As the FinTech industry continues to experience increased regulation across multiple jurisdictions, the focus of sanctions authorities is turning to decentralised finance (DeFi) and those operating in the crypto space. In the US we have seen a wave of recent enforcement actions against participants in the crypto sector and strong statements from authorities
Fit for purpose? The UK’s Treasury Committee scrutinises UK sanctions
- Economic sanctions are a critical weapon in resisting Russia’s war against Ukraine.
- Despite its own production of
New UK civil enforcement authority created to investigate violations of trade sanctions
The UK’s Industry and Economic Security Minister, Nusrat Ghani, today announced the creation of a new civil enforcement unit, the Office of Trade Sanctions Implementation (OTSI). OTSI is expected to become operational early next year, and will focus on the civil enforcement of trade sanctions, including in relation to the circumvention or evasion
Horizon Scanning – Investigations and Enforcement – November 2023
- a focus from organisations on fraud, in particular
Initial steps to take on discovery of a sanctions breach
Introduction
Following the unprecedented levels of sanctions activity in response to Russia’s invasion of Ukraine, which has resulted in companies dealing with the most significant and complex sanctions regimes across multiple jurisdictions, authorities in the US, UK and EU are now turning their attention to enforcement of those sanctions.
Sanctions authorities have indicated that they