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 Virgin Islands sanctions notice empowers key officials for enhanced enforcement
On 6 November 2024, the Governor of the Virgin Islands issued a Notice under the Virgin Islands Sanctions Regulations, empowering certain officials and entities to manage and enforce sanctions.
14 Nov 2024
Update to UK Sanctions on Russia-Ukraine-Belarus (up to 7 November 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
07 Nov 2024
European Court confirms validity of legal services ban on Russian entities
On 2 October 2024, the General Court of the European Union dismissed legal challenges to the EU's ban on providing legal advisory services to Russian entities, imposed under 2022 amendments to Council Regulation 833/2014 following the Russian invasion of Ukraine.
07 Oct 2024
New amendments to Cyprus Money Laundering Prevention Directive 2024
On 5 August 2024, the Cyprus Securities and Exchange Commission published CySEC Directive R.A.D 282/2024 which amends the CySEC Directive for the Prevention and Combating of Money Laundering and Terrorist Financing 2020. These changes are aimed at enhancing the framework for preventing money laundering and terrorism financing in the Republic of Cyprus.
20 Sep 2024
TikTok permanently ends TikTok Lite Rewards programme in EU for DSA Compliance
On 5 August 2024, the European Commission legally enforced TikTok's commitments to permanently withdraw its TikTok Lite Rewards program from the EU. This decision follows concerns raised by the European Commission regarding the programme's compliance with the Digital Services Act (DSA) in the formal proceedings initiated on 22 April 2024.
18 Sep 2024
The EU AI Act: A new era of artificial intelligence regulation
On 1 August 2024, the European Union's groundbreaking Artificial Intelligence Act came into force, marking the world’s first comprehensive regulation of artificial intelligence. The AI Act aims to ensure that AI technologies developed and deployed within the EU are trustworthy, prioritising the protection of fundamental rights. It seeks to create a harmonised internal market for AI, fostering innovation and investment across the region.
13 Sep 2024
Amendments to the BVI Beneficial Ownership Secure Search System Act and economic substance reporting regime
The British Virgin Islands Beneficial Ownership Secure Search System Act has been amended by the Beneficial Ownership Secure Search System (Amendment) Act, 2024, which was published in the Gazette on 24 July 2024.
31 Jul 2024
FATF's increased monitoring update
On 28 June 2024, the Financial Action Task Force published an update on the jurisdictions under increased monitoring that are collaborating with FATF addressing deficiencies in their anti-money laundering, counter-terrorist financing, and counter-proliferation financing regimes. Being on this "grey list" signifies a country's commitment to resolving these issues swiftly under agreed timelines.
25 Jul 2024
FATF releases call for action on its members and other jurisdictions to apply countermeasures in respect of “black listed” high-risk jurisdictions
On 28 June 2024, the Financial Action Task Force highlighted significant deficiencies in high-risk jurisdictions' efforts to combat money laundering, terrorist financing, and proliferation financing. On that basis, FATF released a call for action on its members and other jurisdictions to apply countermeasures to safeguard the global financial system. Iran remains the sole country listed since February 2020, with no substantial changes reported as of January 2024.
25 Jul 2024