Regulatory Blog

On 30 March 2026, the Cayman Islands Department for International Tax Cooperation gazetted updated Common Reporting Standard Participating Jurisdictions and CRS Reportable Jurisdictions lists. The updates are issued pursuant to the CRS Regulations, as amended by the CRS Regulations, 2025.

On 23 June 2026, the Jersey Financial Services Commission announced updates to Appendix D1 and Appendix D2 of the AML/CFT/CPF Handbook, reflecting the latest Financial Action Task Force statements issued on 19 June 2026. These changes take effect immediately and carry practical implications for all supervised persons in Jersey.

The European Union announced a series of restrictive measures targeting individuals and entities involved in significant violations of international law, human rights, and cybersecurity. These measures were adopted on 16 March 2026, reflect the EU's commitment to safeguard global security, human rights, and the rule of law. These measures form a distinct package of measures from the 20th Package on Russia, which was released on 23 April 2026.

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 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 11 May 2026, the European Union's foreign ministers reached a unanimous agreement to impose restrictive measures on Israeli settlers and settler organisations over violence against Palestinians in the occupied West Bank. The sanctions arise against the backdrop of escalating tensions in the West Bank.

The BVI recently enacted the Mutual Legal Assistance Act 2026. This vital piece of legislation formally aligns local law with the updated Common Reporting Standard approved by the Organisation for Economic Co-operation and Development in June 2023. The 2026 Amendment was Gazetted on 5 March 2026.

The Jersey Financial Services Commission updated its sanctions list, which includes measures implemented and enforced by Jersey. These sanctions are categorised by country and specific regimes, providing an overview of the legal acts, latest news, and Jersey's enforcement regime.

On 27 April 2026, the Jersey Financial Services Commission introduced "focus examinations" as part of its 2026-2030 strategy to adopt a more risk-based and proportionate supervisory approach. These examinations are designed to assess compliance with regulatory requirements in specific, clearly defined areas, offering a streamlined alternative to full-scale examinations.

On 27 March 2026, the European Commission initiated infringement procedures against several EU Member States for failing to fully transpose key EU directives into their national laws by the required deadlines. These actions aim to ensure compliance with EU legislation and safeguard harmonisation across the EU.

On 16 February, the British Virgin Islands Financial Services Commission published Industry Circular 5 of 2026, highlighting the critical importance of ongoing Customer Due Diligence and transaction monitoring for Financial Institutions and Designated Non-Financial Businesses and Professionals. While initial CDD establishes a foundational understanding of customer profiles and risks, the BVI FSC underscores that ongoing CDD is essential to address changes in customer circumstances or activities.

On 13 March 2026, the Cyprus Securities and Exchange Commission issued Circular 759, to inform relevant entities about the adoption of the European Securities and Markets Authority’s guidelines on outsourcing to cloud service providers. This replaces Circular 457 from July 2021.