We have published today a Press Release
from GIS titled “Single family offices asked to participate in
anti-money laundering consultation”.

I have to confess I hadn't a clue what
it was all about.

Single family offices?

I know what single families are – but
how many live in offices?

What has that to do with money
laundering?

Even doing laundry in an office was
unusual. Right?

The PR opens with:

“Single family offices in the Cayman
Islands are asked to give input -- either via their trust and
corporate services providers (TCSPs), or directly through the
Ministry of Financial Services -- into the Ministry's consultation on
additional anti-money laundering regulations.”

Then something started to twig in my
old brain at another paragraph in the PR.

“For TCSPs, the Ministry has
requested that they share the draft regulations with clients who meet
the Securities Investment Business Law's definition of "single
family office," and then ask for the clients' views. Single
family offices can also contact their TCSPs regarding the
consultation.

TCSPs? Meaning - Trust and Corporate
Services Providers!

It is to do with finance and companies.
Beginning to make sense.

I was now on track. To find out more I
went to the website of one of our law firms. Ogier was my first visit
and BINGO! There it was under the heading “Establishing a Family
Office in Jersey”:

What is a Family Office?

Whilst by no means the sole definition,
a very useful one is provided by the Family Office Council, a
membership group for single family offices, which defines a single
family office (and our focus here is on those and not multi-family
offices) as a private organisation that manages the investments for a
single wealthy family. The assets are the family’s own wealth,
often accumulated over many family generations.

In addition to investment management
some family offices provide personal services such as managing
household staff and making travel arrangements. Other services
typically handled by the traditional family office include property
management, day-to-day accounting and payroll activities, and
management of legal and tax affairs. Family offices often provide
family management services, which includes family governance,
financial and investment education, philanthropy coordination, and
succession planning.

In our experience, every single family
office is different and reflects the needs and interests of the
family that it serves. In each case the matters for which a family
office will be responsible and the mechanism for governance of a
family office should be considered carefully at the outset.

For the whole article go to:
https://www.ogier.com/publications/establishing-a-family-office-in-jersey

So now you know what the PR is all
about.

Not very exciting is it?

Putting your laundry in a washing
machine is better.

But I am wiser. And so are you. You can thank me by sending me cash or cheque. I even take gifts via PayPal. See. I am up to date with the new methods of payment. Even though I don't have a family office.