News & Analysis as of

United Kingdom Financial Institutions Office of Financial Sanctions Implementation (OFSI)

Bracewell LLP

What Did I Miss? Key UK Sanctions Updates from Q3-4 2024

Bracewell LLP on

In recent months, the United Kingdom’s sanctions regime has received noteworthy updates with implications for a range of entities operating both domestically and abroad. The changes are housed in an update to the Russia...more

Pillsbury Winthrop Shaw Pittman LLP

New UK Trade Sanctions Enforcement Body Goes Live October 10, 2024

New UK enforcement body goes live and new powers granted to existing body, regulating those doing business in the UK. UK trade sanctions enforcement risks are set to increase on October 10, 2024, as two government agencies...more

Ankura

Russian Sanctions Circumvention: Are You Asleep At The Wheel?

Ankura on

In the wake of Russia's invasion of Ukraine in February 2022, a broad and unprecedented range of sanctions were imposed on Russia by various countries and international bodies to target the Russian economy and prevent further...more

Mayer Brown

UK Government Launches Office of Trade Sanctions Implementation to Enforce UK Trade Sanctions

Mayer Brown on

On 12 September 2024, the UK Government published the regulatory framework providing the scope and powers of the Office of Trade Sanctions Implementation (OTSI), the authority responsible for the implementation and...more

WilmerHale

Asset freezing and asset seizing under the UK sanctions regime

WilmerHale on

The UK’s National Crime Agency (NCA) recently secured its first forfeiture of sanctioned funds. This was a landmark achievement for the NCA’s Combatting Kleptocracy Cell, which has only existed since 2022 and aims to...more

Katten Muchin Rosenman LLP

UK Financial Insights from Katten | Issue 11

UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more

American Conference Institute (ACI)

[Event] 8th Annual Canadian Forum on Global Economic Sanctions - March 6th - 7th, Toronto, ON, Canada

Immerse yourself in the only comprehensive economic sanctions event of its kind in Canada, spanning two days of invaluable insights and practical knowledge. Designed to cover U.S., EU, and major global sanctions, this...more

A&O Shearman

Losing control: What the Mints Court of Appeal judgment means for UK sanctions

A&O Shearman on

On 6 October 2023, the Court of Appeal handed down judgment in the case of Mints & ors v PJSC National Bank Trust & anor [2023] EWCA 1332. The judgment confirmed that the UK’s sanctions do not preclude the English courts...more

A&O Shearman

UK Russia sanctions: back in the spotlight

A&O Shearman on

Sanctions and the systems and controls companies have in place to comply with them seem to be back in the spotlight. In addition to guidance recently published by the UK Financial Conduct Authority, a number of recent...more

K2 Integrity

Sanctions Against Russia: Recent Developments - May 2023

K2 Integrity on

K2 Integrity delivers information and analysis on recent developments related to sanctions against Russia and key implications for the public, private, and non-profit sectors as the United States (U.S.), the European Union...more

American Conference Institute (ACI)

[Event] European Forum on Global Economic Sanctions - June 1st - 2nd, Berlin, Germany

Hosted by C5 Group, the European Forum on Global Economic Sanctions is recognized as Europe's Premier, longstanding gathering for financial institutions and global exporters. The industry across Europe is confronting an...more

K2 Integrity

Implementation of the Russian Oil Price Cap and Key Compliance Considerations

K2 Integrity on

As the Russian invasion of Ukraine continues, so too does Russia’s isolation from the West. Member nations of the Group of Seven (G7)—the United States (U.S.), Canada, France, Germany, Italy, Japan, and the United Kingdom...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK’s Red Alert on Financial Sanctions Evasion Signals Regulatory Alignment on Future Sanctions Enforcement

Amid the continued rollout of new sanctions measures in response to Russia’s invasion of Ukraine, the U.K. National Crime Agency (NCA) and HM Treasury’s Office of Financial Sanctions Implementation (OFSI) have jointly issued...more

K&L Gates LLP

FCA Calls for Sanctions Evasion Reporting

K&L Gates LLP on

On 17 May 2022 the UK Financial Conduct Authority (FCA) made an appeal for people to report to it regarding firms on the Financial Services Register or other FCA registers, or companies with UK listed securities that have...more

A&O Shearman

Mistaken breach of UK Financial Sanctions: possible exposure and what to do

A&O Shearman on

The UK sanctions imposed as a result of Russia’s invasion of Ukraine have undoubtedly put intense pressure on businesses to review existing commercial arrangements and tighten sanctions compliance systems and controls. But...more

Pillsbury - Global Trade & Sanctions Law

Further EU and UK Measures Taken Against Russia

As the Russian invasion of Ukraine continues, the global pressure on the Putin regime intensifies with the EU issuing additional sanctions and export controls on Friday evening (February 25). The legislation implementing the...more

K&L Gates LLP

Sanctions Update: Monetary Penalty Imposed by OFSI

K&L Gates LLP on

On 21 February, the UK Office of Financial Sanctions Implementation (OFSI) announced that it has fined Clear Junction Limited (Clear Junction) £36,393.45 in relation to transactions Clear Junction made to accounts held at the...more

Hogan Lovells

UK adopts fresh sanctions measures against five Russian banks and three high-net worth individuals

Hogan Lovells on

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

Morgan Lewis

UK Government Announces Changes to UK Sanctions List Structure & Format

Morgan Lewis on

The United Kingdom’s Foreign, Commonwealth & Development Office (FCDO) and Office of Financial Sanctions Implementation (OFSI) have announced they will change the structure and format of the UK Sanctions List and OFSI’s...more

A&O Shearman

Sanctions-related reporting and compliance obligations for UK financial institutions

A&O Shearman on

Financial institutions face a myriad of sanctions compliance issues arising out of the multiplicity of legal, regulatory and reporting regimes that they are subject to. For Financial institutions in the United Kingdom, the...more

Hogan Lovells

Financial institutions general regulatory news, March 2021 # 3

Hogan Lovells on

AI Public-Private Forum: BoE publishes minutes of second meeting The Bank of England (BoE) has published minutes from the second meeting of the Artificial Intelligence Public-Private Forum (AIPPF), which was held on 26...more

Hogan Lovells

Financial institutions general regulatory news, December 2020

Hogan Lovells on

UK Future Regulatory Framework Review: consultation deadline extended - HM Treasury has extended the deadline for responding to its Phase II consultation relating to the Future Regulatory Framework Review by one month to...more

Hogan Lovells

Financial institutions general regulatory news, October 2020 # 3

Hogan Lovells on

Brexit: HM Treasury update on financial services Brexit statutory instruments HM Treasury has published an update on its work relating to statutory instruments (SIs) laid, or to be laid, under the European Union (Withdrawal)...more

Latham & Watkins LLP

UK Sanctions Authority Issues Record Penalty for Russia-Related Sanctions Violations

Latham & Watkins LLP on

The penalty reflects the increasingly active approach in the UK to the enforcement of sanctions breaches. The UK’s financial sanctions regulator, HM Treasury’s Office of Financial Sanctions Implementation (OFSI), has...more

Pillsbury Winthrop Shaw Pittman LLP

A UK Version of OFAC?

The Office of Financial Sanctions Implementation ramps up enforcement activities in London - A new UK sanctions enforcement body with added civil enforcement tools is ramping up activities. ...more

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