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
Legal Advisers for a Changing World
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 LicencesCo-authored by London Associate Tina Kang.
The UK Office of Financial Sanctions Implementation (OFSI) announced on 27 September that it imposed a £30,000 penalty on…
Continue Reading Wined and Fined: OFSI Imposes Financial Penalty on UK Company for Publicising Sanctioned Crimean WineryFrom 19 July 2022, it is a violation of UK financial sanctions for any person who knows or has reasonable cause to suspect that…
Continue Reading UK Prohibits Certain Investment in Russia