On 24 February 2023, the U.S. intensified its sanctions on Russia and released new trade control measures targeting key sectors, evasion efforts, and military supplies. Taken together, the additional sanctions, export...more
On 2 September 2022, HM Government – through the Treasury – exercised its power to request information by issuing a financial sanctions notice requesting that all persons that hold or control funds or economic resources...more
On 14 September 2022, the European Commission released a proposal for a Regulation prohibiting products made with forced labour on the EU market. The European Commission has taken a comprehensive approach, with the ban...more
9/20/2022
/ China ,
Corporate Social Responsibility ,
Due Diligence ,
EU ,
European Commission ,
Exports ,
Forced Labor ,
Human Rights ,
Imports ,
Supply Chain ,
Uyghur Forced Labor Prevention Act (UFLPA)
UK Government introduces new sanctions measures and extends the reporting obligations to Cryptoasset exchange and custodian wallet providers. The UK Government has implemented new restrictions in relation to investments in...more
From 15 June 2022 the Economic Crime (Transparency and Enforcement) Act 2022 will introduce changes to the enforcement of UK sanctions laws that parallel enforcement powers held by the Office of Foreign Assets Control...more
The Russia (Sanctions) (EU Exit) (Amendment) (No. 9) Regulations 2022 came into force on 29 April 2022 and amend the Russia (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/855) (‘the 2019 Regulations’) by introducing new...more
As a further response to Russia’s invasion of Ukraine, the Economic Crime (Transparency and Enforcement) Act (the “Act”) has been fast-tracked into law and received royal assent in the early hours of 15 March 2022. The Act,...more
This week has seen the constant expansion of the UK sanctions regime to a wider set of Russian targets as crisis in Ukraine continues. The newly-announced financial sanctions and economic restrictions cover a wide range of...more
UK Prime Minister Boris Johnson announces the “largest and most severe package of economic sanctions that Russia has ever seen” before Parliament and OFSI designates additional Russian entities and individuals as asset freeze...more
Today the UK government has adopted the “first barrage of UK economic sanctions against Russia” as UK Prime Minister Boris Johnson warned that Russian President Vladimir Putin is “bent on a full scale invasion of Ukraine”. UK...more
2/23/2022
/ Economic Sanctions ,
EU ,
Executive Orders ,
Exports ,
Financial Institutions ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
UK ,
Ukraine
The UK Government has strengthened its Russian sanctions legislation by extending its sanctions designation criteria to target Russian businesses and individuals in a wide range of economic and strategically significant...more
The Court of Justice of the EU has interpreted for the first time the Blocking Regulation. The ruling confirms that it is possible to terminate contracts with a US designated person without providing reasons. However, in...more
Between March and November 2021 HMRC issued compound penalties in respect of unlicensed exports of dual use goods, military goods and related activity controlled by the Export Control Order 2008 with settlements totalling...more
The EU has expanded the listing criteria for specific designations under the Belarus sanctions regime that targets those that facilitate illegal crossing of the EU’s external borders. In addition, the EU has adopted an...more
On 1 November 2021, the Office of Financial Sanctions Implementation (OFSI) published an updated charity sector guidance regarding the UK’s humanitarian activity following Afghanistan’s Taliban takeover. The notice follows...more
The European Union and the United Kingdom have each significantly expanded the scope of their sanctions against Belarus in response to the forced Ryanair aircraft landing in May. The new measures adopted target a significant...more
8/17/2021
/ Belarus ,
Belarus Sanctions ,
Dual Use Goods ,
Economic Sanctions ,
EU ,
European Investment Bank (EIB) ,
Export Controls ,
Exports ,
Military Goods ,
Popular ,
UK
On 26 April 2021, the UK launched the Global Anti-Corruption sanctions regime against individuals and organisations responsible for serious international corruption. The first wave of sanctions designations includes 22...more
On 22 March 2021, the UK Government published new official guidance on exporting military or dual-use technology.The guidance provides that controlled software and technology is generally subject to an export licence...more
3/26/2021
/ Cloud Storage ,
Dual Use Goods ,
Electronic Devices ,
Export Controls ,
Exports ,
Foreign Trade Regulations ,
Information Technology ,
International Trade ,
Software ,
UK ,
UK Brexit
On 11 March 2021, the UK government announced that it is extending the existing post-Brexit import customs declarations deferment from 1 July 2021 until 1 January 2022, meaning full customs processes for some imports will not...more
Following the military coup on 1 February 2021 and subsequent human rights violations, the Foreign, Commonwealth, and Development Office added three Myanmar military officers to the UK Sanctions List on 18 February 2021....more
On Christmas Eve, the United Kingdom and European Union finally agreed a trade deal – the Trade and Cooperation Agreement (TCA) – which will define the post-Brexit trading relationship between the European Union and United...more
1/7/2021
/ Country of Origin ,
Cross-Border Transactions ,
Customs ,
EU ,
Free Trade Agreements ,
Northern Ireland ,
Regulatory Standards ,
Tariffs ,
Trade Policy ,
Trade Relations ,
UK ,
UK Brexit
The Guide provides useful information on UN sanctions prohibitions as well as best practices guidance for the implementation of UN sanctions by stakeholders. Whilst the Guide is primarily targeted at Chairs and members of UN...more
Financial Institutions Horizons is a snapshot of key legal topics and market trends across the globe, shaping the future of the financial institutions market.
When we conceived the Horizons series in 2018, the financial...more
12/16/2020
/ Biden Administration ,
China ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Financial Institutions ,
FinTech ,
Infectious Diseases ,
Investigations ,
Libor ,
Sustainable Business Practices ,
UK Brexit
On 7 December 2020, the EU adopted a global human rights sanctions regime. No individuals have been designated yet. Going forward, this means that companies should ensure that they conduct sanctions screening on all...more
The European Union has imposed restrictive measures against six individuals and three entities responsible for or involved in various cyber-attacks, including the attempted attack against the Organisation for the Prohibition...more