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 Violations
On 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 Sanctions
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 Persons
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 Implementation
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’
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 Regulations
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 Licences
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
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
On 10 November, the UK’s Office of Financial Sanctions Implementation (OFSI) published its annual review for the period April 2021 to August 2022, with a
Continue Reading OFSI’s Annual Review Highlights Effect of Sanctions on Russia