Regulatory Blog

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.

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.

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 9 February 2026, the Cayman Islands Government published three legislative instruments: the Mutual Funds Bill, Private Funds Bill, and Virtual Asset Bill. These were created to answer a number of pressing questions arising from tokenised investment funds and to establish a clear and reliable regulatory framework for tokenised investment funds.