Financial sanctions

Financial sanctions

This subtopic contains guidance and tools in relation to financial sanctions compliance.

What are financial sanctions and who imposes them?

Sanctions are international measures aimed at:

•
encouraging a change in the behaviour of a particular country or regime
•
applying pressure on particular countries or regimes to comply with certain objectives
•
preventing and suppressing terrorist financing

They are also used as a last-resort enforcement tool when international peace and security has been threatened.

A designated person, entity or regime subject to sanctions that are effective in the UK is known as a target.

Financial sanctions restrict dealings in money and the provision of financial services. Financial sanctions can include the prohibition of funds transfers to and from certain countries, individuals or entities.

See further Practice Notes:

•
Understanding the financial sanctions regime
•
The regulation of sanctions—flowchart
•
UK sanctions regimes currently in force
•
International sanctions—an introduction

How is the financial sanctions regime administered and enforced in the UK?

All sanctions in the UK are implemented through a combination of statutory instruments and primary legislation:

•
Sanctions and Anti-Money Laundering Act 2018 (SAMLA 2018)
•
Counter-Terrorism

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