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

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

EU legislators reach political agreement on CBCR

On 1 June 2021, the European Union (EU) Council and the EU Parliament reached a provisional political agreement on the proposed directive on the disclosure of income tax information by certain undertakings and branches, commonly referred to as the country-by-country reporting (CBCR) directive. The public dimension of CBCR is not a new proposal having first been put forward in 2016 but the necessary EU wide political support for this measure only emerged earlier this year once a compromise text seemed possible.

Andrew Knight, Christophe Sicard

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

EU imposes sanctions in relation to the military coup in Myanmar/Burma

On 22 March 2021, the EU Council imposed restrictive measures on 11 individuals in relation to the military coup staged in Myanmar/Burma on 1 February 2021, and the subsequent military and police repression against peaceful demonstrators. On 19 April 2021, the Council added 10 individuals and two military controlled companies to the list of those subject to sanctions.

Chiara Deceglie, Marina Stavrou