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
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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
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UK Announces New OTSI Civil Enforcement Powers on Trade Sanctions
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
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OFSI 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]
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UK 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
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UK 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
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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
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OFSI 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
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Wined and Fined: OFSI Imposes Financial Penalty on UK Company for Publicising Sanctioned Crimean Winery
Co-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 Winery
UK Prohibits Certain Investment in Russia
From 19 July 2022, it is a violation of UK financial sanctions for any person who knows or has reasonable cause to suspect that
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