Bermuda has recently announced an update to its economic substance requirements for non-resident entities. The update states that entities claiming an exemption from these requirements must now meet certain criteria to be considered eligible.
Regulators are taking firm action again non-compliance with AML and CFT regulations as highlighted by these recent enforcement cases in Hong Kong and BVI.
Hong Kong’s Financial Secretary, Paul Chan, outlined his budget for 2023-24 in his Budget Address on 22 February 2023. Highlights of some measures of particular interest to Hong Kong companies and those with business interests in Asia, are set out below.
Marbury is pleased to support Templewater and Investec Bank plc, as administrator for each of Bowen SP and Templewater I, L.P, and the Project Bravo investment structure for the acquisition of New World First Bus Services Limited and Citybus Limited from NWS Holdings Limited for HKD3.2 billion.