The UK Office of Financial Sanctions Implementation (OFSI) has issued long-awaited further guidance on ownership and control of entities by sanctioned persons.
The new guidance was issued in an updated version of OFSI’s...more
As Russia’s war in Ukraine passes the one-year mark, and the battles on the ground move forward with escalating levels of ferocity, governments around the world continue to coordinate and respond with increasingly severe...more
3/3/2023
/ Asset Freeze ,
Bureau of Industry and Security (BIS) ,
Central Bank of Russia ,
Economic Sanctions ,
EU ,
Export Controls ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
UK ,
Ukraine
As Russia’s war in Ukraine stretches into its tenth month, governments around the world continue to coordinate and respond with increasingly severe sanctions and export controls....more
12/7/2022
/ Crude Oil ,
Economic Sanctions ,
EU ,
Export Controls ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Oil Prices ,
Reporting Requirements ,
Russia ,
UK ,
Ukraine
On 1 August 2022, the English High Court granted the administrators of Petropavlovsk PLC (the “Company”) permission to enter into a sale of its Russian assets to Russian entity UMMC-Invest (the “Proposed Sale”) amidst...more
On 13 July 2022, the National Economic Crime Centre, a multi-agency unit in the National Crime Agency (NCA), and the Office of Financial Sanctions Implementation, working in conjunction with law enforcement and financial...more
The Office of Financial Sanctions Implementation (OFSI) imposed a £15,000 penalty on UAE-based and UK-registered entity, Tracerco Limited (Tracerco), for breaching UK sanctions when it purchased flights for an employee from...more
As the world watches in horror as the Russian invasion of Ukraine continues to unfold, the UK, as well as its allies and partners, has introduced a number of sanctions and trade restrictions in response. In this Quarterly...more
4/28/2022
/ Bribery ,
Central Bank of Russia ,
Criminal Convictions ,
Cyber Attacks ,
Financial Conduct Authority (FCA) ,
Memorandum of Understanding ,
NCSC ,
Popular ,
Russia ,
Sanctions ,
Serious Fraud Office (SFO) ,
UK ,
Ukraine
As Russia’s bloody invasion of Ukraine nears the end of its second month, with regular reports of human rights violations, possible chemical weapons attacks, and head of state musings regarding whether this campaign amounts...more
4/18/2022
/ Bureau of Industry and Security (BIS) ,
Economic Sanctions ,
EU ,
Export Controls ,
Financial Markets ,
Foreign Relations ,
Japan ,
Most-Favored Nations ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
Trade Relations ,
UK ,
Ukraine
After less than a week of a full-scale war between Russia and Ukraine, the post-Cold War global architecture appears irrevocably shattered, as Western nations line up to offer support and military and economic aid to Ukraine...more
3/1/2022
/ Airspace ,
Asset Freeze ,
Economic Sanctions ,
EU ,
Export Administration Regulations (EAR) ,
Export Controls ,
G7 ,
Popular ,
Russia ,
SWIFT ,
UK ,
Ukraine ,
United States
The UK government has widened the scope of its Russia sanctions regulations in anticipation of a Russian invasion of Ukraine. The amendments to the existing Russia sanctions regulations significantly broaden the definition of...more
In the final Quarterly Review of 2021, we reflect on a year that has seen the UK acclimatise to life outside of the EU, whilst, like the rest of the world, contending with the difficulties brought on by the global coronavirus...more
12/15/2021
/ Anti-Bribery ,
Bribery ,
Coronavirus/COVID-19 ,
Credit Suisse ,
Deferred Prosecution Agreements ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Fraud ,
Office of Financial Sanctions Implementation (OFSI) ,
Sanctions ,
Serious Fraud Office (SFO) ,
UK ,
UK Brexit
On 14 October 2021, the Office of Financial Sanctions Implementation (“OFSI”) published its annual review for the financial year 2020-2021 (the “Annual Review”). Under the leadership of its new Director, Giles Thomson,...more
During the course of the last three months, there has been a significant focus on the activity of the Serious Fraud Office (SFO). The SFO has achieved its objectives in some instances; see, for example, our article below...more
In our Quarterly Review, we bring you important UK developments relating to business crime, investigations, and regulatory enforcement from the last three months.
With this month marking half a year since the UK left the EU,...more
6/28/2021
/ Anti-Corruption ,
Autonomy ,
Bribery ,
Coronavirus/COVID-19 ,
Financial Crimes ,
Financial Services Act ,
Financial Services Industry ,
Ministry of Justice ,
Money Laundering ,
National Crime Agency (NCA) ,
Popular ,
Regulatory Agenda ,
Sanctions ,
Serious Fraud Office (SFO) ,
UK ,
UK Brexit
In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more
6/23/2021
/ Anti-Corruption ,
Bribery ,
Corporate Counsel ,
DAPA ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Foreign Corrupt Practices Act (FCPA) ,
Freelance Isn't Free Act (FIFA) ,
Money Laundering ,
Securities and Exchange Commission (SEC) ,
Swiss Banks ,
Tax Evasion
In our Quarterly Review, we bring you important UK developments relating to business crime, investigations, and regulatory enforcement from the last three months.
As the UK gets used to life outside the EU and implements...more
3/29/2021
/ Asset Freeze ,
Civil Monetary Penalty ,
Corporate Crimes ,
Corruption ,
Criminal Justice Act ,
EU ,
Financial Conduct Authority (FCA) ,
Foreign Corporations ,
HMRC ,
Human Rights ,
Money Laundering ,
NCAs ,
Popular ,
Sanctions ,
Serious Fraud Office (SFO) ,
Travel Ban ,
UK ,
UK Brexit ,
Unexplained Wealth Orders (UWOs)
In our Quarterly Review, we bring you important UK developments relating to business crime, investigations, and regulatory enforcement from the last three months. Please contact us if you would like to discuss any of these...more
12/15/2020
/ Anti-Corruption ,
Bribery ,
British Airways ,
Criminal Investigations ,
Deferred Prosecution Agreements ,
Financial Conduct Authority (FCA) ,
FSCS ,
General Data Protection Regulation (GDPR) ,
Life Sciences ,
Medicines and Healthcare Products Regulatory Agency (MHRA) ,
Memorandum of Understanding ,
Modern Slavery Act ,
National Crime Agency (NCA) ,
Office of Financial Sanctions Implementation (OFSI) ,
Popular ,
Serious Fraud Office (SFO) ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
Trafficking ,
UK ,
UK Bribery Act
In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more
11/18/2020
/ Anti-Corruption ,
Brazil ,
Bribery ,
China ,
Coronavirus/COVID-19 ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Foreign Corrupt Practices Act (FCPA) ,
Motion to Dismiss ,
OECD ,
Russia ,
Securities and Exchange Commission (SEC) ,
Serious Fraud Office (SFO) ,
UK ,
Wire Fraud
In our Quarterly Review, we bring you important UK developments relating to business crime, investigations and regulatory enforcement from the last three months.
We commented last month that the scale of the impact of the...more
9/24/2020
/ Airbus ,
Bribery ,
Corruption ,
DPA ,
Enforcement ,
Espionage ,
Financial Conduct Authority (FCA) ,
Fraud ,
Global Human Rights Sanctions Regime ,
HMRC ,
Investigations ,
Money Laundering ,
National Economic Crime Center (NECC) ,
Popular ,
Regulatory Standards ,
Sanctions ,
Sanctions and Anti-Money Laundering Act 2018 (SAMLA) ,
Serious Fraud Office (SFO) ,
UK
In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more
8/15/2019
/ Anti-Corruption ,
Bribery ,
Corporate Counsel ,
Department of Justice (DOJ) ,
Foreign Corrupt Practices Act (FCPA) ,
Greece ,
Guilty Pleas ,
Japan ,
OECD ,
Popular ,
Subsidiaries ,
UK ,
Venezuela
Just over a year after the approval of the first ever Deferred Prosecution Agreement (DPA), Southwark Crown Court on 17 January 2017 approved a DPA proposed by the Serious Fraud Office (SFO) with UK leading engineering group,...more
After its guilty plea to an offence under the UK Bribery Act, Sweett Group PLC was sentenced on February 19, 2016 at Southwark Crown Court, and ordered to pay a total £2.25 million penalty for the offence. The international...more