When the UK government launched Economic Crime Plan 2 (ECP2) in March 2023, its ambitions were clear. Building on the first Plan, the 2023-26 strategy set out three overarching goals: to cut fraud; reduce money laundering and...more
I. U.S. SANCTIONS - U.S. Department of the Treasury Sanctions Russian Cryptocurrency Exchange: On August 14, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) re-designated the cryptocurrency...more
In this weekly update, we summarise the most notable updates in the UK sanctions world. ...more
Recent months have seen a number of significant sanctions developments, giving rise to changes in the international compliance landscape. In this article, we collect the key issues and set out our analysis of what this means...more
On 21 July 2025, the UK Office of Financial Sanctions Implementation (OFSI) published guidance regarding sanctions compliance in the cryptoasset sector. The publication is an assessment of threats to UK financial sanctions in...more
RUSSIA SANCTIONS - UK Government extends Mongolian Energy Payments General Licence: On August 7, 2025, OFSI extended General Licence INT/2022/2085212, which authorises payments to four Russian banks or their subsidiaries...more
This alert discusses two recent significant developments at either end of the UK sanctions spectrum, covering off designation (a recent Supreme Court decision providing important guidance as to the assessment of...more
The UK Office of Financial Sanctions Implementation (OFSI) has updated its general guidance on financial sanctions, introducing a new licensing ground under Section 6.6, permitting the return of funds from designated Money...more
HM Treasury (HMT) has published a consultation paper on proposed reforms to the Office of Financial Sanctions Implementation's (OFSI) civil enforcement processes. The aim is to improve the efficiency, transparency and...more
The UK Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, has published a sector-specific threat assessment report highlighting significant compliance risks facing UK cryptoasset firms in relation to...more
Earlier this week, the UK’s highest court delivered a landmark decision in the combined appeals of Shvidler v Secretary of State for Foreign, Commonwealth and Development Affairs and Dalston Projects Ltd & Ors v Secretary of...more
On 21 July 2025, the UK’s Office of Financial Sanctions Implementation (OFSI) published a sector-specific Cryptoassets Threat Assessment (“the Report”), shedding light on the evolving risks and vulnerabilities in the crypto...more
Welcome to Proskauer’s FinReg Monthly Update, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
RUSSIA SANCTIONS - OFSI issues £300k monetary penalty for UK sanctions breaches: On July 31, 2025, OFSI announced that it had issued a £300,000 penalty against Markom Management Limited (“MML”) for its instruction of a...more
On 21 July 2025, the UK Office for Financial Sanctions Implementation (OFSI) published its latest sector-specific threat assessment focusing on UK crypto-asset firms’ exposure to financial sanctions breaches, covering...more
I. U.S. SANCTIONS - U.S. Treasury Department Sanctions Iranian Shipping Network that Transports Oil and Petroleum Products from Russia: On July 30, the U.S. Department of the Treasury’s Office of Foreign Assets Control...more
On 22 July 2025, the UK’s Office of Financial Sanctions Implementation (OFSI) launched a major consultation proposing wide-ranging enhancements to its civil enforcement framework (the Consultation). The Consultation is open...more
On 22 July 2025, the UK’s Office of Financial Sanctions Implementation (“OFSI”) published a consultation paper proposing significant reforms to its civil enforcement processes. The proposals aim to enhance the effectiveness,...more
On 18 June 2025, the UK Office for Financial Sanctions Implementation (OFSI) released a Threat Assessment (the Assessment) targeting Art Market Participants (AMPs) and High-Value Dealers (HVDs). This follows new rules from 14...more
On 18 June 2025, the UK Office for Financial Sanctions Implementation (OFSI) published a threat assessment (the Assessment) on compliance with UK sanctions and money laundering law for art market participants (AMPs) and high...more
In this weekly update, we summarise the most notable updates in the UK sanctions world. If you have any questions in respect of any of the developments set out below, please do not hesitate to contact a member of our London...more
Your clients are navigating unprecedented sanctions risk. Position yourself at the center of the conversation at ACI’s 3rd Annual Women in AML & Sanctions. This high-impact event brings together leading women across...more
In this weekly update, we summarise the most notable updates in the UK sanctions world. Russia Sanctions UK government adds 10 new entries and specifies 20 ships under the Russia regime: On June 17, 2025, the UK government...more