By Tarita Hutchinson, Managing Director, Southpac Trust
COOK ISLANDS UPDATES THE FTRA
The Cook Islands will debate the Financial Transactions Reporting Bill at its next session of Parliament. The bill is designed to replace the 2004 Financial Reporting Transactions Act as part of the jurisdictions on-going commitment to providing high quality financial services to global clients.
The ability to do business internationally is one of the key reasons why clients seek out international financial centres and as a premier jurisdiction the Cook Islands demonstrates its responsibilities to both its clients and its international obligations through its legislative process.
The new Financial Transactions Reporting Bill consolidates much of the Cook Islands understanding of the risks garnered over the past decade, countering the hazards of money laundering and terrorism financing occurring in the jurisdiction through legislated increased risk assessment measures.
NEVIS PROOF OF IDENTITY DOCUMENTS & REFERENCE LETTERS REQUIRED
The Financial Services (Implementation of Industry Standards) Regulations requires all regulated Nevis financial entities to assess the risk of a prospective client prior to entering into a business relationship. Southpac Trust conducts a thorough and objective examination on the personal information provided on the Know Your Customer (KYC) Form and supporting documentation submitted by each client to establish his/her identification and the source of funds for settlement.
An often overlooked requirement of the regulations for prospective clients is two (2) letters of character reference – one from a banking Institution and another from a professional (e.g. lawyer, accountant, etc).
These references should indicate how long the Client has been a customer, the management of the account, how long the professional has known the Client, and whether the client is known to be of good character.
SOUTHPAC TRUST OFFSHORE PLANNING INSTITUTE – REGISTRATION FOR LAS VEGAS CONFERENCE
Don’t miss out on the opportunity to meet us in Las Vegas, Nevada, for the Southpac Trust Offshore Planning Institute Conference 2017. Our key note speaker for this year’s conference is Mr Barry S. Engel of Greenspoon Marder P.A. Barry Engel celebrates at the conference with the Life Time Achievement Award in recognition of his role in the ground breaking development of the global asset protection industry.
Joining us on the podium are twenty of the most influential practitioners in asset protection, sharing their knowledge with you. This conference is your one stop shop for covering all aspects of the asset protection trust from fundamentals of asset protection, investment strategies, jurisdiction spotlights and up to the minute information of global tax and regulatory trends. Listen to Jay Adkisson, Riser Adkisson LLP and Jeffrey M. Verdon of Jeffrey M. Verdon law Group, LLP as they discuss industry challenges to asset protection structures with Barry Engel.
Howard D. Rosen, Donlevy-Rosen & Rosen, P.A covers onshore tax considerations with Leslie A. Share of Packman Neuwahl & Rosenburg. Patricia Donlevy-Rosen, Donlevy-Rosen & Rosen, P.A and Professor Jerome M. Hesch talk over ethics, privacy and operating in an era of moving goalposts.
Attending the seminar will contribute towards your annual continuing legal education.
Spaces are limited – so book today – download registration and programme guide here.