BVI Finance This Week 22/5/20

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25May

BVI Finance This Week 22/5/20

25 May, 2020 | View Counts (1136) |Return|

FRIDAY 22 MAY, 2020

WALKERS ACTS ON MAJOR NORWEGIAN CRUISE LINE TRANSACTION

Walkers acted as joint BVI, Bermuda and Cayman Islands offshore counsel to Norwegian Cruise Line Holdings Ltd ("Norwegian") in relation to a private offering of US$675 million aggregate principal amount of its 12.25% senior secured notes due 2024 by one of the Norwegian subsidiaries, NCL Corporation Ltd ("NCLC"), which closed on 14^th May 2020.

As well as advising NCLC as issuer of the Secured Notes, the Walkers teams advised on the creation of security interests over, among other things, shares in certain subsidiary guarantors, two of NCLC's vessels, material intellectual property and two islands used in the operation of the cruise business.

Walkers BVI was led by Partner, Matthew Cowman who worked alongside Senior Counsel Omonike Robinson-Pickering and Associate Brittney Smith.

BVI GOVERNMENT ANNOUNCES RESTRICTED REOPENING OF BORDERS

In a statement to the Territory earlier this week, Premier and Minister of Finance, Hon. Andrew A. Fahie announced Phase One of the COVID-19 Border Re-entry Protocol. Highlights include:

A registration form for re-entry of Nationals and Permanent Residents will go live on the Government’s website on 25^th May, 2020
From 2^nd – 15^th June, 2020, first priority will be given to the re-entry of nationals, belongers, holders of permanent residence and naturalised citizens, who upon registration and certification by the Environmental Health Division, are deemed to have approved private quarantinable accommodation for occupancy for at least a 14-day period. Priority will also be given to persons who left the Territory for medical treatment and were subsequently displaced due to border closures during this time.
From 15^th June, 2020, consideration would be given to the re-entry of persons with approved registration and certification with respect to available government quarantine spaces and during the aforementioned period
The Government of the Virgin Islands would fund costs related to Government quarantine

A new Curfew Order took effect 21^st May, 2020 to include the restriction of the movement of vessels within Territorial waters until 27^th May, 2020, except where authorized
From Sunday 24^th May, 2020, the current curfew from 6:00 a.m. – 7:00 p.m. will be extended for a period of 14 days
Restaurants will be allowed to re-open for dining purposes in accordance with the social distancing guidelines, effective 24^th May, 2020
The opening hours of all beaches from 6:00 a.m. to 3:00 p.m. effective from 24^th May, 2020, for the purposes of exercise and therapy
The size of gatherings has been increased from 20 persons to one person per 64 sq. ft. up to a maximum of fifty (50) persons, as certified by the Social and Monitoring Task Force, to take effect on 24^th May, 2020.

Details pertaining to the re-entry of Work Permit holders will be shared by the Government, shortly. To read the full statement and more about the plans for the coming months, please click here.

WEBINAR: HOW TO MAKE CRS AND FATCA REPORTING A KEY PROFIT CENTRE

In this webinar, Integral Professional Services (BVI) Limited (IPS) will be speaking to international experts on the possibilities of making FATCA/CRS reporting a key profit centre.

Presenting will be Marco Zawar, an international tax consultant, and David Olenzak, an IT consultant from Transworld Compliance Inc. They will be discussing UBO identification procedures and their impact on FATCA and CRS compliance, while also providing advice on how to leverage technology to turn FATCA/CRS reporting to a key profit centre.

Marco Zawar and David Olenzak are independent consultants and present solutions to assist industry practitioners to resolve CRS and FATCA reporting requirements in a seamless and efficient manner.

Please note that IPS is not affiliated or sanctioned by the BVI’s International Tax Authority and are making an independent presentation.

To register for the webinar, please click on the image on the left. If you have any questions, please contact us at events@bvifinance.vg.

DDM ENCOURAGES COMMUNITY TO PREPARE FAMILY EMERGENCY PLAN

The Department of Disaster Management (DDM) is encouraging persons within the community to prepare an emergency plan not only for businesses, but for families as well. Creating an emergency plan is a crucial step to being ready for anything this hurricane season.

For those who need help making a family emergency plan, the BVI Red Cross has created a guide that, once filled in, can help families be ready for a variety of different hazards. You can download the booklet in English or Spanish, below.

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STAY IN THE MARKET FOR LONG TERM GAINS

- “Your long-term strategy is one of the most important aspects to consider right now. Do not let short-term volatility affect your long-term plan,” advised two financial planning experts from International Finance Planning, a bespoke investment and savings strategy company in the British Virgin Islands.

The advice came at a time when the world and financial markets continue to react to the effects of the COVID-19 pandemic. The comments were made in a BVI Finance’s Breakfast Forum series webinar titled “What Should Your Reaction Be to the Market” held on Wednesday 20^th May. Presenters were Mark Gumpright, CEO of International Finance Planning, who qualified with the Chartered Insurance Institute as an independent financial adviser since 1997, and Brian Alexander, a qualified independent financial planner with over 20 years’ in the financial industry.

Alexander said the market is “volatile” and “unpredictable” since the recent February 2020 highs, and subsequent sharp pull-back of around 35%. But he added that, “we have seen a recovery to date in the region of 18%.”

“Because of the way the whole world has changed—we have now gone to work from home—and there are indications in parts of the market that certain industries have gotten stronger; like buying things online, and in the health industry.

Read the full article and download the Q&A sheet, here.

Q&A With Asset Recovery Attorney Martin Kenney

BVI Finance member Martin Kenney is set to speak with OffshoreAlert’s Editor, David Marchant on Wednesday 27^th May 2020 during a webinar.

Kenney will be discussing his career and imparting his knowledge and experience in victims and others with their recovery efforts.

You can register for the session, here.

8 TIPS FOR BUILDING RESILIENCE DURING MENTAL HEALTH AWARENESS MONTH

Good mental health means that we can find joy and positively deal with life’s inevitable challenges. May, which is Mental Health Awareness Month, is a time to assess the balance in our lives despite today’s dramatic and unexpected stressors.

This year has brought so much more than the “normal stresses of life,” and paying attention to our positive emotional well-being is more important than ever. Building resilience helps us manage these stressors and bounce back when there are life challenges.

Jim Kendall of Vanderbilt University’s Health and Wellness programme, shares some tips and resources to elevate your psychological resilience, which you can view here.

COVID-19 – GLOBAL IMPLICATIONS FOR ANTI-MONEY LAUNDERING AND COUNTER-TERRORIST FINANCING

The impact of COVID-19 pandemic has resulted in financial institutions and regulators across the globe operating in an entirely new environment. The Financial Action Task Force ("FATF") has identified the potential risk of criminals exploiting the unprecedented situation through cybercrime, fundraising for fake charities and medical scams, and emphasized the importance of financial institutions' robust Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) compliance and controls.

In response to the emerging risks, key regulators across major markets have issued statements encouraging financial institutions to assist consumers and businesses in this time of economic uncertainty, through loosening certain aspects of their AML/CTF requirements such as client onboarding and customer due diligence.

This article by Mayer Brown explores the kind of increased AML/CTF-related threats and vulnerabilities that FATF and national governments have warned about. The article also highlights statements issued by regulators notably in the United Kingdom, the United States and Hong Kong and identifies the key themes emerging from these statements and the factors that should be taken into account. Read more, here.