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SRA Guidance on Trade Sanctions for Legal Sector, sets out key risks including impact on legal work such as Client due diligence and risk assessment

February 11, 2025

Areas of legal work that could be affected by trade sanctions include: Legal advisory services – Providing advice on corporate structures, contracts, or transactions that could involve sanctioned entities or jurisdictions; Trust and company services – Setting up companies, trusts, or other legal structures that may be used to evade trade sanctions; Client due diligence and risk assessment – Ensuring firms conduct proper checks when dealing with high-risk clients or transactions…

Jersey FSC updates its financial sanctions practical guidance following OFSI’s removal of Nikolay Ivanovich Bortsov from the UK Russia sanctions list

February 4, 2025

The JFSC supervises regulated persons to ensure that their sanctions systems and controls are: adequate and effective at addressing sanctions risk; and appropriate to respond swiftly to changes in UN and UK sanctions regimes…

UK adds new reporting obligations to Syria sanctions guidance

January 23, 2025

The Syria (Sanctions) (EU Exit) Regulations 2019 impose sanctions aimed at pressuring Syria’s regime to halt repression and pursue peace talks. These include financial, trade, aircraft, and immigration restrictions, with penalties for violations. The sanctions apply to UK persons globally and British ships in international waters. Individuals are advised to seek legal counsel if unsure about compliance…

UK to launch World’s First Sanctions Regime to cripple people smuggling crime rings and starve them of illicit finance fuelling their operations

January 8, 2025

The innovative regime aims to crack down on people smuggling ringleaders, dismantle criminal networks, and strengthen efforts to prevent, combat, deter, and disrupt irregular migration, holding perpetrators accountable under the Plan for Change….

HM Treasury imposes first Domestic Counter-Terrorism Sanctions on Extreme Right-Wing Group Blood and Honour, enforcing a full asset freeze

January 8, 2025

From 8th January 2025, all parts of Blood and Honour including any aliases it operates under, which are in the UK, Crown Dependencies, and Overseas Territories, are subject to a comprehensive full asset freeze…

UK Govt issues Guidance on “No Re-Export to Russia” Clauses to Mitigate Sanctions Evasion Risks

January 7, 2025

The UK requiring exporters of critical goods to include “no re-export to Russia” clauses in contracts, highlighting the need for robust due diligence and monitoring to prevent goods from circumventing sanctions and supporting Russia’s military operations…

UK Govt has imposed sanctions on Georgian officials responsible for the violent suppression of media and protesters

December 19, 2024

The UK has sanctioned five Georgian officials including the Minister and Deputy Minister for Internal Affairs and three senior police chiefs in response to their role in violent attacks on journalists and protesters. This action, coordinated with the US follows Georgia’s crackdown on opposition and media in the wake of the government’s decision to halt its European integration efforts. The sanctions include travel bans and asset freezes…

HM Treasury imposes a full asset freeze on Armagh man for facilitating terrorism and associating and with members of the New Irish Republican Army

December 8, 2024

Brian Sheridan (born Armagh) is further suspected of providing or assisting others in providing financial services or making available funds or economic resources for the New IRA. All funds and economic resources in the UK owned, held or controlled by Sheridan are frozen. This designation will prevent all UK persons and entities from maintaining any direct or indirect financial relationship with him or any of the companies he owns or controls without a licence from HM Treasury…

HM Treasury announces new sanctions under domestic counter-terrorism regulations

December 3, 2024

The UK Government has announced a full asset freeze against an individual they have reasonable cause to suspect is involved in terrorist activity by facilitating terrorism and associating with members of the New Irish Republican Army (‘New IRA’).

UK Foreign Secretary cracks down on dirty money with fresh sanctions

November 25, 2024

David Lammy, the UK Foreign Secretary, has frozen over £100 million in illicit assets and dismantled extensive networks used by kleptocrats to hide wealth embezzled from their nations. The sanctions also target the kleptocrats’ associates, including friends, family members, and facilitators who aided in siphoning resources from their home countries…

OFSI publishes Oil Price Cap advisory on evasion linked to product origin manipulation through fabricated and falsified Certificates of Origin (CO)

November 21, 2024

OFSI has identified instances where shipments of Russian origin oil and oil products have been manipulated to appear as non-Russian through the use of fabricated or falsified certificates of origin (CO).

OFSI highlights key changes to Sanctions legislation introduced through the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024

November 16, 2024

This instrument introduces the following changes to sanctions legislation: An expansion of the definition of relevant firms subject to financial sanctions reporting obligations to cover additional sectors – high value dealers, art market participants, insolvency practitioners and letting agencies. Changing the existing requirements on relevant firms and involved persons to report suspected offences to a requirement to report suspected breaches of sanctions regulations.

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