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Regulatory Blog

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BVI calls for feedback on proposed Virtual Assets Service Providers Bill 2022
On 9 September 2022, the BVI Financial Services Commission (FSC) issued a draft of the BVI’s proposed new legislative framework governing Virtual Assets Service Providers (VASPs). The proposal is in line with the requirements of the Financial Action Task Force (FATF) on VASP regulation globally.
BVI revises AML regulations covering virtual assets service providers (VASPs)
Following public consultation on proposed amendments to the BVI's Anti-Money Laundering Regulations and Anti-Money Laundering and Terrorist Financing Code of Practice (AML Regulations), which commenced in July 2022, the BVI has amended the AML Regulations pursuant to the Anti-Money Laundering (Amendment) Regulations, 2022, gazetted on 19 August 2022, and the Anti-money Laundering and Terrorist Financing (Amendment) Code of Practice, 2022, gazetted on 29 August 2022.
BVI FSC calls for feedback on amendments to AML/CFT legislation
On 7 July 2022, the BVI Financial Services Commission (FSC) released a public consultation asking for opinions and comments on the proposed amendments to Anti-Money Laundering Regulations and Anti-Money Laundering and Terrorist Financing Code of Practice. The proposed amendments are geared towards compliance with international standards established by the Financial Action Task Force (FATF) and also intended to modernise and clarify existing provisions within the legislation.
No additional AML-CFT measures for Cayman
The European Union has confirmed to the Minister of Financial Services and Commerce of the Cayman Islands government that the EU does not require further measures, beyond those included in the Financial Action Task Force action plan, to remove the Cayman Islands from the EU's anti-money laundering and countering the financing of terrorism list.
MONEYVAL publishes follow-up report on Cyprus anti-money laundering
On 13 January 2022, the Council of Europe’s Committee of Experts on Money Laundering and Terrorist Financing (MONEYVAL) published its first follow-up report on the progress made by Cyprus since its prior 2019 initial report, which placed the jurisdiction under an enhanced follow-up programme. The follow-up report examines progress made in implementing new requirements relating to the Financial Action Task Force’s globally renowned 40 Recommendations since the prior review.
Cyprus finalises its national risk assessment on virtual assets and VASPs
On 13 December 2021, the Cyprus Ministry of Finance announced that the Report on National Risk Assessment (NRA) with respect to virtual assets (VA) and virtual asset service providers (VASPs) commissioned by the Advisory Authority for Combating Money Laundering and Terrorist Financing has been finalised.
CySEC responds to FATF virtual assets guidance
On 24 November 2021, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 476 informing the Regulated Entities of the Financial Action Task Force (FATF) updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers.
CySEC circular on US sanctions
On 11 November 2021, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 475 reminding firms of the practical implications of the latest sanctions administered by the Office of Foreign Assets Control (OFAC) in the United States. CySEC also expressly referred to OFAC’s new Cyber related Designations and Designations Updates.
Cyprus Funds now eligible as Foreign Portfolio Investors in India
On 14 June 2021, India's Ministry of Finance notified its Cypriot counterparts that Cyprus would now be included as an eligible “Category I” country for the purposes of India’s Securities and Exchange Board of India (SEBI) Foreign Portfolio Investors (FPI) Regulations 2019 (SEBI Regulations). In broad terms such Category I countries comprise (direct) members of the Financial Action Task Force (FATF) and other countries specifically recognised as such by SEBI. We understand that, other than Cyprus, only the UAE and Mauritius have been specifically recognised in this way.
EU Commission revamps its AML/CFT rules introducing a package of legislative proposals
On 20 July 2021, the European Commission presented a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing (AML/CFT) rules. The package also includes the proposal for the creation of a new EU authority to fight money laundering.
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