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Insights

The Cyprus Bar Association issues guidance on terrorist financing risk assessment
Compliance Solutions

The Cyprus Bar Association issues guidance on terrorist financing risk assessment

The Cyprus Bar Association has issued guidance on identifying, assessing and understanding the risk of terrorist financing in financial centres, the contents of which have been reviewed and endorsed by MONEYVAL.

CySEC’s circular – Guidelines on complex debt instruments and structured deposits
Compliance Solutions

CySEC’s circular – Guidelines on complex debt instruments and structured deposits

The Cyprus Securities and Exchange Commission issued a circular on 19 December 2018 reminding Cyprus investment firms and alternative investment fund managers of the European Securities and Markets Authority Guidelines on complex debt instruments and structured deposits.

Cayman’s laws well equipped for maturing digital asset market
Fund services

Cayman’s laws well equipped for maturing digital asset market

The cryptocurrency market is predicted to reach USD1 trillion according to Smartereum as the market capitalisation continues to grow. Currently, the estimated size of the crypto market is approximately USD417 billion, a very modest number and one that remains dwarfed by other traditional and alternative asset classes. To put things into context, global private equity alone raised more than USD453 billion in 2017.

Publication of the Sixth Anti-Money Laundering Directive
Compliance Solutions

Publication of the Sixth Anti-Money Laundering Directive

The EU published the Sixth Anti Money Laundering Directive on 12 November 2018 in its Official Journal, adding to the criminal law-related provisions of the Fifth Anti Money Laundering Directive as adopted by EU member states in May 2018. Amongst other provisions, a maximum term of imprisonment of four years for individuals has been introduced, in addition to further financial-oriented measures that could be imposed, such as fines and exclusion from access to public funding for legal persons.

New BVI Shipping Act increases attractiveness of VISR
Private Wealth

New BVI Shipping Act increases attractiveness of VISR

The Government of the Virgin Islands has introduced new measures to support the continuing growth of the Virgin Islands Shipping Registry (VISR).

Cypriot authorities issue advisory on Iran
Compliance Solutions

Cypriot authorities issue advisory on Iran

Various key Cypriot competent authorities issued, in November 2018, advisories relating to the reimposition of certain US sanctions on Iran and pronouncements by FinCEN as well as a recap on the current state-of-play in the EU on doing business in Iran, including reminders on the so-called EU-Blocking Regulation.