These Regulations bring into force in the UK Part 1 – re the registration of overseas entities (aside from sections 7 and 8, which are concerned with updating the information) of, and the Schedules to, the Economic Crime (Transparency and Enforcement) Act 2022 that are not already in force, with effect from 12 October. Sections 7 and 8 of the Act are to come into force on 16 January.
On 14 October, an article from McDermott Will & Emery provides a really useful summary of the current situation – as it looks at the current law, the calls for reform, and an Options Paper from the Law Commission in June (and the options that were dismissed). The firm then comments, suggesting that while the Government mulls the Law Commission’s various options for reform, companies may wish to revisit their existing policies and procedures to ensure that they are fit for purpose according to the criteria set out in the guidance.
On 14 October, the US Treasury, Commerce Department and State Department issued a joint Alert to inform the public of the impact of sanctions and export control restrictions targeting Russia’s defence capabilities and warn of the risks of supporting Russia’s military-industrial complex.
At the same time, OFAC issued a new FAQ 1092: Do non-US companies risk exposure to sanctions for providing ammunition or other military goods to Russia or for supporting Russia’s military-industrial complex?
On 11 October, the World Bank published the report which documents how, in a time of increasingly complex global challenges and historic development support by the World Bank Group, the offices of the sanctions system worked in its fiscal year 22 to help ensure that the World Bank funds are used in a transparent and accountable manner and only for their intended. The sanctions system addresses allegations of fraud, corruption, collusion, coercion, and obstruction by businesses and individuals, and is involved in investigating whether there is sufficient evidence of the allegations to seek sanctions; adjudicating whether there is sufficient evidence to sanction the business or individual and what the proper sanction should be; and engaging with businesses and individuals sanctioned with integrity compliance conditions to assist them and ultimately determine whether they have satisfied the conditions imposed for their release from sanction.
On 13 October, Dentons reported that, from 1 January, non-Canadians will be prohibited from purchasing residential real estate in Canada for a period of 2 years under the newly enacted Prohibition on the Purchase of Residential Property by Non-Canadians Act. The insight discusses these key points in greater detail and suggests the next steps for developers and vendors.
EU Regulation 2022/1936/EU advised that 1 entry on the list under the 2018 Regulation concerning restrictive measures against the proliferation and use of chemical weapons had been amended.
On 8 October, a guest Insight in AML Intelligence included a brief note about a new money laundering technique identified by the Belgian Financial Information Processing Unit (CTIF).
On 14 October, the EU Sanctions blog advised that these organisations had published guidance covering various issues including deposits, asset recovery, the provision of and payment for legal services.
raytodd.blog 