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In Europe

United Kingdom: Important changes to OFSI’s enforcement powers come into force from 15 June 2022

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There have been three important changes to OFSI’s enforcement powers: for breaches of financial sanctions that are committed after 15 June 2022, OFSI will be able to impose civil monetary penalties on a strict civil liability basis; there will be greater flexibility on challenging OFSI’s decisions to issue monetary penalties for sanctions violations; and OFSI will now have the power to publicise details of financial sanctions breaches in cases where a breach has been found, but it has not imposed a monetary penalty. These changes are introduced by the SI 2022/638 – The Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No. 2 and Saving Provision) Regulations 2022.

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In

Ukraine: Ukrainian laws in wartime

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On 24 February 2022, the Russian Federation launched a full-scale military invasion of Ukraine. The martial law is in effect in Ukraine since then. As a result, special legislation has been adopted in various areas, including that directly affecting business activity. Baker McKenzie lawyers are pleased to present the fourth edition of Ukrainian Laws in Wartime: Guide for International and Domestic Businesses, a brief overview of the key features of wartime legislation.

In ESG

Europe: Net-Zero buildings in the European Union

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We know that the construction and operation of buildings has an enormous impact on energy-related carbon emissions, contributing around 40% globally. To deal with this, many real estate investors are committing to transition their real estate portfolios to achieve net zero greenhouse gas emissions by 2050 or earlier. Owners, occupiers, investors and funders of the built environment will come under increased pressure to reduce emissions and substantiate their sustainability credentials.

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In White Collar Crime

United Kingdom: Pensions Regulator publishes additional guidance on how it will approach the exercise of its new powers

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The Regulator has responded to its September 2021 consultation on three draft policies relevant to how it will exercise its new anti-avoidance powers, which are intended to help protect defined benefit savings. The most recent policies follow on from the policy on the investigation and prosecution of the new criminal offences, which was published in September 2021 and provide further guidance on three specific areas: overlapping powers, the new GBP 1million civil penalty and information gathering. Separately, the Regulator has also issued a new consultation on two policies consolidating and updating certain existing policies on enforcement and prosecution.

In Sanctions

Canada Introduces Additional Designations on 22 Senior Officials of Russian Financial Institutions and Their Family Members, and 4 Russian Financial Institutions and Banks

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Baker McKenzie’s Sanctions Blog published the alert titled Canada Introduces Additional Designations on 22 Senior Officials of Russian Financial Institutions and Their Family Members, and 4 Russian Financial Institutions and Banks on 1 June 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.

In Sanctions

United States: BIS Issues Temporary Denial Order Against Additional Russian Airline and Adds Aircraft to List of Aircraft Subject to General Prohibition 10

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Baker McKenzie’s Sanctions Blog published the alert titled United States: BIS Issues Temporary Denial Order Against Additional Russian Airline and Adds Aircraft to List of Aircraft Subject to General Prohibition 10 on 2 June 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.

In Sanctions

United States: OFAC Reissues and Extends General License Authorizing Certain Transactions Involving the Central Bank of Russia, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation

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Baker McKenzie’s Sanctions Blog published the alert titled United States: OFAC Reissues and Extends General License Authorizing Certain Transactions Involving the Central Bank of Russia, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation on 2 June 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.

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