UK: 29 AMENDMENTS TO SANCTIONS REGIMES

On 11 February, HM Treasury advised that 29 entries have been amended in the new version of the consolidated list. 11 amendments have been made to entries under the Afghanistan financial sanctions regime; and 18 amendments have been made to entries under the ISIL/Al-Qaida financial sanctions regime. 

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1054471/Notice_ISIL__Da_esh__and_Al-Qaida_110222.pdf

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1054470/Notice_Afghanistan_110222.pdf

NFT, MONEY LAUNDERING AND TERRORIST FINANCING

On 9 February, a report from ACFCS says that a recent US Treasury report opened up serious attention at the government level on NFT (Non-Fungible Tokens) from a money laundering and terrorist financing perspective. It says that the financial crime risks – and AML controls – related to NFT, fraud, the art world and crypto value blockchains have also risen in recent months for financial institutions after recent historic changes in the US to transform the compliance regime of the country from pleasing federal regulators to serving law enforcement.

https://www.acfcs.org/acfcs-special-contributor-report-it-starts-with-art-nfts-money-laundering-and-terrorist-financing/

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UK SINGLE TRADE WINDOW DISCUSSION PAPER

On 11 February, the Cabinet Office reported that said that a Single Trade Window is a key commitment within the 2025 Border Strategy. The Government has committed £180 million to build a UK Single Trade Window which will reduce the cost of trade by streamlining trader interactions with border agencies.  The discussion paper sets out a number of questions which we are seeking stakeholder views on to help inform early design work.

https://www.gov.uk/government/publications/uk-single-trade-window-discussion-paper

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EU AMENDS LIBYAN SANCTIONS REGULATIONS RELATING TO SAADI QADHAFI 

EU Regulation 2022/183/EU amended the listing following the decision of the relevant UN Sanctions Committee on 28 January.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2022.030.01.0001.01.ENG&toc=OJ%3AL%3A2022%3A030%3ATOC

https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=uriserv:OJ.L_.2022.030.01.0115.01.ENG&toc=OJ:L:2022:030:TOC

UK: PEOPLE WITH SIGNIFICANT CONTROL (PSC) GUIDANCE

On 9 February, Companies House released updated guidance on what are sometimes called ‘beneficial owners’.

https://www.gov.uk/guidance/people-with-significant-control-pscs

DETERMINING A PSC – WHAT CRITERIA NEEDS TO BE SATISFIED?

On 8 February, an article from Herrington Carmichael LLP considers the assessment criteria for the determination of a PSC status. A PSC is an individual who falls into one or more of several categories in relation to a company, and which are detailed in the article.

https://www.herrington-carmichael.com/determining-a-psc/