Tag Archives: sanctions

Sanctions guidance updated

Treasury and OFSI have updated their guidance on financial sanctions to bring the general guidance and guidance on the relatively new monetary penalties for breach together.

JMLSG consults on updated guidance parts 2 and 3

JMLSG is consulting, until 26 May, on updates to parts of its guidance within parts 2 and 3.  It has already published a mark up of part 1 of the guidance for comment.  Certain parts of part 2 have not been changed (yet, although the entire part will be updated with new references in due […]

Government considers sanctions laws post-Brexit

The Government has published a White Paper looking at what legislative changes the UK will need to make to preserve and continue the sanctions regime after Brexit. Currently, the UK implements most sanctions-related powers through the European Communities Act, and most sanctions apply directly to UK persons through EU Regulations. The paper explains that the Great […]

OFSI reminds on sanctions penalties

OFSI has reminded firms that it now has power to impose penalties for breaches of financial sanctions, and says it will normally publish details of cases where it imposes them. It has also published guidance on its approach to compliance and enforcement, and on how it will assess whether to impose a monetary penalty, and the […]

PRA fines BTMU firms for failure to be open with it

PRA has fined the Bank of Tokyo-Mitsubishi UFJ Limited £17.95m and MUFJ Securities EMEA plc £8.925m. The fine relates to a failure of the firms to be open and honest with PRA in respect of a US enforcement action, in breach of Fundamental Rules 6 and 7 in the case of BTMU and Fundamental Rule […]

LMA updates sanctions guidance

The Lloyd’s Market Association has published updated guidance on sanctions and briefed managing agents and brokers on the changes. The guidance, in new Market Bulletin Y5057, relates to processing requirements of central settlement for Iran, Syria, North Korea, Crimea, Cuba and Sudan. Transactions relating to any of these jurisdictions can only be processed through Central […]