Sanctions

Sanctions

This Overview provides a guide to the Banking & Finance content within the Sanctions subtopic, with links to the appropriate materials.

What are sanctions?

The principal purpose of sanctions in most cases is to change the behaviour of the target country’s regimes, individuals or groups. They are also used to apply pressure on a target country to comply with certain objectives, and enforce measures where diplomatic efforts have failed.

There are different sanctions regimes which affect UK businesses. Usually they are grouped into trade and financial sanctions:

•
trade sanctions (also known as embargoes) restrict trade and business with certain countries and impose either a prohibition or a licensing requirement on the sale, supply, transfer, export or import of specified items to or from a specified country and include economic travel bans, or financial or diplomatic restrictions, and
•
financial sanctions are measures which restrict dealings in money and the provision of financial services and include the prohibition of funds transfers to certain countries, individuals or entities

For further information, see:

•
Sanctions regime—Russia — this Practice Note provides an introduction to the UK sanctions regime against Russia under the

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Banking & Finance News

ESMA publishes feedback on proposed securitisation disclosure template review

The European Securities and Markets Authority (ESMA) has published a Feedback Statement summarising the responses to its consultation paper on securitisation disclosure templates under Article 7 of the Securitisation Regulation (SECR). Stakeholders acknowledged the need for improvements in the transparency regime but recommended postponing the template review due to concerns about its timing in relation to a broader SECR review. ESMA plans to work closely with the European Commission to explore interim adjustments to the technical standards, particularly regarding disclosures for private securitisations, before the review of the Level 1 text.

Guidance on the information sharing measures in the Economic Crime and Corporate Transparency Act 2023 has been updated

An update to the guidance on information sharing measures outlined in the Economic Crime and Corporate Transparency Act 2023 has been updated on the government’s website. The measures, which are voluntary, allow regulated firms to share customer information for the purposes of preventing, investigating and detecting economic crime and have been put in place to provide greater clarity and comfort to regulated firms to share relevant customer information.

High Court confirms broad government discretion in UK national security reviews

Competition analysis: In this judgment, the High Court issued its first ever ruling on a challenge to an unwinding order imposed by the UK government under the National Security and Investment Act 2021 (NSIA 2021). In a clear victory for the government, the court confirmed the broad discretion of the Secretary of State to determine the appropriate remedy for resolving national security concerns arising from a problematic transaction, up to and including forced divestment of the acquirer’s shareholding in a qualifying entity, as well confirming that the overall process followed by the Government in such cases is fair and proportionate. The judgment is also notable for the insights that it provides into the process followed by Government officials and ministers for in-depth reviews under the NSIA 2021, with the level of detail going well beyond what has been disclosed in the Government’s own guidance to date. Written by Becket McGrath, partner at Euclid Law Ltd.

IFRS Foundation releases guide on identifying material sustainability risks and opportunities

The IFRS Foundation has released a detailed guide aimed at assisting companies with the crucial task of recognising and disclosing significant information regarding sustainability-related risks and opportunities that could reasonably be expected to impact their cash flows, access to finance, or cost of capital over the short, medium, or long term. A key objective of the guide is helping companies understand how the concept of sustainability-related risks and opportunities is described in the 'General Requirements for Disclosure of Sustainability-related Financial Information' (IFRS S1); including how these can develop from a company’s dependencies and impacts.

View Banking & Finance by content type :

News