On 18 November 2024, a UK court fined English company EDM Limited £89,359.80 for export control rule violations, finding the company guilty on three counts
Continue Reading UK Company Fined for Breaking Export RulesBethany Histed
Bethany Histed focuses her practice on commercial litigation, civil fraud, and complex multi-jurisdictional disputes. She has worked on complex contentious cases of significant value involving allegations of fraud, conspiracy, breach of fiduciary and directors’ duties, breach of contract, claims under the Insolvency Act 1986, and unfair prejudice petitions under section 994 of the Companies Act 2006. Bethany also has experience of dealing with asset disclosure and preservation issues.
UK Enforcement Agencies Crack Down on Financial Crime Control Failures, Sanctions Violations
On 2 October 2024, the FCA issued a final notice announcing it had fined digital challenger bank Starling Bank Limited £28,959,426 for financial crime and…
Continue Reading UK Enforcement Agencies Crack Down on Financial Crime Control Failures, Sanctions ViolationsOFSI Issues Licensing Guidance for Payments to Personal Staff of Designated Persons
The UK’s Office of Financial Sanctions Implementation (OFSI) has issued guidance on when payments can be made to personal staff of designated persons (DPs).[1]…
Continue Reading OFSI Issues Licensing Guidance for Payments to Personal Staff of Designated PersonsUK Announces New Office of Trade Sanctions Implementation
On 11 December 2023, His Majesty’s Government (HMG) announced that it will create a new unit – the Office of Trade Sanctions Implementation (OTSI) within…
Continue Reading UK Announces New Office of Trade Sanctions ImplementationUK Court of Appeal Expands Scope of ‘Control’ Under Russia Sanctions Regulations: ‘Mr Putin could be deemed to control everything in Russia’
In a judgment handed down on 6 October, a UK Court of Appeal (the Court) provided an obiter, or non-binding, ruling expanding the scope…
Continue Reading UK Court of Appeal Expands Scope of ‘Control’ Under Russia Sanctions Regulations: ‘Mr Putin could be deemed to control everything in Russia’No Breach Too Small: OFSI Reports First Breach of UK’s Russian Sanctions Regulations
On 31 August 2023 the UK’s Office of Financial Sanctions Implementation (OFSI) issued a “Disclosure” against Wise Payments Limited, a UK-registered company, regulated by the…
Continue Reading No Breach Too Small: OFSI Reports First Breach of UK’s Russian Sanctions RegulationsUK Government General Licence Reduces Breadth of Recent Sanctions-Related Legal Advisory Services Ban
On 11 August 2023, the UK Department for Business and Trade issued a General Licence authorising the provision of legal advice in relation to sanctions…
Continue Reading UK Government General Licence Reduces Breadth of Recent Sanctions-Related Legal Advisory Services BanUK Court Grapples with Cryptocurrency Preservation and Enforcement Issues
Digital assets are an increasingly important part of modern society. That was the conclusion the UK Law Commission reached in its final report on digital…
Continue Reading UK Court Grapples with Cryptocurrency Preservation and Enforcement IssuesOFSI Updates Guidance on Refusing Licences
HM Treasury announced 26 July that the UK’s Office of Financial Sanctions Implementation (OFSI) has amended Section 6.12, Refusal of a licence, of its UK…
Continue Reading OFSI Updates Guidance on Refusing LicencesUK Imposes New Russia Sanctions on 86 People and Companies, Including Metal and Diamond Industries
These sanctions have been revealed following an announcement by the leaders of the G7 at this week’s G7 summit where they pledged to take action against Russia and as far as possible restrict its revenue and ability to continue the war against Ukraine. …
Continue Reading UK Imposes New Russia Sanctions on 86 People and Companies, Including Metal and Diamond Industries