Tag: Beyond Sanctions: Key considerations for financial services firms

Reporting to OFSI: what do I need to do ?

On 30 August 2022, the Office of Financial Sanctions Implementation (OFSI) published a blog entitled ‘Reporting to the OFSI: what do I need to do?’ The blog describes what companies’ reporting obligations are under UK financial sanctions legislation and how they can be met. It also sets out high level examples. In terms of how … Continue Reading

OFSI updated guidance on the general principles for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018

On 30 August 2022, the Office of Financial Sanctions Implementation (OFSI) published updated general guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018. Chapter 5 of the general guidance dealing with reporting obligations has been expanded.… Continue Reading

European Commission updates FAQs on asset freeze and prohibition to make funds and economic resources available

On 30 August 2022, the European Commission updated their FAQs on asset freeze and prohibition to make funds and economic resources available. The FAQs have been updated to include the following question and answer: Does a listing affect the status of a beneficial owner of a legal person ? EU sanctions are temporary measures that … Continue Reading

UK sanctions: the ban on providing professional and business services to persons “connected with Russia”

On 4 May 2022, the UK Government announced a ban on services exports to Russia, and as of 21 July 2022 that ban is now in force by virtue of regulation 54C of The Russia (Sanctions) (EU Exit) Regulations 2019 (as amended by The Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022) (the Regulations). … Continue Reading

Governance Lessons Learned: experience from implementation of Russian sanctions

UK regulated firms seeking to comply with the Russian sanctions have had to grapple with fast moving legislative and regulatory change, and have inevitably encountered governance challenges along the way.  The lessons learned as part of that process have read across which may assist firms in reacting to future developments beyond sanctions.  Conducting a governance … Continue Reading

New RT Plus podcast – Beyond Sanctions – Enforcement

The next instalment of our Beyond Sanctions podcast series is now available to stream and download on Apple Podcasts and Spotify. In this episode, David Harris and Katie Stephen, Co-Heads of our Contentious Financial Services Group in London, discuss some recent developments regarding sanctions enforcement for regulated firms. For further updates in this area please … Continue Reading

Russian sanctions: European Commission’s guidance

Following adoption of a series of trade and economic sanctions against Russia (see our earlier Beyond Sanctions publication), the European Commission (the Commission) continues to update dedicated industry guidance in a form of Frequently Asked Questions (FAQs). The FAQs are divided into five thematic sections: Horizontal Individual financial measures Finance and banking Trade and customs … Continue Reading

Beyond Sanctions – new financial services hub

Our financial services and regulation team have launched the ‘Beyond Sanctions’ insights hub, highlighting the broader issues that financial services firms will need to consider, above and beyond the immediate concerns and challenges arising from the economic sanctions. Visit our hub to find out more.… Continue Reading
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