Significant legislative changes have been made to the UK’s sanctions regime in the first half of September 2024, namely: These new amendments demonstrate the UK’s further efforts in imposing penalties against sanctions...more
The below alert provides a high-level overview of several measures recently adopted by the European Union (the “EU”) targeting Russia and Belarus, which include: (1) A new Russia sanctions regime, adopted on 27 May 2024,...more
The UK has introduced new registration requirements on persons carrying on certain activities (e.g. political influence activities) for foreign states in the United Kingdom, which is expected to come into force in the course...more
On 24 April 2024, the European Union adopted a directive criminalizing the following sanctions violations: The directive brings significant changes to EU sanctions enforcement by harmonising the rules on the violation of EU...more
The new EU notification requirements relating to transfers of funds out of the EU by EU entities with a certain level of direct or indirect Russian ownership enters into force soon. The reporting obligation has a broad scope,...more
On 11 March 2024, the UK government issued new amending regulations, the Export Control (Amendment) Regulations 2024 (the “Amending Regulations”), which update the Export Control Order 2008 and the retained EU Dual-Use...more
October 2023 marked the first anniversary of the enhanced partnership between the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the United Kingdom Office of Financial Sanctions...more
During the course of 2023, the screening of foreign direct investment (FDI) continued to be an item at the top of the agenda when planning and executing global M&A transactions, as well as greenfield cross-border investments....more
As of 1 March 2024, a licence will be required to export technologies relating to quantum computers, and advanced electronic components such as semiconductors, from France to non-EU countries....more
A final decision with respect to the location of the new EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (“AMLA”) is expected on 22 February 2024, but it’s clear that AMLA, which the European...more
France is currently strengthening its foreign direct investment (“FDI”) screenings regime. In addition to the new resources allocated to the Government unit in charge of the French FDI laws, the French government adopted, on...more
The UK is creating a new Office for Trade Sanctions Implementation, which will sit within the Department for Business and Trade and will be responsible for the civil enforcement of the UK’s trade sanctions regime (i.e....more
The French Minister of Economy formally notified, under Article L151-3 of the Monetary and Financial Code, its decision not to authorise a foreign investment by a U.S. company on 6 October 2023. Notably the target was not a...more
The UK has now signed its accession protocol to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This is almost the final stage in the UK’s accession to the CPTPP, with only UK and...more
The increasing number and complexity of foreign direct investment (FDI) screening regimes requires careful navigation when planning and executing global M&A transactions, as well as greenfield cross-border investments. In...more
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