After a relatively quiet period, UK sanctions updates have picked up pace in recent weeks. We have seen the announcement of an enhanced partnership between US and UK sanctions agencies, updates to reporting requirements, the...more
12/3/2024
/ Asset Freeze ,
Corporate Counsel ,
Economic Sanctions ,
Memorandum of Understanding ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Reporting Requirements ,
Russia ,
UK ,
Ukraine
Companies faced with the decision of whether to voluntarily self-report sanctions breaches to law enforcement or sanctions enforcement agencies in the UK and the US can take some measure of comfort from recent comments made...more
10/16/2023
/ Compliance ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
Export Controls ,
Good Faith ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Sanction Violations ,
Self-Reporting ,
Serious Fraud Office (SFO) ,
U.S. Commerce Department ,
U.S. Treasury ,
UK ,
Voluntary Disclosure
The Office of Financial Sanctions Implementation (OFSI) has updated its ‘enforcement and monetary penalties for breaches of financial sanctions’ guidance, which was last updated in June 2022. ...more
3/23/2023
/ Business Ownership ,
Change of Ownership ,
Compliance ,
Control Test ,
Due Diligence ,
Economic Sanctions ,
Enforcement ,
Financial Conduct Authority (FCA) ,
Guidance Update ,
Office of Financial Sanctions Implementation (OFSI) ,
Penalties ,
Strict Liability ,
UK