Regulatory Blog

On 19 June 2025, the UK published the Sanctions (EU Exit) (Treasury Debt) Regulations 2025, which take effect on 10 July 2025. These regulations, made under the Sanctions and Anti-Money Laundering Act 2018, introduce targeted exemptions to UN-imposed asset freezes, allowing payments related to Treasury borrowing, including government gilts. This ensures key Treasury transactions can proceed despite existing sanctions.

On 23 June 2025, the Government of the Virgin Islands introduced a policy governing access to the Register of Beneficial Ownership for BVI Business Companies and Limited Partnerships. This initiative aligns with international standards for corporate transparency, anti-money laundering, counter-terrorism financing, and counter-proliferation financing, while safeguarding individual privacy.

On 24 June 2025, a decision by the Judicial Committee of the Privy Council overturned Jersey’s first-ever declaration of incompatibility under the Human Rights (Jersey) Law 2000 in a case that focussed on the International Co-operation (Protection from Liability) (Jersey) Law 2018, which limits costs and damages against public authorities acting in good faith to fulfil international requests.

On 20 June 2025, the Government of the Virgin Islands published a Proclamation bringing the Proceeds of Criminal Conduct (Amendment) Act, 2025 into force on 6 June 2025. This legislation introduces enhanced measures to combat money laundering, strengthen financial transparency, and facilitate international cooperation.

On 12 June 2025, the Cyprus Securities and Exchange Commission issued Consultation Paper CP-02-2025, proposing targeted amendments to the Alternative Investment Funds Law of 2018.

The European Commission recently announced the launch of the EU Sanctions Helpdesk, a dedicated initiative to support small and medium-sized enterprises in navigating the complexities of sanctions compliance. With over 40 global sanctions regimes in place, the EU Sanctions Helpdesk aims to alleviate the challenges SMEs face by offering free, comprehensive assistance.

On 17 June 2025, the UK announced a new package of sanctions to weaken Russia’s economy and military. Unveiled during the G7 Summit in Canada, these measures aim to counter Vladimir Putin's continued aggression in Ukraine. They target key sectors like finance, military, and energy, underlining the UK’s commitment to defending Ukraine and upholding international security.

The Southern California wildfires of January 2025, including the Eaton Fire (Altadena) and Palisades Fire (Pacific Palisades), have been declared the costliest wildfire disaster in US history. Propelled by extreme drought conditions and hurricane-force winds, the fires caused extensive loss of life and property.

The Bermuda Monetary Authority proposed updates to its Insurance Group Supervision Framework, aiming to strengthen oversight, align with global standards, and safeguard Bermuda’s insurance industry.

The United Kingdom introduced significant amendments to the Syria sanctions framework. Below, is a summary of the main changes and their broader implications.

On 28 May 2025, the Council of the European Union adopted legal acts to lift all economic sanctions imposed on Syria, except those grounded in security concerns. The adoption aims to support the Syrian people in their efforts to rebuild a unified, peaceful nation and formalises the political agreement announced on 20 May 2025.

On 25 April 2025, the Republic of Cyprus published the Network and Information Systems Security (Amendment) Law of 2025. This amending law aligns Cyprus’ national legislation with the EU NIS 2 Directive 2022/2555. The NIS2 framework is viewed as a substantial step towards strengthening cybersecurity across the EU. This new legal framework expands the scope of covered entities and imposes more rigorous obligations regarding cybersecurity risk management and incident reporting.