Unravelling
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Unravelling Complexity

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Sanctions screening guidance - Wolfsberg Group
Regulatory and Tax

Sanctions screening guidance - Wolfsberg Group

The Wolfsberg Group is an industry association of 13 global banks which came together in October 2000 with the objective of developing financial service industry standards. In January 2019, the Wolfsberg Group issued guidance on sanctions screening (the Guidance) aiming to help Financial Institutions (FIs) understand and develop controls which would detect, prevent and in the event of breach, manage any apparent sanctions risk. The aim of the Guidance is not for all FIs to apply the elements outlined, rather, it seeks to demonstrate where sanctions screening can be an effective part of a wider sanctions compliance programme.
Cyprus Ministry of Finance presents draft EU Anti-Tax Avoidance Directive
Regulatory and Tax

Cyprus Ministry of Finance presents draft EU Anti-Tax Avoidance Directive

The Cyprus Ministry of Finance has presented a draft bill implementing the EU Anti-Tax Avoidance Directive (ATAD) which aims to combat corporate tax avoidance and create a level playing field for businesses operating within the EU.
Public consultation on liquidity stress testing guidance for AIFs and UCITS
Regulatory and Tax

Public consultation on liquidity stress testing guidance for AIFs and UCITS

The European Securities and Markets Authority has published a consultation paper providing a set of proposed guidelines on how liquidity stress testing should be applied by alternative investment funds and Collective Investment in Transferable Securities, in response to the recommendations set out by the European Systemic Risk Board in April 2018.
The European Commission’s anti-money laundering blacklist: diplomacy or bust (in this case, bust)
Regulatory and Tax

The European Commission’s anti-money laundering blacklist: diplomacy or bust (in this case, bust)

The move by all of the European Union’s (EU’s) member states to block the European Commission’s recent anti-money laundering blacklist, mostly as a result of the political damage caused by the inclusion of Saudi Arabia and a number of US territories, arguably demonstrates that perceived “objective” criteria cannot be the only determinant of whether a country gets onto such a list. Politics dictates that some countries simply must not be included.
European Supervisory Authorities recommend a pan-EU approach to crypto regulation
Regulatory and Tax

European Supervisory Authorities recommend a pan-EU approach to crypto regulation

Since the crypto bubble of 2017 many national regulators around Europe and beyond have been moving to implement regulatory regimes within their jurisdictions so as to place themselves as “market leaders” in crypto and FinTech regulation. However, within the EU it is fair to say that the industry, and public sector, have been waiting with anticipation to see where the EU moves to next on this topic – and in particular whether we will have a harmonised regime for crypto regulation in Europe.
Issuer Alert: Cypriot issuers listed on LSE Main Market not subject to EU mandatory takeover bids regime after a no-deal Brexit
Banking and Finance

Issuer Alert: Cypriot issuers listed on LSE Main Market not subject to EU mandatory takeover bids regime after a no-deal Brexit

If a no-deal Brexit goes ahead, the Main Market of the LSE would no longer constitute a “regulated market”, which would trigger a disapplication of a number of key pieces of EU capital markets legislation, including the EU Takeover Bids Directive. In this article, we consider the impact of a no-deal Brexit on the shared jurisdiction regime in the context of mandatory takeover bids legislation under Cypriot law.