Previous Page
JANUARY 2013
World Report - Offshore
15
Harneys helps nPos decipher non-Profit organisations act
Harneys has prepared a free FAQ guide for Non-Profit Organisations (“NPOs”) which operate in the British Virgin Islands to assist them to interpret the Non-Profit Organisations Act which came into force on 1 January 2013.
This new legislation seeks to provide a framework for regulating charities and other non-profit organisations which operate primarily in the Territory by putting in place measures designed to deter terrorist organisations from posing as legitimate NPOs or from using legitimate NPOs for terrorist purposes. The Non-Profit Organisations Act was passed as part of the wider
fight against
money-laundering and terrorist financing and to maintain the support of the international bodies which are crucial to the Territory’s offshore finance industry.
Sheila George, Managing Partner of Harneys BVI, commented that the guide was compiled by partners Colin Riegels and Leonard Birmingham in order to assist those who may not be familiar with the new Act to understand the requirements more fully. “We have compiled the guide in an effort to assist those in the non-profit sector understand their obligations under the law and as such to support these organisations in continuing to serve the BVI community,” George said.
The new legislation affects a wide spectrum of organisations many of which will not have had procedures in place to deal with compliance matters. All
religious
organisations including established churches along with all private schools and colleges will now be required to register
as well as a number of service organisations such as Lion’s Club and Rotary clubs and any organisation which works for the public good such as sporting associations. NPOs have 90 days from 1 January 2013 in which to apply to register in accordance with the new law.
The law applies only to entities which operate primarily in the British Virgin Islands. It was passed by the House of Assembly on 11 October 2012 and published in the Gazette on 26 November 2012. His Excellency the Governor Boyd McCleary announced in the Gazette published on 27 December 2012 that it would come into effect on 1 January 2013.
To download the guide, please visit: www.harneys.com.
carey olsen's cayman Islands office opens for business
carey olsen has officially opened its new office in the cayman Islands. the law firm, which already has offices in Guernsey, Jersey and London, has put in place lead partners Jason allison, nick Bullmore, Jarrod Farley and anthony McKenzie to develop the cayman Islands practice.
the four lawyers are well known in the market and each specialises in corporate, finance and investment funds work.
carey olsen announced its intention to establish a cayman Islands office in June when managing partner, alex ohlsson, said the firm had encountered an increasing demand for the provision of cayman Islands and British Virgin Islands legal advice from its clients.
Mr ohlsson said: “the new office represents a key step forward in the extension of carey olsen’s legal services to our clients. I am confident that our new partners and wider team members will build a solid platform on which to grow carey olsen’s presence and deliver our exceptionally
high standards of service.”
Jason allison, managing partner of carey olsen in the cayman Islands, said: “We are very pleased to have joined carey olsen and also to have assembled a team with such strong backgrounds to launch the new office. our focus will be on providing the high- quality, commercial and responsive service that clients demand.”
ogier Ranked as the British Virgin Islands’ Leading Law Firm in 2012 Legal 500 Series
Ogier in the British Virgin Islands (BVI) received tier one rankings under 2012’s Legal 500 series, released November 21, repeating its 2011 leading position as the only BVI firm ranked in the top tier across all categories.
“We are delighted we have once again been ranked the leading firm in the BVI and our team members have received such stellar reviews in the latest Legal 500,” said Ray Wearmouth, Managing Partner, Ogier BVI. “The
top tier rankings for our practices and people are a reflection of the firm’s hard work and commitment to delivering world-class, high quality, fully integrated legal and fiduciary services to a diverse range of clients around the world.”
Widely regarded as the world’s largest referral guide for legal services, the Legal 500 covers 100 countries and has been published annually for 25 years. Highlights from Ogier BVI's Legal 500
evaluation for 2012 are as follows: • In corporate and commercial, the Legal 500 noted Ogier BVI’s work advising such blue-chip clients as TPG Capital, one of the world’s largest private equity firms, and CEMEX, one of the world's leading cement and building materials companies. In terms of talent, Ray Wearmouth and Simon Schilder, Partner and Head of Ogier BVI’s Investment Funds Practice, are noted as leading practitioners.
Senior
Associates Marie-Claire Fudge and Lee Osborne were also identified as key lawyers within the group.
• In dispute resolution, the Legal 500 BVI rankings reported Ogier’s, “professionalism is beyond question, as is its local knowledge and expertise,” and cited the firm’s ongoing involvement in a complex
instruction
brought by the liquidators of Fairfield Funds, a master feeder to Madoff, as a high-profile example of its work. Ogier BVI Partner
and Head of Litigation Michael Fay was noted as a leading practitioner, while Advocate Ray Ng was described as a “first-class lawyer.”
• In trusts/private client, the Legal 500 stated Ogier BVI, “not only meets the highest standards but is also a very pragmatic practice,” acknowledging its work on behalf of ultra high net worth families and individuals. Ray Ng and Associate Clare-Louise Whiley were singled out for their expertise.