About the Regulatory Blog and our contributors
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, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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2024 Terrorist Financing Risk Assessment Survey conducted by the BVI
On 21 June 2024, the BVI Financial Services Commission (FSC) published Circular 21 advising the industry that is currently updating its Terrorist Financing (TF) Risk Assessment, originally conducted in 2020, to maintain an ongoing understanding of TF risks.
05 Jul 2024
BVI FSC reminds the industry of filing deadlines and guidelines
On 28 June 2024, the BVI Financial Services Commission (FSC) published Industry Circular 23 to remind all regulated entities of their upcoming filing and submission deadlines. While the provided schedule is a helpful reference, entities are still responsible for timely submissions despite any potential errors or omissions in the schedule.
05 Jul 2024
UK Government issues guidance on second-hand vessel sales to prevent Russia sanctions evasion
On 21 May 2024, the UK Government released new guidance on the sale and brokering of second-hand vessels, specifically addressing the sale of oil tankers to third countries under the current Russia sanctions regime.
25 Jun 2024
New BVI General Licence No. 6 2024: Guidelines for legal fees and expenses
On June 4 2024, the Governor of the Virgin Islands issued General Licence No. 6 2024, which authorises the payment of reasonable professional legal fees and expenses. General Licence No. 6 2024, replaces the previous licences No. 3 and No. 5.
20 Jun 2024
Update to UK Sanctions on Russia-Ukraine-Belarus (up to 31 May 2024)
Following the invasion of Ukraine by Russia, the UK Government, alongside the member states of the European Union, the United States of America and other global stakeholders issued significant new sanctions. View a table of all the sanctions here
31 May 2024
UK updates financial sanctions general guidance
In a move to provide clarity and enhance understanding, the UK Office of Financial Sanctions Implementation has revised its financial sanctions general guidance. Released on 13 May 2024, this update primarily focusses on Section 6, which relates to licensing.
24 May 2024
UK and US tighten restrictions on Russian metal exports
On 12 April 2024, the UK and the US jointly announced stricter measures against Russian metal exports, bringing the London Metal Exchange and the Chicago Mercantile Exchange into the existing bans. This move prohibits the on exchange trading of new aluminium, copper, and nickel produced by Russia.
21 May 2024
Virgin Islands Government releases Mutual Evaluation Report and National Action Plan
On 26 February 2024, the BVI Ministry of Financial Services released a statement regarding the publication of the Virgin Islands' Mutual Evaluation Report by the Caribbean Financial Action Task Force.
15 May 2024
OFSI launches new financial sanctions FAQs
On 1 May 2024, the UK Office of Financial Sanctions Implementation introduced the financial sanctions Frequently Asked Questions as additional guidance.
14 May 2024