On 28 February 2024, a statutory instrument (SI) – the Russia (Sanctions) (EU Exit) (Amendment) (Regulations) 2024 – was published on legislation.gov.uk. The SI amends the Russia (Sanctions) (EU Exit) Regulations 2019.
The SI was published alongside an explanatory memorandum, which notes that the legislation will ban the import of Russian diamonds
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
On 6 October 2023, the English Court of Appeal (Court of Appeal) handed down its judgment in Mints v PJSC National Bank Trust [2023] EWCA Civ 1132. The judgment considered the English High Court’s decision in PJSC National Bank Trust and another v Boris Mints and others [2023] EWHC 118 (Comm)
On 6 September 2023, the UK Financial Conduct Authority (the FCA) published the findings of its review of the sanctions systems and controls in place at over 90 financial services firms operating in a range of sectors (the Review).
This briefing summarises the FCA’s findings on good practices currently being followed by firms
As anticipated in our previous blog post on predictions for 2023, this year has brought about significant developments in investigations and a real focus on fraud. Looking ahead to the second half of 2023, we predict that developments affecting UK business or those doing business in the UK will include:
In line with indications that it will prioritise enforcement in the coming year, the Office of Financial Sanctions Implementation (OFSI) has expanded its enforcement guidance concerning the approach it takes when assessing potential breaches of financial sanctions.
Earlier this month, OFSI amended its “OFSI enforcement and monetary penalties for breaches of financial
As we enter a recession against the backdrop of ongoing geopolitical instability, we expect to see significant financial crime enforcement and investigations in 2023, including a focus on emerging areas such as ESG, cryptocurrencies, and significant developments in financial sanctions. We predict that developments in 2023 will include:
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
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.
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