Regulatory

Blog

Regulatory

The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Cyprus and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.

Contributors

Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Consultant
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Counsel
  • Cayman Islands

FATF publishes report on “Opportunities and Challenges of New Technologies for AML/CFT”

On 1 July 2021, the Financial Action Task Force (FATF) published a report on the opportunities and challenges of new technologies for anti-money laundering/combating the financing of terrorism (AML/CFT), as new technologies can improve the speed, quality and efficiency of measures to combat money laundering and terrorist financing (ML/TF).

Chiara Deceglie, Andrea Moundi Savvides

Sanctions update on Belarus

On 21 June 2021, the governments of the EU, UK, US and Canada issued a joint statement on the decision to impose increased sanctions on Belarus in response to the 23 May forced landing of a commercial Ryanair flight between Athens and Vilnius and the politically motivated arrest of journalist Raman Pratasevich and his companion Sofia Sapega, as well as to the continuing attack on human rights and fundamental freedoms.

Aki Corsoni-Husain

Enforcement action under the BVI Economic Substance regime - ITA determinations of non-compliance

Our BVI economic substance team has put together an overview of the process under which we are beginning to see the BVI International Tax Authority (ITA) determining that a BVI company or limited partnership may have been non-compliant with the economic substance regime requirements during the first financial period (typically June 2019 to June 2020, with reporting submitted by December 2020).

Joshua Mangeot, Aki Corsoni-Husain

CySEC’s new register for crypto-asset service providers

Further to the implementation of pan-EU requirements including crypto-asset service providers (CASPs) under the Fifth Anti-Money Laundering Directive (5AMLD), Cyprus recently updated its definition of obliged entities under the Prevention and Suppression of Money Laundering Law 2007 (AML Law) to bring CASPs into scope.

Aki Corsoni-Husain, George Apostolou

BVI introduces data protection regime

On 6 April 2021, the BVI government passed the Data Protection Act (the DPA). The DPA was published in the gazette on 13 April 2021 but has not yet come into force – it will come into force on a date to be determined by the government and this is expected imminently.

Philip Graham, Aki Corsoni-Husain,
Ayana Hull, Mirza Manraj,
Adam Legge

UK extends renewed Myanmar sanctions to the Overseas Territories

Hot on the trail of equivalent legislation in the UK, the Myanmar (Sanctions) (Overseas Territories) Order 2021 (the Myanmar OT Order) was made on 28 April 2021 and came into force on 29 April 2021. The Myanmar OT Order extends renewed UK sanctions on Myanmar (Burma) to Anguilla, the British Virgin Islands and the Cayman Islands among others. Bermuda has also given effect to the Myanmar OT Order.

Mirza Manraj

Cyprus Bar Association’s requirement for annual compliance report

On 26 November 2019, the Cyprus Bar Association issued an announcement informing all its members that it has decided to increase its supervision over the obliged entities for which it is a supervisory authority, by adopting the same reporting requirements that the Cyprus Securities and Exchange Commission has; namely, the submission of an annual compliance report.

Aki Corsoni-Husain