The following may be of interest and a good time to refresh on the “Substance” issues and requirements General matters 1. In the General Secretariat’s report published yesterday, each of the Cayman Islands and the BVI were recognised for their cooperation and positive dialogue in respect of their economic substance requirements, and remain committed to […]

On 13th December 2017, new and far-reaching Anti-Money Laundering (AML) Regulation came into effect. The changes in the AML regulations affect financial businesses domiciled in the Cayman Islands. The entities that fall into scope are all entities that are otherwise investing, lending, administering or managing funds or money on behalf of other persons (this includes […]

Two subsidiaries of the Cayman National Corporation have pleaded guilty to helping clients evade taxes in a US Department of Justice crackdown on tax cheats. Cayman National Securities and Cayman National Trust entered guilty pleas Wednesday in a New York federal court. The two entities will pay US$6 million in forfeiture and fines, prosecutors said. […]

A Federal Court judge has ordered two Canadian banks to disclose their dealings with a financial institution in the tax haven of Cayman Islands. It’s the second time the government has sought a court order to investigate offshore tax evasion since the Star, in collaboration with the International Consortium of Investigative Journalists, made the Panama […]

HMRC has managed to shut down a major tax avoidance scheme used by the banks UBS and Deutsche Bank after the Supreme Court ruled in its favour. UBS and Deutsche paid bonuses to around ten employees in the form of shares in specially created offshore companies, rather than cash. The banks created a class of […]

Belvedere Management Group fund vehicle Brighton SPC has been taken over by the Cayman Islands Monetary Authority following the completion of a “forensic examination”. As at 1st June 2015 the Cayman Islands Monetary Authority (“the Authority”) appointed David Alexander Kenneth Walker and Simon Richard Conway (“the Controllers”) of the firm of PwC Corporate Finance & […]

Offshore fund group Belvedere Management, which claims to have $16 billion of assets under administration, management and advisory, appears to be one of the biggest criminal financial enterprises in history, headed by David Cosgrove, Cobus Kellermann and Kenneth Maillard, OffshoreAlert can reveal. IT IS not certain if or to what extent investors have been bilked, […]

IT IS not certain if or to what extent investors have been bilked, or who has done the bilking. Indeed, it is hard to establish very much at all, given the complexity of the case: authorities in the Cayman Islands, Guernsey and Mauritius are all looking into it and a South African financial regulator is […]