which is to be tabled in the House of Assembly in the coming weeks. Bermuda is one of only a few places in the world that does not allow expats to obtain such status other than through marriage. Speaking on the subject, Bermuda's Home Affairs Minister, Martin Fahy, highlighted that many other small jurisdictions also provide such pathways: Anguilla allows for permanent residency after...

NEWS 2020

Photo By: Guernsey Finance Guernsey's Policy Council has proposed an increase to money laundering penalties, with the matter set to be discussed at the next meeting of parliament on January 26. The changes are in response to a report from the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), which recommended that Guernsey should increase the penalties that can be applied to financial institutions. Billet D'Etat V of 2016 proposes the following changes: The maximum level of fine available to the Guernsey Financial Services Commission (GFSC) for licensees and...

NEWS 2020