Protecting Bermuda’s Reputation is the theme of the second yCompliance Financial Crimes & Compliance Seminar.It will be held Thursday October 09, 2014 at the Southampton Princess.* Please see full agenda and attendance information below. In the perpetual free trade exchange of business of global capital markets, money (investments) flows into a country where it is wanted, where opportunities exist, where the operating environment is modern and structurally flexible while most importantly, the jurisdiction’s reputation is impeccable.Inbound foreign investment builds new ventures, contributes to build-up of existing ventures, does competitive business, recognises profits if the stars are successfully aligned, employs people directly and indirectly through ancillary services, consumes proprietary country product offerings in all categories including luxury and basic necessities.Successful capital investment ventures amplify the reputation of the jurisdiction. Foreign investors trade inflows become a significant component of a country’s economic success while increased money flows are generally welcomed by the domestic populace.Cash profits and investments flow out, additional monies flow in for new businesses or reinvestments — multiplying the initial funds flow. And the cycle continues. If everyone — all facets — in the business relationship get it right, it is almost a perfect scenario of successful cooperation. The economic benefits to a jurisdiction can be enormous, while the long-lasting opportunities and the increased well-being of the resident population represent tangible future financial success.Bermuda has one very valuable attribute — our sovereign reputation. The fact is, our reputation is all we have to sell. Thanks to the amazing efforts over the years of many visionary business people, political representatives, governmental initiatives on modern legislation and professionally enlightened regulatory authorities, Bermuda citizens and organisations have been extraordinarily successful in building this reputation. But, the fact of life in an Offshore Financial Centre (OFC) is that reputational risk threats are always on the horizon.Therefore we, all of us, must be ever vigilant in protecting our island and its sterling reputation. It is our critical key to continued prosperity. Managing risks in a business generally means risk of loss of money, or profits, perpetuated by various means: inadequate internal risk controls, employee theft, and external factors such as identity theft, from criminal activity. Risk control and prevention builds reliance upon rigorous internal compliance standards that extend responsibility and adherence throughout the entire business operating environment.Managing risks in internal environments presents a significant uptick in risk assessment, detection, containment, and prevention that is fully aligned with adherence to compliance with global standards. The challenge for an international financial centre are not just the real risks, but the mere perception of fraud, corruption and reputational drag that can only too easily be enhanced by the negative media mentality which is focused on the OFCS and companies domiciled there, by comparing them against the rest of the free trade world. Thus, a large multinational corporation, no matter the kind of business, seeks confidence and great surety that each jurisdiction chosen for investments has equal or better risk and compliance standards than compared to the home country. Who can do this? Enter the compliance professional, a relatively unknown — or ignored — profession. Risk and compliance process administration detects, deters and prevents through intervention financial irregularities and the more serious crimes. It has become a prevalent senior executive position and a serious component of any business executive board.With recent financial and tax legislation regarding money laundering, terrorist activities and tax reporting in the United States, the UK, European countries, and other jurisdictional compliance strengthening, along with OECD mandates, the management of compliance has increased the demand for compliance professionals from all professional fields. Numerous global financial institutions within the last year have increased almost exponentially the number of compliance professionals within their ranks. Compliance professionals work in a demanding profession. The knowledge base and experience required is significant and ever-increasing in scope. The management of risk and compliance is important today — and top-of-mind for CEOs of companies and governments to such an extent — that the Wall Street Journal (WSJ) has an entire ‘Risk and Compliance Journal’ section. Every day, the ‘WSJ Morning Risk Report’ lists all of the detailed and audacious kinds of ingenious, illegal, and egregious acts. Trust me, every day the list is long. Our front line of protection starts with our responsible compliance officers and associated professionals. Bermuda continues to be a superb offshore financial centre with an impeccable reputation in international business circles for legal, regulatory, administrative and financial professional integrity and transparency as well as in promoting and establishing modern legislation. Bermuda has continuously risen to the rigorous challenges of managing internal and external reputational and other variant risks to conducting business. We want to keep it that way. We cannot afford to become complacent. We are challenged to be proactive at all times, and to be vigilant, even as ordinary citizens. We need to continue to enhance our legislation to combat corruption and bribery, financial crimes, and related malfeasances while enhancing our transparency index in global capital markets. And we will continue to rely upon our compliance professional to detect, deter, and protect Bermuda’s reputation and all who conduct business here. [naviga:ul][naviga:li]If you are interested in becoming a compliance officer,[/naviga:li][naviga:li]If you are a company manager needing additional information on compliance challenges for your business operations,[/naviga:li][naviga:li]If you are in a related financial or business field and want to understand the accelerating changes in financial crimes, and the methods for prevention,[/naviga:li][naviga:li]If you want to understand how changes in conventional currency to virtual payment processes will challenge your business world,[/naviga:li][naviga:li]If you want to hear of real cases of financial fraud and bribery that damages businesses, individuals, and cultures,[/naviga:li][naviga:li]If you want to understand how even good compliance (or lack of) leading to fraud creates complexity, cost, and stress in the search and recovery of assets for individual/business victims who have been wronged,[/naviga:li][naviga:li]and, if you want information on how regulation and complex laws do not always clarify compliance positions, but create opportunities where problematic decisions may be the wrong decisions, then you will enjoy, and gain knowledge from attending the second annual yCompliance Financial Crime & Compliance Seminar.[/naviga:li][naviga:li]Scheduled for Thursday, October 9 at the Southampton Princess the speakers include The Governor George Fergusson; Gordon Wetherell, former Governor for Turks & Caicos, Buddy Doyle, the founding principal and managing director at Oyster Consulting, LLC; Brian Quirk, director at Preti Flaherty, Andrew Fastow, former Enron CFO, Brian Stoeckert, principal at FC Strategy Group; Chris Brown, head of compliance at HSBC Bermuda; Niall Farrell, deputy director, run-off and monitoring at the Bermuda Monetary Authority; Mathew Clingerman, the managing director at KRyS Global, and Martha Myron, PondstraddlerLife™ Consultancy. [/naviga:li][/naviga:ul]For further information and to download the full programme: info@ycompliance.comhttp://www.ycseminars.com/Martha Harris Myron CPA CFP JSMMasters of Law: International Tax and Financial Services, Summa Cum Laude. Appointed to the Professional Tax Advisory Council, American Citizens Abroad, Geneva, SwitzerlandThe Pondstraddler* Life™ Consultancy providing planning for international tax, immigration, investment, retirement, legacy, and related financial challenges to the lifestyles of internationally mobile individuals and their businesses residing, working, crossing borders, and straddling ponds in the North Atlantic Quadrangle.Specific focus for residents of Bermuda, the premier international finance centre. Contact: martha@pondstraddler.com * Pondstraddler. A person with one foot on each shore whose heart resides in both countries*