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.