The resurgence of sanctions

Although “sanctions” may be levied for a number of reasons, the term is most commonly used nowadays to describe the international embargo of finance and trade in relation to either specified persons, or in more serious situations, entire jurisdictions.   


Lessons learned from PSI report:

Much has been written, including the 300-page US Senate Subcommittee report itself, on the AML issues at HSBC. This writing includes front page news articles in major news publications, which gets management’s attention.   


Countering money laundering: Asian update

As more and more bank scandals are surfacing in the financial capitals of London and New York, Singapore seeks to implement tougher rules and strengthen existing standards as regulators move to safeguard and reinforce the reputation of Singapore’s fast-growing financial service sector.



With so many programmes and so little time

Since 2003, the Internal Revenue Service has conducted a number of special voluntary compliance programmes designed for United States taxpayers who have not reported all of their non-US income or who have not complied with all of the various reporting requirements applicable to non-US income and assets 


IFRS for investment entities

For the first time the International Accounting Standards Board (IASB) has issued industry specific guidance for investment entities. Under US Generally Accepted Accounting Principles (US GAAP)  ... 


Certainty at last? The new UK statutory residence test

In a series of articles for the Cayman Financial Review I have explored the long awaited statutory residence test which is to be introduced in the UK from 6 April 2013. After a lengthy delay and an extended consultation period we finally have draft legislation. Quite a few changes have been made from the original proposals.  



The internet changes everything:

Millions of Americans look online for discounted-rate medications. But not all of them know the running joke amongst enforcement officials:


Public interest: Who, what and why?

 When I was first asked if I had joined Pinterest, an online pin board, I was surprisingly sparked. Looking back it was probably my subconscious recollection of the wonderful times I spent years ago musing over the definition of public interest. 

Are you working?

In Issue 25 I looked at the proposed new statutory residence test. The new rules should have been introduced from 6 April 2012 but this introduction has been delayed until 6 April 2013 while there is a further period of consultation. 


Finding the needle:

Data pervades almost every business and industry, whether it be financial services, retail, telecoms and media, or legal and other professional services. The vast majority of business now generates and is conducted through data of some form, and data volumes continue to grow exponentially.


The emergence of offshore renminbi (RMB): An alternative currency

Offshore RMB attracted widespread attention during 2011 as a result of a number of factors coming together including the PRC government’s loosening currency control, growing offshore RMB cash reserves, improved liquidity, the emergence of a RMB debt market in Hong Kong...

Playing the regulatory compliance game – or going out of business

Finance Professor Avinash Persaud argues that international regulatory compliance is a game imposed by large financial centres designed to close down Caribbean financial centres.


Facing up to public scrutiny

All areas of the legal and financial services industries are currently seeing unprecedented levels of attention from politicians and others.

Reading the future of financial regulation

The financial crisis has spawned a massive literature, a substantial part of which concerns the authors’ favoured ways to prevent the next crisis.

Sir Allen and me

The court-appointed lawyers defending R Allen Stanford in January 2012 in a federal trial in Houston chose to take, somewhat naively, the legal tack of blaming others for what prosecutors charge Stanford himself orchestrated.  



Accounting evolution for investment companies

Although there has been progress since the Memorandum of Understanding (MoU) was developed between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in 2002, today there continues to be differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (US GAAP) [Accounting Standards Codifications (ASC)].

FATCA and its impact on foreign banks – now it gets serious

The Internal Revenue Service (IRS) has announced they are on track to issue proposed FATCA regulations in December 2011 (if the IRS miss their announced deadline we expect the guidance will be released before 31 January, 2012), with registration required by 30 June, 2013.

Corruption and the Cayman Islands

On 1 July 2011 the Bribery Act 2010 came into force in the United Kingdom. The legislation has been described as the “toughest anti corruption legislation in the world”.  The introduction of an offence for commercial organisations which fail to ...

Growing focus on corrupt activities

The United States Foreign and Corrupt Practices Act (FCPA) makes it illegal for a US citizen, a US-based or US-listed company, or foreign persons acting in the US, to attempt to bribe foreign officials (including making gifts or charitable contributions) with the goal of gaining a business advantage.

Will “cost savings” now constitute proceeds of crime under United States legislation?

It is a principle now firmly established that the proceeds of criminal offenses are interdicted in two key ways. First, they may be seized by the state, through some form of criminal and/or civil forfeiture. Second, handling the proceeds will constitute the separate crime of money laundering.
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