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
Matt Taber
Matt Taber
  • Matt Taber

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

  • Group General Counsel
  • Cayman Islands

Cyprus announces public consultation on draft Distributed Ledger Technology Law 2021

On 6 September 2021, the Cyprus Ministry of Finance announced a public consultation on a draft law regulating matters relating to distributed ledger technology (DLT), including blockchain technology. The purpose of the draft law is to introduce in technologically neutral manner rules that will achieve a balance between the need to promote and properly use new technologies and the need to prevent money laundering and safeguard the rights of consumers.

Aki Corsoni-Husain, George Apostolou,
Elina Mantrali

Bank "bail-in", deposit guarantee regimes, and capital adequacy amendments transposed in Cyprus

On 13 August 2021, the Cyprus Securities and Exchange Commission (CySEC) issued an announcement to provide further information to the public regarding the pack of legislation passed by parliament on 7 May 2021 which seeks to harmonise the Cypriot legal framework with updated European Union rules targeting the reduction of risk in the banking system (Amending Regime).

Aki Corsoni-Husain, Nancy Erotocritou,
Elina Mantrali, Stephanie Havatzias

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

MONEYVAL’s Annual Report concludes that Europe needs to improve in fight against money laundering

On 4 July, the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) published its Annual Report for 2020, finding that states and jurisdictions evaluated, show on average, only moderate levels of effectiveness in their efforts to combat money laundering and terrorist financing. As a consequence, on average, their level of compliance is below satisfactory in MONEYVAL’s opinion.

Andrea Moundi Savvides, 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