Tom Moore argues profession must deal with changing attitudes on tax and reputation
The offshore market is being redrawn following the leak on 3 April of 11 million documents from Panama law firm Mossack Fonseca & Co, which led to a public outcry about tax evasion. The leak revealed some 12 world leaders, including close associates of Russian president Vladimir Putin and 143 politicians, used the firm to avoid tax in developed countries.
Panamanian law firm Mossack Fonseca has had its headquarters raided by police following a data leak of more than 11 million documents which revealed how some wealthy people avoid tax using offshore law firms.
Continue reading “Panama papers latest: Mossack Fonseca’s headquarters raided”
The Solicitors Regulation Authority (SRA) has asked several law firms to clarify whether they are linked to the law firm at the heart of the Panama Papers leak, Mossack Fonseca.
Continue reading “SRA to probe City firm connections to Panama Papers”
Two days in. Lots of column inches. But what will it all mean for the future? Some embarrassment, a scalp or two, then business as usual? Or meaningful change?
City law firm Simmons & Simmons has been named in the Panama Papers leak, after 11.5 million confidential documents were leaked from Panamanian law firm Mossack Fonseca.
Continue reading “Simmons cited in Panama Papers leak after working with Mossack Fonseca”
In the coming days you will hear a lot about the difference between tax avoidance and tax evasion.
Continue reading “Guest post: The Panama Papers – why it’s very possible the behaviour is criminal”
The offshore transactional market continues to go from strength to strength. Our annual focus on the ten largest offshore firms again reveals impressive activity levels during the last year. According to Appleby’s recent private equity report, during the third quarter of 2015 deal activity was even more robust than usual: there were 660 offshore deals during the quarter, worth a total of $60.7bn. Of those, 26 involved private equity firms either acquiring or disposing of their investments. With a combined worth of $16.1bn, private equity deals therefore represented over a quarter of total offshore activity by value in Q3 2015.
Material growth in private equity-backed M&A is a trend that looks set to continue, according to Ogier global managing partner Nick Kershaw. ‘The asset classes are diverse, from real estate to trust companies, but there is consistent acquisitive appetite,’ he says. Ogier acted on several high-profile deals in 2015, such as providing Jersey law advice to Palamon Capital Partners on the £200m joint acquisition with Corsair Capital of Currencies Direct.
Continue reading “Standing tall – 2015 in review for the offshore elite”
The British Virgin Islands’ (BVI) Arbitration Act 2013 came into force on 1 October 2014. It is a landmark piece of legislation which is expected to propel alternative dispute resolution in the BVI into high gear. The BVI is now well-positioned to become a leading jurisdiction for international arbitration. The Act incorporates these main features:
In July, global offshore firm Appleby announced the management buyout (MBO) of its fiduciary business for an undisclosed sum, backed by private equity house Bridgepoint. Completion is subject to regulatory and legal approvals, but is expected to wrap up by the end of 2015.
According to group chair Frances Woo, the sale had been considered for some time, so that the fiduciary arm could continue to develop new products while the legal side could invest in new technology and knowledge management going forward.
Continue reading “Making gains – to be or not to be in the fiduciary business”
Mythical triangles notwithstanding, the island state of Bermuda plays host to the prestigious America’s Cup in June 2017. But while it may be two years before the world’s sailing elite descends on the island state, competition for the local offshore firms has already arrived. In May, Cayman-based Walkers announced it would open in Bermuda later this year. This came just one month after Bennett Jones’ (Bermuda) law practice was launched through an association with Canada-based law firm, Bennett Jones.
These are significant changes for the islands, which have little experience of overseas firms on their territory, save for Sedgwick Chudleigh, which opened in Bermuda in 2006 in conjunction with international firm Sedgwick. Subject to regulatory approval, Walkers’ opening will be the first major offshore firm headquartered outside the islands to open in Bermuda. It wasn’t the only major player to show a keen interest this year either: British Virgin Islands (BVI)-based Harneys at press time announced a combination with Bermudian firm Hurrion & Associates to form a full-service practice, Harneys Bermuda. Continue reading “Changing Tack – Bermuda triangulation”
