The Economic Crime and Corporate Transparency Act 2023 received Royal Assent on 26 October 2023. The Act is a landmark development in the UK Government’s long-standing efforts to enhance the UK’s economic crime enforcement framework, and the Act introduces a number of important measures designed to improve corporate transparency and tackle economic crime in the UK
and abroad.
Baker McKenzie’s Sanctions Blog published the alert titled Wagner is proscribed by the UK government on 15 September 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled UK: General Trade Licence (Legal Advisory Services) relating to UK Russia sanctions has been issued on 21 August 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled UK Government considers proscription of Wagner as a terrorist organisation under the Terrorism Act 2000 on 25 August 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
In brief The UK’s Financial Conduct Authority (FCA) plays a key role in monitoring how UK-regulated financial institutions guard against financial crime risks, and how effectively they implement financial crime policies and procedures. In recent months, as the UK and other governments have placed increasing focus on preventing the circumvention…
Baker McKenzie’s Sanctions Blog published the alert titled UK Office of Financial Sanctions Implementation updates oil price cap guidance and issues derivatives general licence on 6 July 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled Further amendments to UK Russia Sanctions on 21 June 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
The UK Office of Financial Sanctions Implementation (OFSI) has updated its guidance on enforcement and monetary penalties for breaches of financial sanctions to include a number of paragraphs setting out OFSI’s expectations around the nature and type of due diligence that companies should undertake when assessing whether an entity is owned or controlled by one or more designated persons, for sanctions purposes.
The UK Office of Financial Sanctions Implementation (OFSI) has updated its guidance on enforcement and monetary penalties for breaches of financial sanctions, to include a number of paragraphs setting out OFSI’s expectations around the nature and type of due diligence that companies should undertake when assessing whether an entity is owned or controlled by one or more designated persons, for sanctions purposes.
Baker McKenzie’s Sanctions Blog published the alert titled UK introduces further sanctions against Russia on 7 November 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.