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Regulatory

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
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Evi Koutsioumpa
Evi Koutsioumpa
  • Evi Koutsioumpa

  • Associate
  • 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

  • Associate
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

Sanctions update: Maldives and Eritrea

Maldives

The Republic of Maldives (Asset-Freezing) Regulations 2018 (the EU 2018 Maldives Regulations) came into force as a matter of European Union (EU) law on 8 August 2018. A copy of the EU 2018 Maldives Regulations can be found here.

The Republic of Maldives (Asset-Freezing) (Revocation) Regulations 2020 (the Maldives Revocation Regulations) will come into force on 27 March 2020 and will from this date revoke the EU 2018 Maldives Regulations. A copy of the Maldives Revocation Regulations can be found here.

The EU 2018 Maldives Regulations were not extended by the United Kingdom to the British Overseas Territories (in particular the British Virgin Islands and the Cayman Islands) directly. In the case of the BVI, the EU 2018 Maldives Regulations did not have any legislative basis. However, in the Cayman Islands the EU 2018 Maldives Regulations as a United Kingdom statutory instrument had application under the European Communities Act 1972 (C.68). See generally, Part 3 of the Consolidated Index of Laws and Subsidiary Legislation of the Cayman Islands. A copy of which can be found here.

EU did not list anyone and the revocation is in light of the fact that the Maldives government “confirmed its firm commitment to consolidate democracy, ensure good governance, and promote respect for human rights during the fourth annual policy dialogue between the Maldives and the EU which was held on 11 March 2019

Eritrea

The Eritrea (Asset-Freezing) Regulations 2012 (the EU 2012 Eritrea Regulations) came into force as a matter of European Union law on 5 July 2012. A copy of the EU 2012 Eritrea Regulations can be found here.

The Eritrea (Sanctions) (Overseas Territories) Order 2012 (the Eritrea OT Order) came into force on 5 December 2012 and applied to both the BVI and the Cayman Islands as a matter of local law under an Order in Council. The Eritrea OT Order incorporated the EU 2012 Eritrea Regulations. A copy of the Eritrea OT Order can be found here.

The Eritrea (Asset-Freezing) (Revocation) Regulations 2020 (the Eritrea Revocation Regulations) will come into force on 27 March 2020 and will from this date revoke the EU 2012 Eritrea Regulations. A copy of the Eritrea Revocation Regulations can be found here.

 The Eritrea (Sanctions) (Overseas Territories) (Revocation) Order 2019 (the Eritrea OT Revocation Order) came into force on 13 March 2019 and revoked the Eritrea OT Order. A copy of the Eritrea OT Revocation Order can be found here. It is worth to note that the OT regime was revoked before the EU regime.

General update on OT sanctions regime

The United Kingdom left the European Union at 11pm GST on 31 January 2020. As such, the sanctions regime that will apply to the British OT will now need to be more closely aligned with the United Kingdom post the departure from the European Union. The United Kingdom is in the process of finalising the Sanctions (Overseas Territories) Order 2020 to ensure that the sanctions regime that will be in place in the United Kingdom can also be implemented and enforced in the British OT. Further guidance will be published on this in due course.