Recent geopolitical events have prompted further changes in the European Union (EU) and UK sanctions regimes against Russia, Belarus and Syria....more
On 10 April 2024, the UK government updated its guidance on export controls regarding breaches of relevant legislation. In addition to encouraging voluntary disclosures by businesses in respect of export control violations,...more
On 18 December 2023, the European Council adopted its 12th package of sanctions against Russia. The comprehensive new package includes additional trade restrictions, stricter asset freeze obligations, energy restrictions and...more
The UK Office of Financial Sanctions Implementation (OFSI) and the Foreign, Commonwealth and Development Office (FCDO) recently published important guidance on the meaning of ‘ownership and control’ in the context of UK...more
On 31 August 2023, the UK Office of Financial Sanctions Implementation (OFSI) used its new disclosure enforcement power for the first time, issuing a report against Wise Payments Limited for breach of financial sanctions. The...more
On 31 August 2023, the UK Office of Financial Sanctions Implementation (OFSI) used its new disclosure enforcement power for the first time, issuing a report against Wise Payments Limited for breach of financial sanctions. The...more
On 23 June 2023, the European Commission adopted its 11th package of sanctions targeting Russia and Belarus. The new package focuses on tackling the circumvention of trade sanctions through third countries and increasing the...more
On 30 March 2023, HM Treasury and the Home Office published the Economic Crime Plan 2 for 2023 to 2026. The three-year plan builds on the first Economic Crime Plan published in 2019 and commits the UK government to:...more
On 10 November 2022, the UK’s Office of Financial Sanctions Implementation (OFSI) published its 2021 – 2022 Annual Review. In this alert, we’ve summarised its main takeaways. The publication of the Annual Review comes at a...more
On 27 September 2022, the Office of Financial Sanctions Implementation (OFSI) announced that it had imposed a £30,000 penalty against a UK registered company for contravention of the Ukraine (European Union Financial...more
On 3 June 2022, the European Council finally adopted the sixth set of economic and individual sanctions targeting Russia and Belarus. The new measures, which came after weeks of member state negotiations, focus on oil imports...more