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Regulatory Blog

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Red alert issued in respect of financial sanctions evasion typologies – Russian elites and enablers
On 21 July 2022, the BVI Financial Services Commission (the FSC) issued Industry Circular No. 4 highlighting a “red alert” which has been issued by the UK National Economic Crime Centre (the NECC).
Update to UK Sanctions on Russia-Ukraine-Belarus (up to 9 August 2022)
Following the invasion of Ukraine by Russia, the UK Government, alongside the member states of the European Union, the United States of America and other global stakeholders issued significant new sanctions. View a table of all the sanctions here
Newly voted transfer pricing legislation in Cyprus
On 30 June 2022, the Cyprus Parliament passed into law the transfer pricing (TP) rules and documentation requirements by amending the tax legislation. The OECD Transfer Pricing Guidelines have been legislatively incorporated in Cyprus.
EU adopts “maintenance and alignment” package on its Russia sanctions
On 21 July 2022, the European Council adopted the new measures, under the “maintenance and alignment” package.
Update to EU Sanctions on Russia-Ukraine-Belarus (up to 22 July 2022)
European Union has issued significant and far-reaching sanctions and restrictive measures on Russia and the Russian Economy. View a table of all the sanctions here
CySEC commenced the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements
The Cyprus Securities and Exchange Commission (CySEC) announced that the online platform for the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR) is operational and has been accessible to trustees as of 17 May 2022 and for all other parties involved, as of 17 June 2022.
Cayman Islands - CRS and FATCA submissions deadline is approaching
The Department for International Tax Cooperation (DITC) reminds the industry of the Common Reporting Standard (CRS) and FATCA deadline for the submission of 2021 reports, as required under the CRS Regulations and FATCA Regulations is 31 July 2022.
EU Council requests EU Parliament’s consent to include the violation of restrictive measures to the list of EU crimes
On 30 June 2022, the EU Council requested the EU Parliament’s agreement in relation to the decision to include the violation of restrictive measures to the list of “EU crimes” included in the Treaty on the Functioning of the European Union.
Cyprus Beneficial Owner data due by 31 July 2022
In 2021, the Cyprus competent authorities announced the establishment of the central register of the beneficial owners of companies and other legal entities, to the extent that they are registered with the Department of Companies and Intellectual Property, in an effort to comply with the European Union Directive against money laundering and terrorist financing.
European Commission publishes consolidated list on Russia sanctions
On 24 June 2022, the European Commission issued its updated consolidated version of the frequently asked questions concerning sanctions adopted following Russia’s military aggression against Ukraine.
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