Understanding the New Best-Efforts FAQs issued by the European Commission
On November 22, 2024, the European Commission published updated Best-Efforts FAQs to clarify the obligations of EU entities, under the sanctions regimes targeting Russia and Belarus. The new FAQs outline the actions EU parent companies must take to prevent their non-EU subsidiaries from undermining any restrictive measures. Examples are provided to demonstrate the expectations of […]
UBO Fines to be cancelled: Government and Parliament Reach Agreement
Companies in Cyprus are urged to take proactive steps to ensure compliance with Ultimate Beneficial Owner (UBO) reporting requirements by the end of the year. This follows a significant agreement between the government and Parliament to cancel substantial fines imposed earlier in 2024 for delays in submitting UBO information. According to a report by Politis, […]
EU Expands Sanctions on Iran for Support of Russia’s War in Ukraine
On 18 November 2024, the European Union announced a significant extension of its sanctions against Iran in response to Tehran’s ongoing military support for Russia’s invasion of Ukraine. These sanctions target key Iranian and Russian entities involved in the transfer of Iranian-made Unmanned Aerial Vehicles (UAVs), missiles, and related technologies that support Russia’s war efforts. […]
New EBA Guidelines to Strengthen EU-Wide Sanctions Compliance
The European Banking Authority (EBA) has published two significant sets of Guidelines on internal policies, procedures, and controls for the implementation of Union and national restrictive measures. These Guidelines, issued on 14 November 2024, represent a major step towards harmonising compliance expectations across the European Union, addressing longstanding inconsistencies in the way financial institutions manage […]
EU Set to Prepare 15th Sanctions Package Against Russia
The European Union has adopted 14 sanction packages in response to Russia’s full-scale invasion of Ukraine, aiming to minimise Moscow’s economic output and its capacity to fund and sustain the conflict. The most recent sanctions, enacted on June 20, marked a notable shift as they included the first-ever direct measures against Russia’s gas industry, signalling […]
EU Regulation 269/2014 and the 50% Ownership Threshold Rule
Through the enactment of Regulation 269/2014 (the “Regulation”), the European Union imposed restrictive measures in response to Russia’s actions which undermine Ukraine’s sovereignty. Unlike the sectorial sanctions applied under Regulation 833/2014, this Regulation specifically targets individuals and entities who participate in destabilizing activities, primarily through asset freezes. By implementing these measures, the EU reaffirms its […]
UAE Introduces VAT Exemption for Cryptocurrency Transactions starting 15 November 2024
The United Arab Emirates (UAE) has taken a significant step in its efforts to support the growing digital assets industry by exempting cryptocurrency transactions from Value-Added Tax (VAT). Effective retroactively from 1 January 2018, the exemption covers key activities, including exchanges, transfers, and other crypto services. This move aligns crypto with traditional financial products in […]
EU Anti Money Laundering Authority – FAQs outline its role in relation to sanctions implementation
The European Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) was established in June 2024. It is an EU agency that will coordinate with national authorities on matters relating to anti-money laundering and countering terrorist financing. In addition, it will enhance cooperation among national financial intelligence units (FIUs). AMLA has published a […]
FATF’s Potential Blacklisting of Russia: What It Could Mean for Global Financial Integrity
The Financial Action Task Force (FATF), is an intergovernmental organisation that sets global standards and promotes the effective implementation of measures to combat money laundering, terrorist financing, and the financing of weapons of mass destruction. According to a confidential document seen by POLITICO, the FATF is poised to make a crucial decision in the coming […]
EU Strengthens Framework to Counter Hybrid Threats and Destabilising Activities by Russia
In light of ongoing geopolitical tensions, the European Union (EU) has announced significant steps to address the increasing hybrid threats and destabilising activities orchestrated by Russia against the EU and its member states. Two key initiatives highlight the EU’s commitment to protecting its security, democracy, and economic stability. On 8 October 2024, the EU introduced […]
General Court of EU Confirms Validity of Restrictive Measures on Legal Advisory Services to Russian Entities
The General Court of the European Union has upheld the legality of the EU Council’s restrictive measures prohibiting the provision of legal advisory services to the Russian Government and Russian-based entities in response to Russia’s ongoing aggression against Ukraine. This decision reaffirms the EU’s commitment to maintaining pressure on Russia while balancing the fundamental rights […]
Department of Registrar of Companies and Intellectual Property: Announcement Regarding the Obligation to Confirm Information Submitted to the Beneficial Ownership Register
The Department of Registrar of Companies and Official Receiver (DRCOR) has announced that all companies established or registered under the Companies Law, Cap. 113, all European Public Limited Companies (SE), and all Partnerships (hereinafter referred to as Organisations) or their respective officers/partners are required to enter into the Beneficial Ownership Register (BO Register) system from […]