UK PROFESSIONAL FIRMS AND BUSINESSES FACE NEW STRICT LIABILITY TEST AND £1 MILLION FINES FOR FAILURE TO REPORT SANCTIONS BREACHES

On 1 March, a post from Corker Bining said that the UK Government has announced a dramatic change to the legislation that gives HM Treasury the power to impose monetary penalties for a failure to comply with an obligation under financial sanctions legislation (as well as for a breach of a sanctions prohibition).  It is said further that, assuming that the Economic Crime (Transparency and Enforcement) Bill 2022 comes into force, this is a remarkably tough new test which ought to make banks and other professionals extremely wary of taking any risk in relation to sanctions targets.

https://corkerbinning.com/uk-professional-firms-and-businesses-face-new-strict-liability-test-and-1m-fines-for-failure-to-report-sanctions-breaches/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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