Failure to prevent offence may be introduced in the UK in the new Economic Crime and Corporate Transparency Bill

The Economic Crime and Corporate Transparency bill (the "Bill"), which is currently progressing through Parliament, is reportedly due to include provisions introducing a new failure to prevent offence affecting corporates, following statements by a UK Government minister during debates surrounding the Bill. In this briefing we outline the background to this development and anticipated next steps. Read more

Corporate Crime Webinar – G7 Russian oil price cap

Herbert Smith Freehills recently hosted a webinar to discuss the way in which the recent Russian oil price cap measures will operate across the UK, EU and US and to consider the potential challenges that may arise for companies wishing to deal in Russian oil and those who provide related services. The introduction of the … Read more

Sanctions tracker – UK and EU introduce new Russian sanctions

The last week has seen a further flurry of Russian sanctions activity, with both the UK and the EU introducing new restrictions. In this briefing we summarise the new UK restrictions, in particular the additional restrictions on the provision of services to Russia, and the EU's ninth Russia sanctions package. Read more

Sanctions tracker: EU announces ninth Russia sanctions package

On 7 December, the European Commission announced proposals for a ninth sanctions package against Russia. The measures are not yet in force and full details are not yet available, but we have summarised below the areas intended to be covered by the new package, along with a round-up of other UK and EU Russia sanctions developments. Read more

Tackling economic crime in the UK – The Economic Crime and Corporate Transparency Bill

A new bill to tackle economic crime is currently progressing through the legislative process. The Economic Crime and Corporate Transparency bill (the Bill) was first laid on 22 September 2022 and is expected to receive royal assent in the coming weeks. Whilst the Bill remains subject to change as it continues to pass through Parliament, its key provisions are likely to remain relatively similar. Read more

OFAC Releases Price Cap Determination and Guidance on the Implementation of Price Cap Policy on Crude Oil Originating in the Russian Federation

On November 22, 2022, the U.S. Office of the Treasury’s Office of Foreign Assets Control (“OFAC”) released a Determination pursuant to Executive Order 14071, “Prohibiting New Investment in and Certain Services to the Russian Federation in Response to Continued Russian Federation Aggression.” The Determination states that E.O. 14071 will apply to trading and commodities brokering, financing, shipping, insurance, flagging, and customs brokering (the “Covered Services”) related to “the maritime transport of crude oil” originating in the Russian Federation (“Russia”). Read more

New podcast – Investigate: a 360 degree view of investigations

In the first episode of our new investigations podcast series, join Robert Hunt, Elizabeth Head and Eamon McCarthy-Keen who offer an insight into what this series will cover, the key steps in an investigation, initial considerations, the typical challenges associated with investigation scoping and immediate priorities once an investigation is underway. Read more

Sanctions tracker: new UK sanctions regarding Russian oil

The UK introduced further sanctions against Russia on 4 November 2022, via the Russia (Sanctions) (EU Exit) (Amendment) (No. 16) Regulations 2022 (the "No. 16 Regulations"). These introduce further amendments to the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Russia Regulations"). The amendments introduced by the No. 16 Regulations will come into force on 5 December 2022 (although, as set out below, certain specific measures will not take effect until February 2023) and introduce further measures relating to Russian oil, as discussed further in this briefing. Read more