Headlines-
• The Economic Crime and Corporate Transparency Act (the “Act”) is part of a wide legislative package to prevent abuse of UK corporate structures and tackle economic crime and received Royal Assent on 26 October...more
10/30/2023
/ CEOs ,
Corporate Crimes ,
Corporate Transparency Act ,
Criminal Liability ,
Failure to Prevent ,
Financial Crimes ,
Financial Markets ,
Fraud ,
Impact Assessments ,
Ministry of Justice ,
Senior Managers ,
Serious Fraud Office (SFO) ,
UK ,
UK Bribery Act
In recent weeks, the use of encrypted messaging applications for business purposes has returned to the spotlight. In July 2023, legal challenges surrounding the disclosure of messages on devices used by former Prime Minister...more
9/5/2023
/ Capital Requirements Regulation (CRR) ,
Confidential Information ,
Data Recording ,
Disclosure ,
Encryption ,
Financial Conduct Authority (FCA) ,
Information Commissioner's Office (ICO) ,
Instant Messaging Apps ,
Integrity Policies ,
Money Laundering ,
Prudential Regulation Authority (PRA) ,
Terrorist Financing Regulations ,
UK
The UK government has tabled an amendment to the Economic Crime and Corporate Transparency Bill so as to introduce a “failure to prevent” fraud offence. Details in the amended bill provide the greatest clarity to date of the...more
In a recent decision, the English High Court has demonstrated its willingness to interpret contractual provisions broadly so as to enable performance in circumstances where the imposition of sanctions on a counterparty...more
The UK Office of Financial Sanctions Implementation (OFSI) has issued long-awaited further guidance on ownership and control of entities by sanctioned persons.
The new guidance was issued in an updated version of OFSI’s...more
As Russia’s war in Ukraine passes the one-year mark, and the battles on the ground move forward with escalating levels of ferocity, governments around the world continue to coordinate and respond with increasingly severe...more
3/3/2023
/ Asset Freeze ,
Bureau of Industry and Security (BIS) ,
Central Bank of Russia ,
Economic Sanctions ,
EU ,
Export Controls ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
UK ,
Ukraine
The Singapore High Court recently ruled that a party to a Singapore law-governed contract was justified in relying on a sanctions clause in the contract to refuse payment to the counterparty in an effort to avoid breaching...more
On November 28, 2022, the European Council gave its final approval to a new Corporate Sustainability Reporting Directive (CSRD). Once transposed into the laws of the EU members states, the new set of rules will replace the...more
As Russia’s war in Ukraine stretches into its tenth month, governments around the world continue to coordinate and respond with increasingly severe sanctions and export controls....more
12/7/2022
/ Crude Oil ,
Economic Sanctions ,
EU ,
Export Controls ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Oil Prices ,
Reporting Requirements ,
Russia ,
UK ,
Ukraine
The UK government has proposed new registration requirements for foreign influence activities in the UK as part of its attempts to strengthen the resilience of the UK’s political system and democratic institutions against...more
On 29 July 2022, the UK Competition and Markets Authority (CMA) launched an investigation into three fashion firms over potentially misleading eco-friendly and sustainability claims about their products....more
8/2/2022
/ Advertising ,
Antitrust Provisions ,
Competition ,
Environmental Social & Governance (ESG) ,
False Statements ,
Fashion Industry ,
Greenwashing ,
Marketing ,
Sustainability ,
UK ,
UK Competition and Markets Authority (CMA)
On 13 July 2022, the National Economic Crime Centre, a multi-agency unit in the National Crime Agency (NCA), and the Office of Financial Sanctions Implementation, working in conjunction with law enforcement and financial...more
The Office of Financial Sanctions Implementation (OFSI) imposed a £15,000 penalty on UAE-based and UK-registered entity, Tracerco Limited (Tracerco), for breaching UK sanctions when it purchased flights for an employee from...more
Companies and limited liability partnerships (LLPs) “with the greatest economic and environmental impact” are now subject to the legal requirement to assess their climate risks and disclose climate-related financial...more
On 25 April 2022, in collaboration with the UK Independent Anti-Slavery Commissioner, the Financial Reporting Council (“FRC”) published a report on Modern Slavery Reporting Practices in the UK (the “Report”). ...more
As the world watches in horror as the Russian invasion of Ukraine continues to unfold, the UK, as well as its allies and partners, has introduced a number of sanctions and trade restrictions in response. In this Quarterly...more
4/28/2022
/ Bribery ,
Central Bank of Russia ,
Criminal Convictions ,
Cyber Attacks ,
Financial Conduct Authority (FCA) ,
Memorandum of Understanding ,
NCSC ,
Popular ,
Russia ,
Sanctions ,
Serious Fraud Office (SFO) ,
UK ,
Ukraine
As Russia’s bloody invasion of Ukraine nears the end of its second month, with regular reports of human rights violations, possible chemical weapons attacks, and head of state musings regarding whether this campaign amounts...more
4/18/2022
/ Bureau of Industry and Security (BIS) ,
Economic Sanctions ,
EU ,
Export Controls ,
Financial Markets ,
Foreign Relations ,
Japan ,
Most-Favored Nations ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
Trade Relations ,
UK ,
Ukraine
As Russia’s brutal invasion of Ukraine stretches on into its second month, the United States, European Union, United Kingdom, and other global allies have continued to pour additional funding and arms into Ukraine while...more
3/23/2022
/ Bureau of Industry and Security (BIS) ,
Economic Sanctions ,
EU ,
Export Controls ,
Funding ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SWIFT ,
UK ,
Ukraine ,
US Department of State
At a time when sanctions are very much in the spotlight, the UK government has proposed amendments to its sanctions regime in order to introduce a ‘strict civil liability’ test for sanctions breaches....more
In the wake of Russia’s invasion of Ukraine, the UK government has brought forward legislation that aims to crack down on foreign owners laundering dirty money through UK property and make it easier for law enforcement...more
After less than a week of a full-scale war between Russia and Ukraine, the post-Cold War global architecture appears irrevocably shattered, as Western nations line up to offer support and military and economic aid to Ukraine...more
3/1/2022
/ Airspace ,
Asset Freeze ,
Economic Sanctions ,
EU ,
Export Administration Regulations (EAR) ,
Export Controls ,
G7 ,
Popular ,
Russia ,
SWIFT ,
UK ,
Ukraine ,
United States
As expected, the UK Government has announced, in its January 2022 consultation response (“the Response”), that the promotion of cryptoassets to UK consumers is to be regulated. This represents a significant step towards...more
The UK government has widened the scope of its Russia sanctions regulations in anticipation of a Russian invasion of Ukraine. The amendments to the existing Russia sanctions regulations significantly broaden the definition of...more
Our previous Client Alert of 5 November 2021 discussed the UK government’s policy paper “Greening Finance: A Roadmap to Sustainable Investing” (the “Roadmap”). The Financial Conduct Authority (FCA), on 17 December 2021,...more
In the final Quarterly Review of 2021, we reflect on a year that has seen the UK acclimatise to life outside of the EU, whilst, like the rest of the world, contending with the difficulties brought on by the global coronavirus...more
12/15/2021
/ Anti-Bribery ,
Bribery ,
Coronavirus/COVID-19 ,
Credit Suisse ,
Deferred Prosecution Agreements ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Fraud ,
Office of Financial Sanctions Implementation (OFSI) ,
Sanctions ,
Serious Fraud Office (SFO) ,
UK ,
UK Brexit