UUÂãÁÄÖ±²¥

Financial sanctions


This subtopic contains guidance and tools in relation to financial sanctions compliance.

What are financial sanctions and who imposes them?

Sanctions are international measures aimed at:

  1. •

    encouraging a change in the behaviour of a particular country or regime

  2. •

    applying pressure on particular countries or regimes to comply with certain objectives

  3. •

    preventing and suppressing terrorist financing

They are also used as a last-resort enforcement tool when international peace and security has been threatened.

A designated person, entity or regime subject to sanctions that are effective in the UK is known as a target.

Financial sanctions restrict dealings in money and the provision of financial services. Financial sanctions can include the prohibition of funds transfers to and from certain countries, individuals or entities.

See further Practice Notes:

  1. •

    Understanding the financial sanctions regime

  2. •

    The regulation of sanctions—flowchart

  3. •

    UK sanctions regimes currently in force

  4. •

    International sanctions—an introduction

How is the financial sanctions regime administered and enforced in the UK?

All sanctions in the UK are implemented through a combination of statutory instruments and primary legislation:

  1. •

    Sanctions and Anti-Money Laundering Act 2018 (SAMLA 2018)

  2. •

    Counter-Terrorism

To view the latest version of this document and thousands of others like it, sign-in with UUÂãÁÄÖ±²¥ or register for a free trial.

TAKE A FREE TRIAL
Powered by Lexis+®
Latest Risk & Compliance News

House of Lords conclude committee stage of Data (Use and Access) Bill

The House of Lords has completed the committee stage of the Data (Use and Access) Bill, the final day of scrutiny took place on 18 December 2024 and focused on amendments related to children and AI, national security and data privacy risks and AI compliance with UK copyright law. The bill, aimed at harnessing data for economic growth and improving digital governance, has undergone thorough examination over multiple sessions, addressing issues such as protection of children, misuse of AI rules, data mining and processing of personal data. The next stage, report stage, is scheduled for 21 January 2025.

Businesses should expect a role in tackling fraud next year

Law360, London: If one word sums up a key trend in financial crime enforcement in 2024, it would be fraud, specifically consumer fraud.

FCDO imposes sanctions on Georgian officials for human rights violations

The Foreign, Commonwealth and Development Office (FCDO) has announced sanctions against five senior Georgian officials in response to violent attacks on journalists and peaceful protestors. This action, coordinated with the United States, imposes UK travel bans and asset freezes on the individuals responsible for the crackdown following public opposition to the Georgian Dream party's decision to pause the country's European integration. The sanctions follow the UK's recent suspension of programme support to the Georgian government and restriction of defence cooperation. The FCDO's decision aligns with condemnations from UN experts and the OSCE regarding the pattern of repression and human rights violations in Georgia, particularly in light of the use of force against protestors after the October parliamentary elections.

SARs in Action Issue 29 published

The UK Financial Intelligence Unit’s (UKFIU) magazine, SARs in Action, has published its 29th issue focusing on recent developments in economic crime prevention. The publication emphasises the financial sector's crucial role in detecting and disrupting human trafficking, which affects an estimated 49.6 million people globally. It introduces the Illicit Finance Public Private Threat Group (PPTG) Hydroponics Cell and its recent Amber Alert. The magazine also covers the 2024 Global Financial Institutions Partnership Summit in Ottawa and announces the winners of the 2024 Tackling Economic Crime Awards. Additionally, it highlights Companies House's analysis of company formations used for money laundering and introduces a new Trafficking in Human Beings Handbook, underscoring the importance of the regulated financial industry in combating this pervasive criminal enterprise.

View Risk & Compliance by content type :  
News
Practice notes
Precedents
Q&As

Popular documents

Training materials—competition law compliance

Training materials—competition law complianceThis Precedent presentation has been designed as a training aid that you can use to introduce your staff to competition law compliance and your own internal competition law compliance policies and procedures.The training materials are customisable.This

Sanctions regime—Russia

Sanctions regime—RussiaThe Russia (Sanctions) (EU Exit) Regulations 2019, SI 2019/855, made under the Sanctions and Anti-Money Laundering Act 2018 (SAMLA 2018), create a UK sanctions regime in relation to Russia (the Russia sanctions regime). The Russia sanctions regime is aimed at encouraging

Competition law compliance—exclusive agreement checklist for staff

Competition law compliance—exclusive agreement checklist for staffAssessing whether exclusivity is likely to lead to anti-competitive effects is not a straightforward exercise—there are a number of factors to consider, and in many instances, exclusive arrangements may not be possible at all.This

Procurement policy—internal

Procurement policy—internalWe run our business with integrity. Buying goods and services represents a significant portion of [Insert organisation’s name]’s total expenditure. All of us must work together to ensure our buying is carried out in an effective and ethical manner.1Introduction1.1[Insert
Training materials—competition law compliance

Training materials—competition law compliance

Training materials—competition law complianceThis Precedent presentation has been designed as a training aid that you can use to introduce your staff to competition law compliance and your own internal competition law compliance policies and procedures.The training materials are customisable.This

Sanctions regime—Russia

Sanctions regime—Russia

Sanctions regime—RussiaThe Russia (Sanctions) (EU Exit) Regulations 2019, SI 2019/855, made under the Sanctions and Anti-Money Laundering Act 2018 (SAMLA 2018), create a UK sanctions regime in relation to Russia (the Russia sanctions regime). The Russia sanctions regime is aimed at encouraging

Competition law compliance—exclusive agreement checklist for staff

Competition law compliance—exclusive agreement checklist for staff

Competition law compliance—exclusive agreement checklist for staffAssessing whether exclusivity is likely to lead to anti-competitive effects is not a straightforward exercise—there are a number of factors to consider, and in many instances, exclusive arrangements may not be possible at all.This

Procurement policy—internal

Procurement policy—internal

Procurement policy—internalWe run our business with integrity. Buying goods and services represents a significant portion of [Insert organisation’s name]’s total expenditure. All of us must work together to ensure our buying is carried out in an effective and ethical manner.1Introduction1.1[Insert