Mar 4, 2024
- The field of economic sanctions has been growing increasingly
complicated in recent years, and the past year was a historic and
transformative period for the use of financial sanctions on both
the global and UK levels, with Western nations launching an
unprecedented line of sanctions against Russia as a result of its
invasion of Ukraine in February 2022.
Recent conflicts such as the Hamas-Israel war in response to Hamas’s October 7 massacre, the Russian invasion of Ukraine, as well as events in Iran, China and other countries, have grabbed global headlines. These events have sparked waves of new laws and regulations around the world, from sanctions to tougher economic crime compliance rules.
All businesses must comply with financial and trade sanctions and companies must be able to prove that they are properly screening for sanctions. Failure to comply with screening requirements can carry stiff penalties reaching into the millions per infraction and any sanctions breach, even accidental, is a crime.
This episode will cover:
- Recent sanctions issues and key compliance challenges and what to be aware of in the present volatile international landscape.
- The creation of the Office of Trade Sanctions Implementation (OTSI), the UK’s newly created body that will be responsible for the civil enforcement of trade sanctions, including those against Russia.
- The ever-relevant crossover between sanctions, terrorist financing, and AML, which has become increasingly important as the world faces rapidly evolving geopolitical challenges.
- The effectiveness of financial sanctions in general and those against Russia in the past two years in particular.
- Cases of sanctions breaches and consequences.
- Tips for sanctions compliance for both regulated and non-regulated businesses.