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 Rules
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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 RulesOn 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 ViolationsOn 12 September 2024, His Majesty’s Government (HMG) published the Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024 (Regulations), introducing new civil enforcement powers…
Continue Reading UK Announces New OTSI Civil Enforcement Powers on Trade SanctionsThe 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 PersonsOn 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 ImplementationIn 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’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 RegulationsHM 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 LicencesThese 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
The UK announced a further round of sanctions and trade measures on 24 February 2023 to coincide with the first anniversary of Russia’s invasion of…
Continue Reading New UK Sanctions Package Would Target Russia’s Arms Exports, Front-Line Resources