Fourth European Money Laundering directive published

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CRS: first reporting over, so what happens next

The effective extension of the deadline to 31 July 2017 by the Guernsey tax authorities (which have vowed not to impose any penalties if CRS reporting and due diligence requirements are complied with on or before this second date) has given trustees additional time to complete their due diligence procedures, pull together the information to […]

What return of non-dom changes to Finance Bill means for trustees

Non-dom changes were withdrawn from the Finance Bill at the last minute earlier this year and are now anticipated to be introduced in a second Finance Bill after the summer Parliament break, with effect from 6 April 2017. The recent announcement impacts trustee clients and the families they look after, so it is important to […]

4AMLD – Who needs to report and what needs reporting?

On 26 June 2017, as part of the UK’s implementation of the 4 Anti-Money Laundering Directive (4AMLD), the Beneficial Ownership Register for trusts went live. Although our trustee clients agree with the rationale for the register (i.e. combatting money laundering and terrorist financing), as with CRS reporting obligations there are some grey areas in respect […]

Guernsey’s new regulations for pension and gratuity schemes

Following a short but comprehensive consultation with industry, the Guernsey Financial Services Commission (GFSC) has issued The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules 2017, which came into operation on 30 June 2017. Key changes to the draft rules The GFSC took on board a number of […]

Guernsey document duty – update

As stated in a previous article, the States of Guernsey had prepared a policy letter and draft legislation to impose, amongst other things, duty on transfers of shares in companies holding Guernsey real property. On 17 May those proposals were approved…

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Priority rights in Turkish law

According to the Industrial Property Law, which entered into force on 10 January 2017, an enterprise of goods or services ensure distinguishing from or service goods other undertakings and brand owners to ensure protection of the subject it is turned on and including the names of persons, provided that shown on the register can provide […]

Russia increases duties on US goods

On 23 March 2018, the United States of America introduced a special protective measure in the form of increased customs duties on imports for steel and aluminium products, including those originating from the Russian Federation… …The Government of the Russian Federation by its Decision No. 788 dated July 2018, therefore, introduced import customs duties rates […]

Why Islamic finance fits well in Kazakhstan

Since 1991, Kazakhstan, Central Asia’s largest economy and oil producer, has had to rely on the deteriorating infrastructure it inherited from the Soviet Union. As a result, nearly every piece of public infrastructure (eg roads, hospitals, power plants, kindergartens, sewerages) in Kazakhstan requires a different degree of upgrading or expansion…

Extortion, blackmail, and kidnap for ransom

In this market insight, originally written for CampdenFB, Schillings’ extortion, blackmail and kidnap for ransom specialists, John Chase and Brittany Damora, set out the scope of the threat and what steps family offices and family businesses need to take when faced with this type of critical risk scenario…

The Court of Protection endorses use of the Mental Capacity Act

By Michael Mylonas QC The requirement for written consent in schedule 3 of the Human Fertilisation and Embryology Act has caused difficulties in some notable cases. Last week saw another challenge in which Mrs P needed the consent of her husband who had suffered an irreversible brain injury. She turned to the Mental Capacity Act 2005…

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Conyers advises International Finance Corporation on investment restructure

Conyers Dill & Pearman provided Mauritius legal advice to International Finance Corporation (IFC), a member of the World Bank Group, on the structuring of its investment in Echo-Scan Services Limited. Echo-Scan Services Limited is a provider of medical diagnostic services in Nigeria. Sameer Tegally of the Mauritius office advised on the matter, working alongside Norton […]

Wragge Lawrence Graham & Co advises Argos on launch of digital stores

Wragge Lawrence Graham & Co has advised high-street retailer and long-standing client Argos on its arrangement with Sainsbury’s to launch a series of new Argos digital stores within a number of its UK supermarkets. The arrangement sees Argos and Sainsbury’s join forces to introduce distinct ‘store-within-a-store’ concessions, offering customers increased choice and convenience as part […]

Eversheds advises Phoenix Equity on holiday park operator purchase

Law firm Eversheds has advised leading UK middle-market private equity firm Phoenix Equity Partners on the acquisition of Bridge Leisure, the holiday park operator, alongside the current management team led by CEO Andrew Howe. As part of the transaction, Bridge Leisure is simultaneously acquiring Silver Sands Holiday Park which is located near Lossiemouth in Scotland. […]

Eight promotions at Ogier

Ogier has appointed three partners and five managing associates. David Cooney and Bradley Kruger become partners in the Cayman Islands office, and Michael Killourhy in the British Virgin Islands (BVI) office. In addition, partner Simon Schilder has joined the Jersey funds team and five senior associates have been promoted to managing associate across the BVI, Cayman, Guernsey […]

‘US buy-in required if EU is to succeed in stamping out tax avoidance’

Commenting on the news that the EU is set to establish a tax avoidance committee, Ben Jones, tax partner at law firm Eversheds, says: “The EU has become increasingly active on the issue of multinational taxation over the last couple of years, following the wider international actions being proposed by the OECD to modernise the system […]

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