Regulatory Blog

On 12 June 2025, the European Council adopted a regulation imposing additional tariffs on agricultural products and specific nitrogen-based fertilisers from Russia and Belarus imports that were not previously subject to extra customs duties. This measure aims to reduce the EU's reliance on these imports, diversify supply chains and limit Russia's export revenues.

On 17 July 2025, the Office of Financial Sanctions Implementation introduced new online forms for licence applications, reporting suspected breaches, and other key submissions like frozen asset reporting. This initiative aims to modernise and streamline processes, ensuring faster, more efficient and accessible services.

On 18 July 2025, the European Union adopted its 18th sanctions package against Russia, intensifying economic and individual measures in response to Russia's ongoing aggression against Ukraine. This comprehensive package targets key sectors, including energy, banking, and military industries, while also addressing circumvention tactics and holding Russia accountable for its actions.

On 22 July 2025, the UK, in coordination with the EU, announced a reduction in the crude oil price cap from US$60 to US$47.60 per barrel, effective 2 September 2025. This measure aims to further restrict Russia's oil revenues, a key funding source for its activities in Ukraine, while maintaining global energy market stability. The revised reduction is implemented through an amendment to the relevant UK General Licence.

Recent changes to UK financial sanctions reporting, effective 14 May 2025, place High Value Dealers, Art Market Participants, letting agents, and insolvency practitioners squarely under expanded compliance obligations. These measures are designed to safeguard financial integrity and target risks such as money laundering and sanctions evasion.

On 20 June 2025, the Financial Action Task Force released a critical report highlighting vulnerabilities in the global financial system that enable the financing of weapons of mass destruction and sanctions evasion. Despite international efforts, only 16 per cent of countries demonstrate substantial effectiveness in implementing targeted financial sanctions under UN Security Council Resolutions.

On 14 May 2025, the Cyprus Online Gaming Association announced that its launch is a defining moment for the Cypriot online betting industry. Established by key players Stoiximan, Bet365, and Bet on Alfa, COGA aims to position Cyprus as a premier destination for online gaming companies. By promoting a stable and responsible operating environment, COGA seeks to raise industry standards through enhanced transparency and long-term economic contributions.

On 11 July 2025, Bermuda’s National Anti-Money Laundering Committee advised that it is seeking feedback on proposed amendments to Bermuda’s Proceeds of Crime (AML/ATF Supervision & Enforcement) Act 1997, Proceeds of Crime Act 2008, and related regulations.

On 27 June 2025, Luxembourg's Commission de Surveillance du Secteur Financier published Circular 25/894, which establishes the obligations for Luxembourg Investment Fund Managers managing investment funds not authorised by the CSSF to provide information in respect of such funds via the completion of specific forms. This circular, effective immediately, repeals Circular CSSF 15/612 and applies to management companies subject to Chapter 15 of the UCI Law, registered AIFMs and authorised AIFMs.

On 10 June 2025, the European Commission revised its list of high-risk jurisdictions under the EU anti-money laundering and counter-terrorism financing framework. EU-regulated entities must adopt enhanced due diligence measures when engaging with the listed countries to safeguard the financial system of the EU.

On 3 June 2025, the Cyprus Securities and Exchange Commission issued Circular C709 informing Regulated Entities that the European Securities and Markets Authority’s has launched a survey to evaluate Artificial Intelligence adoption by financial entities within the Securities Sector. This survey is voluntary and open for entities regulated by national competent authorities or directly supervised by ESMA.

During the last G7 summit a "side-by-side" system was proposed to address concerns raised by the United States regarding Pillar 2.