Regulatory Blog

The European Union and the United Kingdom proceeded with the announced reduction in the price cap for Russian-origin crude oil to US$44.10 per barrel, effective 1 February 2026. This measure, part of ongoing sanctions under Regulation (EU) 833/2014, aims to curtail Russia's revenue streams while ensuring global energy market stability.

The UK Parliament has a vested interest in ensuring compliance of sanctions in the Overseas Territories since the UK is responsible, under the UN framework, for the application of sanctions in all places that the UK claims sovereignty. Added to that, the UK Sanctions and Money Laundering Act 2018 formalised the post-Brexit settlement on sanctions implementation in the OTs (with the Crown Dependencies being subject to other equivalent arrangements).

On 24 February 2026, the United Kingdom government announced its most extensive package of sanctions against the Russian Federation since 2022. Published by the Foreign, Commonwealth & Development Office, this package comprises nearly 300 new designations targeting critical Russian revenue streams, energy infrastructure and military supply chains.

The offshore regulatory landscape continues to evolve at a rapid pace, with regulatory bodies in the Cayman Islands and British Virgin Islands introducing updates that reflect the growing global demand for transparency and compliance. As we move into 2026, several critical considerations have emerged for offshore entities, particularly those with ties to the Middle East. This article outlines five key areas that demand attention and offers practical insights for businesses seeking to stay ahead of the curve.

On 16 February 2026, the UK Government, through the Office of Financial Sanctions Implementation, initiated a call for evidence on the implementation of the "Ownership and Control" test within UK financial sanctions regulations. This initiative requests to gather insights from businesses, legal professionals and other stakeholders to evaluate the clarity, effectiveness, and proportionality of the current framework.

On 29 January 2026, the British Virgin Islands International Tax Authority released updated lists for the Common Reporting Standard.

We are pleased to announce the launch of our Regulatory Resources Hub, a centralised and easy-to-navigate guide to the core laws and compliance frameworks shaping financial services across leading jurisdictions.

The BVI Financial Investigation Agency Act Revised Edition as of 1 January 2020, is a comprehensive legal framework that establishes and governs the Financial Investigation Agency, a statutory body charged with investigating and combating financial crimes within the Virgin Islands. Originally enacted through Act 19 of 2003 and coming into force on 1 April 2004, the Act has undergone several amendments to enhance its scope and efficacy, notably through Acts in 2007, 2008, 2013, 2015, and 2017 (plus the further amendments outlined in detail below).

The BVI Business Companies Act, Revised Edition 2020, stands as a foundational legal framework that governs the incorporation, administration, and operation of business entities within the British Virgin Islands. Enacted initially in 2004 and revised across various years, this comprehensive legislation consolidates prior enactments into a structured regulatory code. It embodies principles of flexibility, efficiency, and compliance, providing businesses with a regulatory environment conducive to global commerce.

The BVI Proceeds of Criminal Conduct Act, revised as of 1 January 2020, serves as a foundational legal instrument in the BVI, aimed at dismantling the financial incentives of crime by addressing the recovery and management of assets derived from illicit activities. Originally enacted in 1997, the legislation has undergone numerous and significant updates, as reflected in later amendments and orders such as the 2021 and 2023 Amendments, as well as the Proceeds of Criminal Conduct (Designated Countries and Territories) Order of 1999. Together, these modifications underscore the Act’s adaptability to emerging challenges, particularly in the context of global financial crimes.

The BVI Financing and Money Services Act, revised as of 1 January 2020, serves as a comprehensive regulatory framework governing the financing and money services sector in the Virgin Islands. Enacted initially in 2009 and subsequently amended in 2018, the Act provides the foundation for licensing, regulation, and supervision of entities engaged in financing and money services businesses, ensuring their compliance with both financial and anti-fraud standards. It reflects the jurisdiction’s commitment to fostering a transparent, accountable financial system while protecting consumer interests.

The BVI Insurance Act, as revised on 1 January 2020, establishes a robust framework for the licensing, regulation, and supervision of insurance businesses within the jurisdiction. Designed to ensure financial stability and protect policyholders, the Act addresses various aspects of the insurance sector, including the roles and responsibilities of insurers, insurance managers, intermediaries, and loss adjusters. Guided by principles of prudence and transparency, the legislation is a critical pillar for maintaining trust in the Virgin Islands’ financial services industry.