UK Updates Sanction Guidance to Reflect Expanded Enforcement Powers
The U.K. on Dec. 5 officially updated guidance for its various sanctions regimes to reflect the passage of legislation earlier this year that gives its sanctions agency greater intelligence-gathering and enforcement powers (see 2411260013). An update to the U.K.’s Russia-related…
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sanctions guidance said the U.K. made a “range of technical changes with the purpose of improving” the Office of Financial Sanctions Implementation’s “ability to gather intelligence on industry’s compliance with financial sanctions, strengthen OFSI’s enforcement powers, enable OFSI to conduct its licensing responsibilities more efficiently, and clarify financial sanctions legislation where there is existing uncertainty.” The country made similar updates to its guidance for sanctions against Belarus, North Korea, Syria, Iran, Venezuela and Myanmar.