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Regulatory Blog


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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.
Cyprus announces exemptions to the public UBO register for companies under liquidation
On the 13 December 2021, the Cypriot competent authorities announced that companies which have filed an application to be struck from the Register before 12 March 2021, or where their liquidation has begun prior to 12 March 2021, will be exempt from the obligation to make a filing under the Beneficial Owners register.
CSSF advises on the improvement of Risk-Based Supervision
On 22 December 2021, the Commission de Surveillance du Secteur Financier (CSSF) published Circulars 21/788, 21/789 and 21/790 aiming to improve the Risk-Based Supervision of the CSSF, for prudential and AML/CFT purposes regarding investment fund managers (IFMs) and undertakings for collective investment (UCIs).
West imposes further sanctions on Belarus, including on its flag-carrier – Belarus retaliates
On 2 December 2021, the EU, UK, USA and Canada issued a joint statement on coordinated sanctions in response to continuing attacks on human rights and fundamental freedoms in Belarus.
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