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The Limited Liability Partnerships (Jersey) Law is expected to come into force in the spring of 1997. The UK government has announced its intention to introduce similar legislation in Britain, thus demonstrating that it recognizes the liability issues now facing professional services organizations, and lending its support to the proponents of such legislation. The deputy vice-president of the Law Society, Michael Matthews, has stated that there is no policy reason why solicitors should not take advantage of Jersey's proposed limited liability partnerships.

Decree 1295 of 1996, enacted by the Colombian Government on July 24, approved several modifications to the international investment regime. The decree simplifies and expedites procedures and requirements in this area.

A recent change in policy by the Central Bank of Cyprus means it is now possible to establish Administered Banking Units (ABUs) on the island. Applicant banks should be licensed in jurisdictions which exercise proper licensing and banking supervision. In addition, the prospective applicant banks must be institutions enjoying a good reputation internationally and which have an established track record of growth and profitable operation.

The Central Bank of Chile has for sometime imposed a requirement to deposit with it on a non-interest earning basis (or to pay as an alternative a fee) an amount equal to 30% of almost all equity investments made under Chapter XIV of the Compendium of Foreign Exchange Regulations and of loans registered under that Chapter and under Decree Law 600.

Comparing the growth of the main foreign offices of the New York and London firms, Richard Forster identifies strategies that work and examines the prospects for a merged, truly global law firm

A recent bill published by the Brazilian authorities is set to make money-laundering in Latin America's largest country a specific criminal offence for the first time. By Bruno Balduccini of Pinheiro Neto Advogados, São Paulo

Switzerland has amended its rules to compete with the attractive Luxembourg regime. By Filippo Beck of Wenger Mathys Plattner, Zurich and Basle, with the assistance of Christina Amgwerd-Sheaff and Jlona Caduff

The UN Compensation Commission set up to investigate Gulf War claims must make sure that pre-invasion Iraqi debts are given the same importance as war damage, argue Anthony Gardner, Roger Alford and Richard Weiner, of Hogan & Hartson LLP, Brussels and Washington

The Capital Markets Efficiency Act is a pale shadow of the originally proposed reforms to end the federal/state dual regulation of securities issues and cut litigation by large institutions. By David Bernstein of Rogers & Wells, New York

US firm White & Case is providing advice to the South African government on restructuring the telecommunications sector in the country. The firm is also advising the local telecoms monopoly, Telkom SA, in preparation for the sale of 30% of its equity to a foreign company.