What Is a Trust Fund
A trust fund is a legal entity that holds assets or property for a person or organization and is a tool for estate planning. Money, real estate, stocks, bonds, a business, or a combination of many different kinds of properties or assets can all be held in trust funds. A trust fund can only be established by three parties: the beneficiary, the trustee, and the grantor. The trustee is responsible for managing the trust funds on behalf of the grantor and beneficiary. It is possible to establish trust funds in a variety of ways and under a variety of conditions. …
TCI Chief Justice's Tenure Extended Until 2026
His Excellency Governor Nigel Dakin has accepted the Judicial Service Commission’s (JSC) recommendation to extend Her Ladyship, Chief Justice Mabel Agyemang’s contract until March 2026. Given the Chief Justice’s zeal and efforts to improve the Turks and Caicos Islands’ judicial system, the Governor expressed his delight at accepting the JSC’s recommendation. According to Governor Dakin the “very low-key and very effective Chief Justice” arrived in the TCI in March 2020, when the COVID pandemic begun without family to assume a position of national significance. Dakin recalled that the TCI needed a “reformer” in its next Chief Justice, and stated that …
TCI Chief Justice’s Tenure Extended Until 2026
His Excellency Governor Nigel Dakin has accepted the Judicial Service Commission’s (JSC) recommendation to extend Her Ladyship, Chief Justice Mabel Agyemang’s contract until March 2026. Given the Chief Justice’s zeal and efforts to improve the Turks and Caicos Islands’ judicial system, the Governor expressed his delight at accepting the JSC’s recommendation. According to Governor Dakin the “very low-key and very effective Chief Justice” arrived in the TCI in March 2020, when the COVID pandemic begun without family to assume a position of national significance. Dakin recalled that the TCI needed a “reformer” in its next Chief Justice, and stated that …
‘Robot lawyer’ powered by AI set to take on first case in court
The “world’s first robot lawyer” powered by artificial intelligence (AI) will take on a court case in Fabruary, helping a defendant fight a traffic ticket. DoNotPay, the company that developed the AI, dubs it “the world’s first robot lawyer.” It will run on a smartphone and listen to court arguments in real time then advise the defendant what to say. The makers of the robot lawyer did not reveal the defendant’s name or the location of the unprecedented hearing regarding a speeding ticket. According to the science and technology publication New Scientist, the defendant will only say what the AI …
First Female Appointed Governor of Turks and Caicos Islands
Dileeni Daniel-Selvaratnam, a legal eagle, will become the first female governor of the Turks and Caicos in June 2023 when her appointment takes effect. Her appointment was made public by the Foreign Commonwealth and Development Office on December 15, 2022. Selvaratnam, who was called to the bar in 1999, is the current governor of Anguilla and previously held a number of positions in the UK Ministry of Justice, giving her a lot of legal experience. The majority of that experience relates to strategy and change. From 2011 to 2015, she served as HM Courts and Tribunal Service’s Deputy Director of …
TCI Amends Ordinance to Combat Illicit Financial Activities
The TCI Government has amended the Invest Turks and Caicos Islands Agency Ordinance to empower the agency to develop stringent due diligence policies in an effort to combat money laundering, terrorist financing, and other illicit financial activities. The move came in the wake of the arrest of Sam Bankman-Fried, founder and CEO of the cryptocurrency exchange FTX which collapsed in November 2022. He was indicted on multiple criminal fraud charges levied by the U.S. Attorney of the Southern District of New York, Damian Williams. Williams called Bankman-Fried’s actions “one of the biggest financial frauds” in American history. Hon. Erwin “Jay” …
TCI and UK Governments Review Management of Crown Land
TCI and UK Governments recently commissioned a joint independent review of the management of Crown Land in the Turks and Caicos Islands. Members of the public and a wide range of stakeholders were consulted by Attorney at law Mr R Donhue Gardiner, TCI Attorney with experience in land law and policy development in TCI, and Professor Simon Cooper PhD, an expert in Caribbean land law and registration systems. The final report, published on 1st December 2022 contains 146 joint recommendations, to improve the management of this resource and maximise its use for the benefit of all the people of TCI. …
Third Party Disclosure and Jurisdiction
Following a significant court decision, third party disclosure orders could be served on Turks and Caicos Island (TCI) businesses and other organizations by English courts. ParrisWhittaker’s commercial litigation attorneys, who have won awards in the past, have extensive experience representing individuals and businesses that have been served with disclosure and other orders within the TCI and the jurisdictions that surround it. A third party disclosure order is an one which requires a person or organisation who isn’t party to the litigation to disclose information or documents in its possession. The Norwich Pharmacal Order is one example, and it can be …
Musician John Legend Shares Investing Tips with Brooklyn Law Class
Grammy Award-winning musician and a veteran investor for several business startups, John Legend shared investing tips with a Brooklyn law class. Mitchell Littman, a professor at the Brooklyn Law School, gave an informative lecture in his Transactional Skills for Startups class using Legend’s investing experience. The musician shared his insights on how he compares startups through a dashboard software created by one of his advisors. The insights shed light on how people should effectively evaluate startups in their early stages. The crucial factors to consider when evaluating the investment health of startups as shared by Legend include: Look at the …
What Is Intellectual Property?
Intellectual property is a broad category that refers to the collection of intangible assets that a company or individual owns. These are legally protected from being used or implemented by anyone else without their explicit permission. A non-physical asset that a business or individual owns is an intangible asset. The idea of intellectual property is that certain products of human thought ought to be protected in the same way that physical property, also known as tangible assets, is protected. Legal safeguards for both types of property are in place in the majority of developed economies. Understanding Intellectual Property Given its …