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UK Related Items and Policy

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The scope of the two Open General Export Licences (OGEL) for security items has been further refined and amendments to the OGELs were on Wednesday (26 May 2021) published by the Department for International Trade in a Notice to Exporters. The updated OGELs permit the export of low risk information security items that rely on encryption technologies listed in Schedule 1 to each OGEL. The new Information Security OGELs cover a significantly wider range of…

The UK has issued the Global Anti-Corruption Sanctions Regulations 2021 (the “Regulations”), which came into force on 26 April 2021. These Regulations are designed to ensure that sanctions relating to serious incidents of corruption are enforced. The Regulations will give the government the power to impose asset freezes on designated persons or those dealing with them, with the aim of preventing the UK from being used as a “haven for dirty money.” This is the…

On 22 March 2021, the UK Government added four individuals and one entity to the Global Human Rights financial sanctions regime, in relation to alleged human rights violations taking place in Xinjiang, China. Four Chinese government officials and a Xinjiang security body have been added to the UK sanctions list and to the Office of Financial Sanctions Implementation’s consolidated list of financial sanctions targets. These measures were announced in coordination with Canada and the United…

This quarterly publication includes a variety of legal and market focused articles on current topics of interest in the world of trade finance. In this edition, we feature an article that examines the implications of the EU-UK Trade Co-Operation Agreement for businesses engaged in international trade and related financing; an article that looks at the scope of the Debt Service Suspension Initiative and its potential implications for finance documentation and the future of sovereign debt;…