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UK Related Items and Policy

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On 6 February 2020, the Department for International Trade published Notice to Exporters 2020/04 to report that, with immediate effect, the Export Control Joint Unit (ECJU) has amended its inspection of records process related to the use of open licences and electronic standard individual export licences (SIELS). Link to Notice here.  This process is provided for in Article 31 of the Export Control Order 2008 (as amended), which states that inspections can take place “at…

The UK Office of Financial Sanctions Implementation (OFSI) has published the new Compliance Reporting Form (which can be found here) for individuals and organisations to comply with the UK financial sanctions reporting obligations. The new form has separate sections to be completed depending upon whether you are: reporting a suspected designated person (Part B); providing information on frozen assets (Part C); or providing information on a suspected breach (Part D). It also provides more clarity…

The UK House of Commons Foreign Affairs Committee (the “Committee”) has recently published the report on Russian corruption in the UK, calling for a coherent and proactive strategy on Russia. In the report “Moscow’s Gold: Russian Corruption in the UK”, it concluded that the UK financial markets are currently used as a loophole for Russian sanctioned companies to gain access to the capital markets and for Russia to raise sovereign financing. The Committee called on…

The UK Office of Financial Sanctions Implementation (OFSI) has published an updated version of its guidance on monetary penalties for breaches of financial sanctions (the “Monetary Penalties Guidance”). The Monetary Penalties Guidance was first issued in April 2017 and sets out guidance on the circumstances in which OFSI may consider it appropriate to impose a monetary penalty, and how it will determine the amount of the penalty. No changes of policy on monetary penalties were…