Regulatory Blog

On 14 June 2026, a broad coalition of states, including the United Kingdom and European Union member states, issued a joint statement responding to the announcement of a memorandum of understanding between the United States and Iran, calling for the detailed negotiations to be concluded and the agreement to be implemented rapidly and comprehensively, indicating their readiness to support that effort.

On 21 May 2026, the Court of Justice of the European Union delivered two significant sets of judgments addressing the interaction between trust structures and, respectively, EU restrictive measures and anti-money laundering transparency obligations. Taken together, these rulings reinforce the EU's substance-over-form approach to financial regulation and carry important implications for trustees, fiduciary service providers, and compliance professionals across the Member States.

On 24 April 2026, the UK Office of Financial Sanctions Implementation issued a new General Licence (INT/2026/9512597) under the Sanctions and Anti-Money Laundering Act 2018, replacing the previous Legal Services General Licence which expired on 28 April 2026. The licence allows UK law firms and counsel to receive payments from designated persons under the UK Autonomous Sanctions Regimes listed in Annex 1 including, notably, Russia, without needing a separate OFSI-specific licence, provided all terms are met.

On 19 May 2026, the Department for Business and Trade published General Trade Licence GBSAN0004. The Licence exempts diesel and jet fuel refined from Russian-origin crude oil in third countries from the new import ban introduced under Chapter 4IB of the Russia Regulations 2019. It came into force on 20 May 2026, has no fixed end date and will be periodically reviewed by the Secretary of State.

On 20 May 2026, the Russia Regulations 2026 came into force, significantly expanding the UK's sanctions regime against Russia. Made by the Secretary of State under the Sanctions and Anti-Money Laundering Act 2018, these Regulations amend the Russia Regulations 2019 and introduce a range of new trade and shipping prohibitions.

On 26 May 2026, the UK Foreign, Commonwealth & Development Office announced 18 new designations under the Russia Regulations 2019, targeting cryptocurrency exchanges, financial intermediaries, and key individuals linked to Russia's sanctions evasion infrastructure.

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.

The Organisation for Economic Co-operation and Development released its 2025 update to the Model Tax Convention on Income and on Capital on 18 November 2025, introducing significant changes that will reshape the international tax landscape. These updates provide critical guidance on the taxation of cross-border remote work and income from natural resource extraction, aiming to offer greater certainty for governments and businesses alike.

On 19 March 2026, the Cayman Islands Government published amendments to three key legislative acts to establish a clear regulatory framework for tokenised investment fund structures. These amendments were enacted through the Mutual Funds (Amendment) Act, 2026, the Private Funds (Amendment) Act, 2026, and the Virtual Asset (Amendment) Act, 2026.

AI is no longer a future prospect. It is transforming the way financial services operate right now. For businesses in offshore financial centres such as the British Virgin Islands, the Cayman Islands, and Jersey, the opportunities are immense but so are the risks. From algorithmic decision-making and automated compliance tools to AI-driven investment strategies, the technology is advancing faster than the regulatory framework designed to govern it. With no comprehensive AI-specific legislation yet in place across key offshore jurisdictions, firms face a critical question – how do you innovate responsibly while staying on the right side of the law?

On 25 March 2026, the UK published updated guidance under the Iran (Sanctions) Regulations 2023, reinforcing its commitment to addressing human rights violations, deterring hostile activities, and promoting international security.

On 25 March 2026, the Department for International Tax Cooperation published an industry advisory announcing an extension to the registration deadline under the Crypto-Asset Reporting Framework.