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Regulatory Blog

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Update to UK Sanctions on Russia-Ukraine-Belarus (up to 15 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
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).
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.
Update to EU Sanctions on Russia-Ukraine-Belarus (up to 4 August 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
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.
Expert Review: Episode four – International transfer of personal data: Frictions and a dynamic road ahead
In this episode, Senior Associate Elina Mantrali and guest expert Phil Lee, discuss the scope and practical implications of the EU’s rules on international transfers of personal data under the EU’s General Data Protection Regulation and, more recently, the European Court of Justice’s decision in Schrems II.
Cayman Islands government publishes consultation on amendments to the Monetary Authority Act and other key regulatory laws
On 20 July 2022, the Cayman government circulated a consultation note, requesting feedback on the proposal to amend the Monetary Authority Act (2020 Revision) and specific regulatory laws.
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.
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.
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