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”
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