Tag Archives: sanctions
The EU has added to its list of designated persons in relation to North Korea to align its list with UN measures. The EU has already autonomously listed several others. The Council now intends to ensure swift transposition of the changes.
Megan Butler has spoken on the fundamental importance of co-ordination between national regulators, particularly in dealing with financial crime and cyber-threats. She looked at the particular benefits and risks that machine learning and algorithmic trading have brought. She stressed the importance of firms reporting material breaches, and the need to let FCA know when they […]
The House of Lords has tabled its list of desired amendments to the Sanctions and AML Bill in advance of its Committee hearing on 21 November. The Lords is concerned at the amount of power given to Ministers to make secondary legislation and is seeking to impose controls on the ability and rationale for using the powers.
The Government has made legislation creating a financial sanctions regime in relation to Venezuela and OFSI has published a financial sanctions notice, although there are as yet no designated persons under the regime. The changes follow an EU decision.
We have written a summary of the Sanctions and Anti-Money Laundering Bill as it starts its Parliamentary process.
The new Sanctions and Anti-Money Laundering Bill (the Bill) was introduced in Parliament on 18 October, following the announcement of the Bill in August. This Bill seeks to enable the UK to continue to comply with the current UN sanctions regime after Brexit, by covering matters currently deal with through the European Communities Act 1972 (which will be […]
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 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 […]
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 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 […]