In a complex and rapidly changing corporate communications environment, keeping an eye out for key industry trends and developments is critical. Here’s the Crystal team’s regular snapshot of some of the highlights and points of note from around the IFC and corporate comms world this past month…
UK: The UK’s amended Money Laundering and Terrorist Financing Regulations came into play at the end of June, with the principal effect to relax the obligations on regulated persons to conduct enhanced due-diligence on higher-risk transactions.
Jersey: a raft of long-awaited Companies Law amendments came into force, aimed at simplifying, streamlining and clarifying areas of Jersey’s corporate environment.
Singapore: a new framework governing how single family offices are governed and run came into play in June. The Monetary Authority of Singapore claim the revised framework provides a simple, streamlined process for SFOs to establish operations in Singapore.
Luxembourg: plans for ESMA to create a more centralised financial supervision framework have been criticised by Luxembourg, as overly complex and harmful to innovation.
IoM: the IoM launched its ‘Finance IoM 2026/27 Programme’ – a roadmap to strengthen the Island’s standing as a trusted, forward-thinking international financial centre.
IoM: Also in the IoM, the Isle of Man Financial Services Authority announced a consultation on proposals to introduce a ‘legitimate interest’ route to access beneficial ownership information.
FATF: The Financial Action Task Force updated its list of jurisdictions under increased monitoring, adding Bosnia and Herzegovina and Iraq to its “grey list”, and removing Algeria and Namibia. Meanwhile, the British Virgin Islands, along with Vietnam, Kenya, Lebanon, and Haiti, remain under enhanced scrutiny.
Social Media: the UK announced a policy decision to ban under 16s from using certain social media sites, due to come into play in 2027. It’s a complex and divisive issue – though a snap poll of islanders across the Crown Dependencies and Gibraltar found significant support for such a ban locally.