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Latest Risk & Compliance News

OFSI extends bond restructuring licence and amends legal services provisions

The Office of Financial Sanctions Implementation (OFSI) announced two licence updates. General Licence INT/2023/2824812 covering bond amendments and restructurings for non-designated persons has been extended until 27 March 2026. OFSI also amended General Licence INT/2024/5334756 to clarify that legal services include dispute resolution activities and that ownership/control criteria apply only to companies under the designated person definition.

OFSI issues General Licence INT/2025/5787748

The Office of Financial Sanctions Implementation (OFSI) has issued General Licence INT/2025/5787748 under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019, SI 2019/855 and Regulation 32 of the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019, SI 2019/600. This General Licence allows payments to be made to Arbitration Associations and Arbitrators to cover fees and expenses for their arbitration services. It also permits payments to be made to a designated person’s representative or legal representative to cover Arbitration Costs. General Licence INT/2022/1552576 relating to the London Court of International Arbitration (LCIA) Arbitration Costs was revoked following the issuance of the new Arbitration Costs General Licence.

Government publishes additional and updated Employment Rights Bill factsheets

The Department for Business and Trade has published a number of new factsheets which set out what each policy or framework within the Employment Rights Bill aims to do and explains how it will work. In addition, changes have been made to some of the factsheets originally published on 18 October 2024, and one factsheet has been removed.

HM Treasury updates money laundering guidance on high-risk countries

HM Treasury has published an updated Money Laundering Advisory Notice reflecting changes to the High Risk Third Countries (HRTC) list following the Financial Action Task Force (FATF) February 2025 plenary meeting. The guidance document, which forms part of the Money Laundering Regulations (MLR), identifies jurisdictions with inadequate money laundering and terrorist financing controls. This represents the latest in a series of regular updates that align UK anti-money laundering measures with FATF determinations.

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