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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: The Associated Press Spanish police have arrested five directors of Industrial and Commercial Bank of China (ICBC) after they raided the lender's Madrid offices as part of an investigation into alleged money laundering. China's large state-owned lenders have been dogged by allegations of improper conduct as they expand abroad and the probe into ICBC by police, the Spanish tax agency and Europol involves funds handled by a criminal group which the Interior Ministry says passed through the bank and were transferred to China. Over 100 police were involved in the operation, which saw the arrest of five ICBC...

CORPORATE & FIDUCIARY EXPERT INSIGHTS 2019

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

Photo By: Jersey Finance Jersey is "the right place with the right people" to establish itself as the go-to location for innovative global banking, a recent event hosted by Jersey Finance heard. Hugh Harper, a Partner at EY, delivered the keynote address at Jersey Finance's Annual Review breakfast event on January 28. Harper took the opportunity to discuss new research that outlines the potential for Jersey to adopt a new approach to banking. Citing the cooperation between Jersey's finance industry, regulator, and government, combined with the jurisdiction's unique advantage of a stable banking sector, he outlined how Jersey's commitment to...

NEWS 2020