Tag Archives: HM Treasury

New UK financial sanctions enforcement powers come into force

On 1 April 2017, Part 8 of the Policing and Crime Act 2017 (the “Act”) came into force, introducing new powers for HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) to enforce financial sanctions in the UK.

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Filed under Corporate Crime, Sanctions and Money Laundering, UK

EU sanctions update: amendment to sanctions against Russia

Published in the Official Journal today are the anticipated amendments to Council Regulation (EU) No 833/2014, as amended, together with a corrigendum to the Notice for persons designated as subject to asset freezes under Council Regulation (EU) No 269/2014.

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Filed under Europe, Russia, Sanctions and Money Laundering, UK, Uncategorized

Recent Sanctions Developments: EU relaxes certain Syrian sanctions and amends measures relating to North Korea, Iran and Tunisia; US relaxes Myanmar sanctions

The EU has recently published a new Regulation (Regulation 697/2013 of 22 July 2013 (“Regulation 697/2013”)) which amends Regulation 36/2012, the key piece of legislation setting out the EU’s sanctions against Syria.  In this briefing we analyse the new provisions … Continue reading

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Filed under Bribery and Corruption, Corporate Crime, European Regulation, Herbert Smith Freehills, Sanctions and Money Laundering

EU/UK: Recent sanctions developments concerning Myanmar (Burma), North Korea, Syria and Libya

Daniel Hudson, Karen Anderson Jeremy Sher and Richard Wright comment on recent developments concerning the EU sanctions regimes applying to Myanmar (Burma), North Korea, Syria and Libya.

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Filed under Asia, Corporate Crime, HM Treasury, Middle East, Sanctions and Money Laundering

UK: Interim report on independent review of the Investment Bank Special Administration Regime

Peter Bloxham has completed the first phase of his independent review of the Investment Bank Special Administration Regulations 2011 and in February 2013 presented an interim report, which HM Treasury has now published.   In addition to making a number of immediate … Continue reading

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Filed under Banking, UK, UK Legislation, Uncategorized

EU takes steps towards easing Zimbabwe sanctions

Susannah Cogman and Jeremy Sher comment on the EU’s recent easing of the Zimbabwe sanctions regime. On 19 February 2013, the European Union (“EU“) took a small step towards easing its sanctions regime in relation to Zimbabwe.  Twenty one individuals and … Continue reading

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Filed under Africa, Bribery and Corruption, Corporate Crime, EU, Europe, HM Treasury, Sanctions and Money Laundering, UK, UK Legislation, UK Regulations

Financial Services (Banking Reform) Bill laid before Parliament: Regulator to be given power to enforce full separation

The Financial Services (Banking Reform) Bill (the Bill) was introduced to Parliament on 4 February 2013.  On the same day, the Government published its response to the report which the Parliamentary Commission on Banking Standards (PCBS) published at the end of … Continue reading

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Filed under Bank of England, Banking, HM Treasury, Regulatory Reform, Retail Banks, UK, UK Legislation

Iran sanctions update: New EU measures in force

On 22 December 2012, three new EU measures in relation to Iran were published in the EU Official Journal.  These expand the existing suite of EU sanctions, and are likely to be relevant to any EU companies, or persons within … Continue reading

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Filed under Banking, EU, European Regulation, HM Treasury, Middle East, Sanctions and Money Laundering, UK

HMT reissues direction to cease business with Iranian banks

Daniel Hudson, Nichola Peters and Jeremy Sher comment on HM Treasury’s (“HMT“) decision to reissue its direction to UK financial institutions to cease business with Iranian banks.

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Filed under Corporate Crime, Europe, Middle East, Sanctions and Money Laundering, UK, UK Legislation, UK Regulations

HM Treasury and US Tax Authority release model agreement to implement FATCA in the UK and extend information sharing powers between the US and the UK

HM Treasury (in conjunction with the governments of France, Germany, Italy and Spain – together the ‘FATCA Partners’) have published the terms of a model agreement (the ‘Model Agreement’) which they propose to enter into with the US government (the … Continue reading

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Filed under Americas, HM Treasury, JURISDICTIONS, Retail Banks, UK, US