International anti-money laundering

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This subtopic contains Lexology Panoramic jurisdiction-specific guides to anti-money laundering.

The guides look at various topics including: relevant legislation, key elements of the regime, compliance requirements, current trends, enforcement, and potential penalties for getting it wrong.

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Latest Practice Compliance News

Practice Compliance weekly highlights—9 January 2025

This week's edition of Practice Compliance weekly highlights includes: the latest sanctions news, the corporate crime cases to watch in 2025 and other Practice Compliance updates.

FCDO to launch world-first sanctions regime targeting people smugglers

The Foreign, Commonwealth & Development Office (FCDO) has announced plans to develop a new sanctions regime aimed at combating people smuggling and irregular migration. This world-first standalone sanctions regime is expected to be implemented within a year, allowing the UK to target individuals and entities facilitating dangerous journeys. The legislation forms part of the government's Plan for Change, which aims to reduce small boat crossings and net migration. The regime will work alongside existing international efforts and upcoming border security legislation to disrupt criminal networks and their finances. This development follows recent enhancements to Serious Crime Prevention Orders, enabling swift action against suspected smugglers through travel bans and communication restrictions.

HM Treasury announces amendment to OFSI General Licence INT/2022/1280876

The HM Treasury has announced that General Licence INT/2022/1280876 has been amended to include Permission 5.3A. This new provision stipulates that distributions on VTB Bank PJSC's claim must first deduct the value of any VTB Capital plc assets subject to VTB Bank PJSC enforcement action, as well as the VTB Group Receivables. Additionally, it prohibits the payment of statutory interest for periods during which distributions are not paid due to these deductions. This amendment follows several previous updates to the licence, which has been in effect since 1 March 2022 and relates to financial sanctions involving VTB Bank and its subsidiaries.

DBT issues guidance on countering Russian sanctions evasion and implementing no-Russia clauses

The Department for Business and Trade (DBT), in conjunction with the Office of Trade Sanctions Implementation, has published two sets of guidance to assist UK exporters in addressing and combating current and emerging trends related to the circumvention of Russian sanctions. The first new guidance addresses countering Russian sanctions evasion and circumvention, whilst the second has been issued to aid businesses in incorporating a 'no re-export to Russia' clause into their export contracts. The guidance is primarily focused on trade sanctions targeting Russia but is also applicable to other countries subject to trade sanctions measures. It specifically targets those involved in exporting items on the Common High Priority Items List and goods critical to Russian weapons systems and military development. The guidance includes best practice advice to enhance due diligence in exporter contracts.

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