Senior management from a major Chinese insurer have been in
Guernsey to assess the viability of establishing a captive in the
The delegation from the Beijing headquartered Sunshine Insurance
Group, which is one of seven insurance groups in China, included
Chairman Weigong Zhang. Also present were representatives of its
London-based broker Newman Martin & Buchan, including
non-executive director Ralph Snedden.
Mr Snedden is also already a non-executive director of a
Protected Cell Company (PCC) managed by the Guernsey-based
independent captive manager Alternative Risk Management (ARM). He
introduced the Sunshine executives to the ARM management team, who
in turn also facilitated meetings with representatives from the
Island's regulator, the Guernsey Financial Services Commission
(GFSC) and Guernsey Finance – the promotional agency for
the Island's finance industry.
"The whole delegation from Sunshine Insurance Group found
visiting Guernsey and meeting with managers, regulators and the
promotional agency to be extremely beneficial and
informative," said Mr Snedden.
"It was particularly useful for Sunshine's executives
who were able to learn more about the Island, its finance industry,
its insurance sector and in particular the products and services,
such as captives, that are provided by international finance
centres like Guernsey."
Peter Niven, Chief Executive of Guernsey Finance, added:
"This was a fantastic opportunity for us to show a major
Chinese financial institution the potential benefits of using
Guernsey. In particular it gave us a chance to highlight our risk
management offering including the on-Island captive expertise,
robust yet pragmatic regulatory framework and our tradition for
innovations such as the PCC. It is the latest in a series of
initiatives we are undertaking to strengthen our links with Chinese
government, regulatory and financial institutions."
Guernsey has already established an office in Shanghai managed
by Chinese national Wendy Weng. It was officially opened in March
when government and business leaders visited to meet with their
counterparts in the city. In addition, Mr Niven visited Shanghai
and Beijing in June as part of the Lord Mayor of the City of
London's delegation to the region.
In October a delegation from Guernsey will visit Hong Kong and
Shanghai to promote the Island's expertise in fiduciary
services. The team will be showcasing Guernsey as lead sponsor and
exhibitor at the STEP Asia conference in Hong Kong, through a
specific fiduciary seminar in both locations and a series of
meetings with key decision makers in the two centres. Discussions
with Chinese government and regulatory officials are also planned
and will be led by Guernsey's most senior politician, Chief
Minister Lyndon Trott. During this visit it is intended to meet
with Tu Guangshao, the Vice-Mayor of Shanghai, who has met with
Guernsey representatives on each of their last two visits.
Guernsey has already invited and arrangements are being made for
representatives of the Shanghai Stock Exchange to come to the
Island and in particular for them to visit the Channel Islands
Stock Exchange (CISX) later this year.
In addition, the GFSC has invited its regulatory counterparts in
Shanghai to Guernsey so they can see at first hand how the Island
regulates a diverse financial services industry in a small
jurisdiction which has similarities to the Shanghai model.
Many people are baffled by trusts, the purpose of which they don't fully comprehend. Some even regard them with suspicion, as tools of of opaque tax evasion strategies of a type favoured by wealthy individuals.
We were recently instructed by a Bank in relation to a regulatory matter. The Bank had made a suspicious activity report to the Financial Investigation Unit ("FIU") due to their concerns about the potential source of funds in an account.
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