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UK

Articles

The U.K.’s Global Human Rights Sanctions Regulations 2020 and the U.K.’s first steps as an autonomous International Sanctioning Body

October 8, 2020
By: Daniel Martin, Partner, HFW*

Earlier this summer, having left the E.U. in January, the U.K. took its first steps as a fully autonomous sanctions body. The U.K. has always been a leading state in the implementation and enforcement of sanctions, in many respects second only to the U.S. Even before the E.U. referendum, the U.K. was already taking steps to increase its global sanctions credentials and strengthen the Government's sanctions machinery, for example through the creation of the Office of Financial Sanctions Implementation ('OFSI') in 2016. (more…)

UK Enforcement Update: OFSI Shows its Teeth as Penalties for Sanctions Violations Jump into the Millions

July 18, 2020
By: Daniel Martin, Partner, HFW*

After a slow start, the U.K. sanctions authority - The Office of Financial Sanctions Implementation (OFSI) - has now begun to show its teeth. However, having seen the size of the penalties imposed by OFAC in the last ten years, sanctions compliance suites should not be at all surprised to see the U.K. now taking a leaf out of the U.S. sanctions enforcement book. (more…)

OFSI’s New Teeth: Sanctions in the Wake of ‘Brexit’ and Actions Taken by the UK Regulator (So Far)

February 27, 2020 By: Anna Sayre, CSS, Director of Content at ACSS

On January 31, 2020, the U.K. Parliament finally cut ties from the E.U. after two years of grueling debates and discussions in Brussels, signaling a chance for Britain to break away from the E.U. sanctions that it has most dutifully applied for decades. Though itis almost certain that the U.K. will continue to apply most E.U sanctions, it is also looking likely that the U.K. will instill a new sanctions regime of its own, perhaps more closely matching that of its American cousin across the pond.

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The ‘Brexit’ Effect: What the UK’s Departure from the EU Could Mean for the Global Sanctions Landscape

December 9, 2019 By: John McKendrick QC* and Alex Haines**

Over three years ago, in the June 23 Referendum, the UK voted to leave the European Union (EU). This departure from the EU, also known as ‘Brexit’, has put the world on stand-by, waiting to see what terms the UK and Europe will decide for their future divorce. One of these terms will be how to treat sanctions policy once the UK leaves.
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Wake Up To Sanctions | Second Quarter 2019 – Summer Edition Sanctions Round Up

August 05, 2019

OFAC Publishes New Framework for Compliance Commitments, Naming 5 Essential Components

On May 2, 2019, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) published a Framework for OFAC Compliance Commitments “in order to provide organizations subject to U.S. jurisdiction, as well as foreign entities that conduct business in or with the United States or U.S. persons, or that use U.S.-origin goods or services, with a framework on the essential components of a sanctions compliance program”. This guidance marks the first time that OFAC has provided prescriptive guidance to companies on its views of what should be included in an effective sanctions compliance program. (more…)

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