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

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

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

FATF listing and the Cayman Islands

At its plenary session on 25 February 2021, the Financial Action Task Force (FATF) included the Cayman Islands as a jurisdiction being monitored for the active resolution of identified deficiencies in its regimes for the countering of anti-money laundering, terrorist financing and proliferation financing. While no significant issues were identified with the Cayman Islands compliance regimes, the Cayman Islands were given three action items aimed at demonstrating the effectiveness of its compliance regimes and therefore included on the list of jurisdictions being monitored.

Carolynn Vivian

FATF issues various public statements

On 23 October 2020, the Financial Action Task Force (FATF) issued a public statement titled: “Jurisdictions Under Increased Monitoring”. There are 16 jurisdictions that FATF have identified that are under and subject to increased monitoring. This essentially means that the jurisdictions have committed to working swiftly with FATF to resolve and address the identified strategic deficiencies within an agreed timeframe.

Mirza Manraj, Aki Corsoni-Husain