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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New guidance on Article 5r reporting requirements for outgoing transfers related to Russian-owned entities; Template reporting forms released
On 12 April 2024, the European Commission issued a set of much needed FAQs regarding reporting on outgoing transfers related to Article 5r under EU Council Regulation 833/2014.
19 Apr 2024
European Council gives final approval on a new directive to criminalise the violation and circumvention of EU sanctions
On 12 April 2024, the European Council gave the final approval of a new directive aimed at standardising the enforcement of EU sanctions across EU member states.
18 Apr 2024
UK Government tightens sanctions: Ban on Russian diamonds extended to third country processors
On 28 February 2024, the UK Government published the Russia (Sanctions) (EU Exit) (Amendment) (Regulations) 2024, extending the ban on Russian diamonds to restrict the importation of specific Russian-origin diamonds processed in third countries, starting from 1 March 2024.
02 Apr 2024
New divestment licensing grounds under the UK-Russia sanctions regime, as relevant to BVI, Cayman and Bermuda
On 13 March 2024, two new UK-Russia sanctions licensing grounds were extended to the UK Overseas Territories: firstly, the UKOT competent authorities (eg BVI, Cayman Islands and Bermuda) may now issue licences to authorise “relevant transfers” for the purposes of divesting from investments held by UKOT persons in Russia; and secondly, licences may be issued entitling a UKOT person to acquire interests from designated persons provided any consideration due to the designated person is placed in a frozen account.
28 Mar 2024
Update to UK Sanctions on Russia-Ukraine-Belarus (up to 28 March 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
28 Mar 2024
Cyprus-UK collaboration in relation to the Sanctions Implementation Unit in Cyprus and the improvement of the Cyprus Legal Framework on sanctions
On 5 February 2024, the Cyprus Ministry of Finance announced that the UK project team designated to initiate the establishment and operation of the National Sanctions Implementation Unit and enhance the sanctions legislative framework, visited Cyprus from 30 January 2024 to 1 February 2024.
12 Mar 2024
OFSI reminds industry as to reporting measures for Russian financial sanctions compliance
On 12 February 2024, the UK Office of Financial Sanctions Implementation (OFSI) issued a blog post on the reporting requirements in respect of designated persons under the Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2023, published on 12 December 2023 (the No. 4 Regulations).
06 Mar 2024
European Commission updates its FAQs on sanctions against Russia and Belarus
The European Commission has updated its Frequently Asked Questions on sanctions against Russia and Belarus.
05 Mar 2024
EU adopts its 13th package of sanctions against Russia
On 23 February 2024, the Council of the EU adopted the 13th package of sanctions and restrictive measures against the Russian regime, marking the two-year anniversary of Russia's invasion of Ukraine.
27 Feb 2024