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Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.

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Harneys v. Sky Solar Holdings, Ltd.: Stop Notice

August 22, 2018 - Stop Notice by Harney Westwood & Riegels regarding shares in Sky Solar Holdings, Ltd. owned by Weili Su, filed at the Grand Court of the Cayman Islands.

Bristol Investment Fund Ltd. et al v. Black Forest International LLC et al: Complaint

July 22, 2011 - Complaint filed by Bristol Investment Fund Ltd., Alpha Capital Anstalt, Whalehaven Capital Fund Ltd., Ellis International Ltd., and Centurion Microcap LP against Black Forest International LLC, Noctua Fund LP,  Mark Lee Baum and James Panther at the U. S. District Court for the Southern District of Florida.

Allied World seeks return of legal defense payments from former Refco officers

August 02, 2010 - Allied World Assurance has filed an action against two former officers of fraudulently operated Refco Capital Markets and one of Refco's insurers, XL Capital, in an attempt to recover more than $1 million in claims paid towards the legal defense

US subcontractor sues Aspen Insurance subsidiary for $384,000

April 16, 2009 - A California based subcontractor is suing a British subsidiary of Bermuda based Aspen Insurance Holdings Ltd. for damages of at least $384,000, alleging the insurer refused to meet a litigation related claim. Pengilly Masonry, Inc., a California corporation, filed a

Key Anti-Money Laundering Provisions of USA's new Anti-Terrorism Bill

November 30, 2001 - The new Anti Terrorism Bill that has been passed into law in the United States will make it more difficult for offshore entities to operate bank accounts in the U.S.Under the new law, all U.S. financial institutions must establish anti

US Supreme Court line-item veto ruling good for firms with offshore subsidiaries

June 30, 1998 - Financial services firms with operating subsidiaries offshore will save tens of millions of dollars in taxes this year after the Supreme Court decided to strike down President Bill Clinton’s line-item veto over the US Government’s Budget.

US seeks to extend legal powers over foreign countries

June 30, 1998 - Major legislation has been introduced to US Congress that would extend the power of the US authorities to apply its money laundering laws and penalties in other countries.The proposed laws, which were tabled in April, has the support of both Democrats and Republicans, according to a report in Miami-based newsletter Money Laundering Alert.

Cayman governor promises to recognize fiscal offences

June 30, 1998 - Cayman governor John Owen appears to have secretly promised the UK government that Cayman will change its law to allow foreign investigations of tax evasion.That is the startling revelation disclosed in the minutes of a meeting of the Public Accounts Committee of the UK government held in London on December 15, 1997.

Bermuda proposes Companies Act changes to speed up incorporations

June 30, 1998 - Bermuda appears to be swapping a degree of quality control for expediency with the proposed removal of a key provision of The Companies Act 1981 that helps to stop undesirables from setting up on the island.In an effort to attract more incorporations, the government this month tabled before the House of Assembly an amendment to The Companies Act that will remove the provision that applications to incorporate international companies must be advertised in local newspapers before being approved or refused.

Offshore Territories must enforce 'all-crimes' laws, not just pass them into law

June 28, 1998 - Offshore financial centres that are also UK Overseas Territories have been told that it is not enough for them simply to introduce legislation outlawing ‘all-crimes’ but that they must also enforce the new laws.That was one of the messages delivered to the House of Commons Select Committee on Public Accounts by Sir John Kerr, Permanent Under-Secretary of State for the UK government.
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We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

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Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.