Two IFAs jailed for £2m investment fraud
They were also co-directors of an offshore fund based in the British Virgin Islands
British Virgin Islands
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Firms struggle to meet economic substance rules
With clients urged not to go ‘jurisdiction shopping’ to find the most attractive regime
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BVI rules investment funds outside economic substance rules
Jurisdiction said they are not a relevant activity to be part of rules
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Bank of Asia targets high net worths from the Caribbean
The British Virgin Islands is now home to the Bank of Asia, a fully digital, cross-border bank looking to address the growing needs of offshore companies, individuals and high net worth individuals.
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Panama Papers law firm unable to identify 75% of its clients
A leak of 1.2 million new documents shows that Mossack Fonseca, the law firm at the centre of the Panama Papers scandal, could not identify the owners of up to three quarters of the companies it administered.
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Lawyers for the BVI ‘confident’ in public register battle
The government of the British Virgin Islands (BVI) has assembled a legal team to fight the imposition of a register of beneficial ownership by the UK.
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Convoy freezes former directors British Virgin Islands assets
The former director of troubled Convoy Global has had his assets on the British Virgin Islands frozen, with the firm also filing a writ against him and 12 others, demanding they pay £16m in compensation.
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Offshore companies own a big chunk of UK real estate
Offshore finance centres are home to thousands of companies that own nearly 100,000 properties in England and Wales, with the British Virgin Islands (BVI) and the crown dependencies leading the pack.
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BVI hands record fine to Panama papers law firm
Mossack Fonseca, the law firm at the centre of the Panama papers scandal, has been fined a record amount by the British Virgin Islands’ Financial Services Commission (FSC).
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BVI rules out public register of beneficial ownership for now
The British Virgin Islands has ruled out adopting a public register of beneficial ownership for the time being, saying it would not support the move unless it was adopted worldwide.
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Offshore law firm Collas Crill to merge with BVI company
Offshore law firm Collas Crill and British Virgin Islands firm Farara Kerins are to merge with effect from 1 January 2017, subject to regulatory approval.
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AUM hit record levels in Germany in 2015
The German fund industry experienced a record year in 2015 with total assets under management (AUM) sitting at €2.6trn (£2trn, $2.9trn).