Of Counsel Anna Rothwell has written an article for Financial News discussing impact of the updated Economic Crime Bill following the shock of Russia’s invasion of Ukraine.
Anna states, “the bill contains a clause on sanctions that will be of significance to firms in the financial services sector, as it removes the requirement that people must
have known or suspected they breached sanctions law to receive a monetary penalty for such breaches.
This change applies to the obligation to report sanctions breaches as much as it does
to breaching sanctions directly — like when firms deal with funds or economic resources that belong to or are owned, held or controlled by a designated person, for example.
A failure to comply with the obligation to report to the Treasury is a criminal offence in its own right”
You will require a subscription to read the full article here
Account freezing and forfeiture orders
March 4 2024
New Fraud Prevention Offense May Not Make Much Difference
February 21 2024
Maia Cohen-Lask quoted by CITY A.M. on the OFSI’s enforcement of sanctions in light of Russia’s invasion of Ukraine
January 18 2024