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Regulatory Blog

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MONEYVAL publishes follow-up report on Cyprus anti-money laundering
On 13 January 2022, the Council of Europe’s Committee of Experts on Money Laundering and Terrorist Financing (MONEYVAL) published its first follow-up report on the progress made by Cyprus since its prior 2019 initial report, which placed the jurisdiction under an enhanced follow-up programme. The follow-up report examines progress made in implementing new requirements relating to the Financial Action Task Force’s globally renowned 40 Recommendations since the prior review.
BVI regulator reminds the industry about consolidated financial regulations and acts
The BVI Financial Services Commission has, throughout January, been publicising the BVI Government’s new suite of recently published consolidations of a number of key revised financial services Acts and Regulations.
EU agrees on Data Governance Act
On 30 November 2021, the European Commission issued a press release welcoming the political agreement reached between the European Parliament and EU Member States on a European Data Governance Act, proposed to be adopted as a Regulation.
BVI implements changes to the Beneficial Ownership Secure Search System Act
Changes to the BVI’s Beneficial Ownership Secure Search System Act 2017 (BOSS Act) came into force as of 1 January 2022 which stakeholders should be aware of. We round up the key amendments and what they mean in practice below.
European Commission issues a draft Directive on a minimum corporate tax
On 22 December 2021, the European Commission published the draft of a Directive ensuring a minimum effective tax rate for the global activities of large multinational groups. This is in line with the international agreement orchestrated by the OECD and known as Pillar 2 and sets out how the principles of the 15 per cent effective tax rate (ETR) will be applied within the EU.
Cyprus finalises its national risk assessment on virtual assets and VASPs
On 13 December 2021, the Cyprus Ministry of Finance announced that the Report on National Risk Assessment (NRA) with respect to virtual assets (VA) and virtual asset service providers (VASPs) commissioned by the Advisory Authority for Combating Money Laundering and Terrorist Financing has been finalised.
BVI FSC expands list of Recognised Exchanges
The BVI Financial Services Commission (FSC) has updated its Regulatory Code (Recognised Exchanges) to include Fusang Exchange Ltd to the recognised exchanges list.
European Commission publishes draft Directive to prevent the misuse of shell entities
On 22 December 2021, the European Commission (EC) published a draft Directive as part of its fight against the use of entities that do not perform any economic activity, so-called shell entities, and which are assumed to be used for improper tax purposes. In spite of representations to the contrary, the EC has specifically stated that this particular initiative is needed notwithstanding the plethora of other initiatives taken over the last few years.
CySEC responds to FATF virtual assets guidance
On 24 November 2021, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 476 informing the Regulated Entities of the Financial Action Task Force (FATF) updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers.
FATF’s updated guidance to Virtual Assets and Virtual Asset Service Providers
On 28 October 2021, FATF published its updated Guidance for a risk based approach for Virtual Assets (VA) and Virtual Asset Service Providers (VASPs) and is intended to help both national authorities in understanding and developing regulatory and supervisory responses to VA activities and VASPs, and to help private sector entities seeking to engage in VA activities, in understanding their AML/CFT obligations and how they can effectively comply with these requirements. The Guidance also examines how VA activities and VASPs fall within the scope of the FATF Standards.
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