A Blomberg’s article “Dirty Money Spotlights Role of Family Offices as Enablers” identifies a Guernsey trust company in the web of structures involving Jahangir Hajiyev and his wife, Zamira who is subject to the UKs first UWO • https://www.bloomberg.com/news/features/2019-07-30/dirty-money-spotlights-role-of-family-offices-as-enablers THE Blomberg’s story provides the following facts and observations: Introduction 1. Jahangir Hajiyev was convicted of […]

A Jersey trust firm [Volaw Trust and Corporate Services] will have to hand over documents relating to its dealings with a Norwegian oil baron as part of a probe into suspected fraud, after the Attorney General won a landmark battle. The decision – handed down this week by the Privy Council, Jersey’s highest court of […]

Speed read Trust and fiduciary services provider Estera has been hit with heavy penalties by the Bermuda Monetary Authority (BMA) after it failed to address anti-money laundering issues in its internal processes. The hefty fine of $500,000 (£400,000; €447,000) relates to the Jersey-headquartered firm’s failure to comply with anti-money laundering and counter-terrorist financing (AML/CTF) legislation […]

On 18 June 2019 the Guernsey Financial Services Commission (“the Commission”) announced it has fined Louvre Trust (Guernsey) Limited, Derek Paul Baudains, Jonathan Ross Bachelet, Haidee Louise Stephens, Julian Dai Lane, Charles Peter Gervais Tracy as follows £70,000 on Louvre Trust (Guernsey Limited) (the “Licensee” or the “Firm”) under section 11D of the Financial Services […]

The following is part of a Speech delivered by Karina McTeague, Director of General Insurance and Conduct Specialists Supervision, at the British Insurance Brokers’ Association (BIBA) Conference 2019. Sustainable business models Andrew Bailey, the FCA’s Chief Executive, has previously talked about the UK having had two financial crises: the first, was prudential the second, was […]

The Jersey Financial Services Commission (JFSC) has received top ratings for its trust company regulation following the first evaluation of its kind by the Group of International Finance Centre Supervisors (GIFCS). The GIFCS assessors visited the JFSC from 30 October to 3 November 2017 to conduct their review. Jersey was the first international finance centre […]

Representation of Jasmine Trustees In a recent decision arising out of a long-running family dispute concerning two trusts, the Royal Court made several notable findings regarding the scope and effect of undue influence in a trust context. What lessons can trustees take away from the decision in this case? Trustees and other fiduciaries should be […]

Now that the initial work on the identification of AIFMs has been undertaken, fund managers may wish to consider amendments to fund documents to incorporate the following features: Management agreements and administration agreements appointing managers of managed entities should clearly identify the AIFM and should contain a detailed list of services, in particular relating to […]