On 6 October 2023, the Court of Appeal handed down judgment in the case of Mints & ors v PJSC National Bank Trust & anor [2023] EWCA 1332.
The judgment confirmed that the UK’s sanctions do not preclude the English courts...more
12/5/2023
/ Appeals ,
Control Test ,
Financial Institutions ,
HM Treasury ,
International Trade ,
New Legislation ,
Office of Financial Sanctions Implementation (OFSI) ,
Regulatory Reform ,
Russia ,
Sanctions ,
UK ,
UK Supreme Court
The UK Financial Conduct Authority (FCA) has assessed the systems and controls relating to sanctions compliance for over 90 firms across a range of sectors and summarised its findings of good and poor practice. Acknowledging...more
9/21/2023
/ Economic Sanctions ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Know Your Customers ,
Military Conflict ,
Office of Financial Sanctions Implementation (OFSI) ,
Reporting Requirements ,
Risk Management ,
Russia ,
Third-Party Service Provider ,
UK ,
Ukraine
Sanctions and the systems and controls companies have in place to comply with them seem to be back in the spotlight.
In addition to guidance recently published by the UK Financial Conduct Authority, a number of recent...more
9/12/2023
/ Arbitration ,
Civil Monetary Penalty ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
HMRC ,
International Arbitration ,
International Litigation ,
Office of Financial Sanctions Implementation (OFSI) ,
Regulatory Agenda ,
Sanctions ,
UK
Updated guidance regarding the enforcement of financial sanctions from the UK’s Office of Financial Sanctions Implementation (OFSI) was published on 16 March 2023. The guidance, which sits alongside OFSI’s general guidance on...more
The UK’s Office of Financial Sanctions Implementation (OFSI) published updated guidance regarding the enforcement of financial sanctions on 16 March 2023. The guidance, which sits alongside OFSI’s general guidance on...more
The UK Government has introduced two further packages of sanctions against Russia in quick succession....more
In the past week, the UK has further tightened its sanctions targeting Russia. The new sanctions include the introduction of new trade-related restrictions on a wide variety of goods (including gold, oil, coal and “G7...more
In the past weeks, the UK and EU regulatory authorities have made a series of announcements in relation to the enforcement of sanctions....more
In the past week, the UK Government has made a series of announcements in relation to the enforcement of financial sanctions in the UK....more
The UK sanctions imposed as a result of Russia’s invasion of Ukraine have undoubtedly put intense pressure on businesses to review existing commercial arrangements and tighten sanctions compliance systems and controls. But...more
Financial institutions face a myriad of sanctions compliance issues arising out of the multiplicity of legal, regulatory and reporting regimes that they are subject to. For Financial institutions in the United Kingdom, the...more
When the Sanctions and Anti-Money Laundering Act 2018 was first proposed, the expectation was that it would enable the UK to maintain the status quo after it leaves the EU in the areas of sanctions and anti-money laundering...more