Jersey regulator disappointed with suitability review outcome
A host of failings have been flagged up during the Jersey Financial Services Commission’s (JFSC) review of 10 locally-based firms and the suitability of the investments they recommend.
Jersey
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‘Hitman’ using Facebook data in offshore Bitcoin scam
Jersey’s regulator and financial crime unit have warned of email threats to send hitmen to people’s homes unless they make a substantial payment in Bitcoins.
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RBC Wealth plots 2018 Jersey growth
RBC Wealth Management International’s fiduciary services division is planning to expand in 2018 through the deliberate and targeted recruitment of directors with specific books.
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Date set for former Lumiere MD’s fraud trial
The former managing director of defunct Jersey-based IFA firm Lumiere Wealth, Christopher Paul Byrne, will face a six-week trial in Jersey’s Royal Court starting next August.
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Offshore chiefs bid to avoid EU blacklist
Island jurisdictions including Bermuda, Jersey, Guernsey and Cayman have been making last ditch efforts to avoid being blacklisted by the EU.
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Two charged in $150m Providence scam
The chief executive of Providence Companies Group has been federally indicted, along with its chief operating officer, for orchestrating a $150m (£112.5m, €125.8m) fraud that saw the firm’s operations in Guernsey and a Jersey-based IFA firm shut down in 2016.
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Italian princess to appeal $200m trust fund ruling
An Italian princess is disputing a Jersey Royal Court judgement that she conspired with her film-star mother to secretly direct $200m of family wealth away from her sister.
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Appleby family law head exits to found own firm
The head of family law at Appleby, the firm at the centre of the Paradise Papers, has left the business and set up her own firm in Jersey.
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Jersey and IoM join 19 jurisdictions rated ‘compliant’ by OECD
Jersey and the Isle of Man have topped the Organisation for Economic Cooperation and Development’s compliance table for the exchange of tax information.
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Jurisdictions face critical EU tax haven blacklist test
A ‘substance’ test that determines whether actual business activities of offshore structures take place in a jurisdiction could be the make or break factor for 53 countries facing the prospect of being added to an EU-wide tax haven blacklist.
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Financial centres slam Paradise Papers backlash
The UK’s crown dependencies and overseas territories have hit back at international media scrutiny and allegations that they facilitate tax avoidance and evasion following the leak of the Paradise Papers.
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Seven IM plans Jersey office
Seven Investment Management (7IM) looks set to receive regulatory approval for an office in Jersey as part of a planned expansion into the offshore market.