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Regulatory Blog

Maze with hand

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BVI launches new beneficial ownership access policy
On 23 June 2025, the Government of the Virgin Islands introduced a policy governing access to the Register of Beneficial Ownership for BVI Business Companies and Limited Partnerships. This initiative aligns with international standards for corporate transparency, anti-money laundering, counter-terrorism financing, and counter-proliferation financing, while safeguarding individual privacy.
Privy Council rules on non-recoverability of costs in tax cases
On 24 June 2025, a decision by the Judicial Committee of the Privy Council overturned Jersey’s first-ever declaration of incompatibility under the Human Rights (Jersey) Law 2000 in a case that focussed on the International Co-operation (Protection from Liability) (Jersey) Law 2018, which limits costs and damages against public authorities acting in good faith to fulfil international requests.
BVI’s Proceeds of Criminal Conduct Act: 2025 amendments in force
On 20 June 2025, the Government of the Virgin Islands published a Proclamation bringing the Proceeds of Criminal Conduct (Amendment) Act, 2025 into force on 6 June 2025. This legislation introduces enhanced measures to combat money laundering, strengthen financial transparency, and facilitate international cooperation.
CySEC proposes legislative reforms to facilitate AIF Limited Partnership structures
On 12 June 2025, the Cyprus Securities and Exchange Commission issued Consultation Paper CP-02-2025, proposing targeted amendments to the Alternative Investment Funds Law of 2018.
EU launches sanctions helpdesk to support SMEs
The European Commission recently announced the launch of the EU Sanctions Helpdesk, a dedicated initiative to support small and medium-sized enterprises in navigating the complexities of sanctions compliance. With over 40 global sanctions regimes in place, the EU Sanctions Helpdesk aims to alleviate the challenges SMEs face by offering free, comprehensive assistance.
Targeting aggression: UK’s latest sanctions on Russia
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.
Bermuda (re)insurers and the California wildfires: A critical role in disaster recovery
The Southern California wildfires of January 2025, including the Eaton Fire (Altadena) and Palisades Fire (Pacific Palisades), have been declared the costliest wildfire disaster in US history. Propelled by extreme drought conditions and hurricane-force winds, the fires caused extensive loss of life and property.
Enhancing Bermuda’s insurance group supervision framework
The Bermuda Monetary Authority proposed updates to its Insurance Group Supervision Framework, aiming to strengthen oversight, align with global standards, and safeguard Bermuda’s insurance industry.
UK updates Syria sanctions: Balancing recovery and responsibility
The United Kingdom introduced significant amendments to the Syria sanctions framework. Below, is a summary of the main changes and their broader implications.
EU lifts economic sanctions on Syria, maintains measures for security and accountability
On 28 May 2025, the Council of the European Union adopted legal acts to lift all economic sanctions imposed on Syria, except those grounded in security concerns. The adoption aims to support the Syrian people in their efforts to rebuild a unified, peaceful nation and formalises the political agreement announced on 20 May 2025.
Cyprus adopts NIS2 Directive: Key updates in 2025 cybersecurity law
On 25 April 2025, the Republic of Cyprus published the Network and Information Systems Security (Amendment) Law of 2025. This amending law aligns Cyprus’ national legislation with the EU NIS 2 Directive 2022/2555. The NIS2 framework is viewed as a substantial step towards strengthening cybersecurity across the EU. This new legal framework expands the scope of covered entities and imposes more rigorous obligations regarding cybersecurity risk management and incident reporting.
The European Commission takes actions against five EU member states for insufficient implementation of the Digital Services Act
The European Commission recently took the decision to report Spain, Czechia, Cyprus, Poland, and Portugal to the Court of Justice of the European Union due to lack of local effective transposition of the Digital Services Act.
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