The Office of Financial Sanctions Implementation (OFSI), which is part of HM Treasury and works to ensure that financial sanctions are properly implemented and enforced in the UK, has updated a number of financial sanctions currently in force. The recent updates are as follows: Financial sanctions, Libya; Financial sanctions, Ukraine (Sovereignty and Territorial Integrity); Financial sanctions, North Korea (Democratic People’s … Continue Reading
The UK Joint Money Laundering Steering Group (JMLSG) has published proposed revisions to its guidance on the prevention of money laundering and the financing of terrorism for the UK financial services industry. The revisions reflect a number of factors, including the provisions of the proposed new Money Laundering Regulations published by HM Treasury on 15 … Continue Reading
On 29 May, the Council of the European Union adopted Council Implementing Regulation 2017/904, which implements Regulation (EC) No 1183/2005. With respect to the Democratic Republic of Congo, asset freezes now apply to nine individuals, which can be found in the Annex of Council Implementing Regulation 2017/904. The Office of Financial Sanctions Implementation’s (OFSI) notice … Continue Reading
The two-part guidance provides a general overview of the application of the UK’s financial sanctions framework, as well as providing practical examples of how the OFSI will generally approach licencing and compliance questions.… Continue Reading
