Regulatory Blog

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

On 23 May 2025, the Cayman Islands Monetary Authority published its Regulatory Policy on the Registration or Licensing of Virtual Asset Service Providers in the Official Gazette. The policy aims to provide clarity, build market confidence, and align with international standards in virtual asset regulation.

On 20 May 2025, the UK introduced a sweeping sanctions package aimed at weakening Russia’s military and economic capabilities amid its ongoing war in Ukraine. This move underscores the UK’s commitment to international law and peace.

European Union has issued significant and far-reaching sanctions and restrictive measures on Russia and the Russian Economy. View a table of all the sanctions here

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

On 24 April 2025, the UK enacted a significant update to its sanctions regime against Russia. These measures, implemented under the Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025, aim to weaken Russia's military-industrial capabilities and offer continued support to Ukraine amidst ongoing aggression. The enhanced sanctions expand previous trade restrictions, focussing on exports, imports, and technology transfers, as well as software and related services.

The Office of Financial Sanctions Implementation released its Legal Services Threat Assessment Report in April 2025, offering critical insights into threats to compliance with UK financial sanctions. This analysis highlights the evolving sanctions landscape, the role of legal services providers, and practical steps to enhance compliance.

The Cayman Islands Monetary Authority (CIMA) announced significant amendments to the Virtual Asset (Service Providers) Act (VASP Act), effective 1 April 2025. These changes introduce Phase Two of the VASP legislative framework, setting new obligations for Virtual Asset Service Providers (VASPs) operating in or from the Cayman Islands.

On 31 March 2025, the Cayman Islands Department for International Tax Cooperation published to the official gazette, its updated lists of Common Reporting Standard Participating Jurisdictions and Reportable Jurisdictions for 2025.

On 21 February 2025, the Financial Action Task Force released significant updates regarding jurisdictions under increased monitoring and high-risk jurisdictions subject to a call for action. These updates highlight global efforts to improve anti-money laundering, combating the financing of terrorism, and counter-proliferation financing measures.

The Cayman Islands Monetary Authority (CIMA) recently issued a Warning Notice citing significant breaches of the Securities Investment Business Act (SIB Act) and other key regulations. This guide outlines the key breaches, proposed actions, and valuable lessons for financial entities to ensure compliance.