Brexit

Brexit

11 pm (GMT) on 31 December 2020 marked the end of the implementation period put in place to enable the UK to transition away from the EU’s laws and institutions. At this point in time (‘IP completion day’) there was an immediate and significant

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Latest Risk & Compliance News

HM Treasury issues advisory on Oil Price Cap evasion tactics

HM Treasury (HMT)and the Office of Financial Sanctions Implementation (OFSI) have released an advisory concerning the Oil Price Cap (OPC) regime. The guidance specifically addresses evasion strategies involving the manipulation of product origin through the use of fabricated and falsified Certificates of Origin (CO). This advisory aims to alert relevant parties to the risks associated with such practices and to enhance compliance efforts within the oil trade sector.

Risk & Compliance weekly highlights—21 November 2024

This week's edition of Risk & Compliance weekly highlights includes: the latest financial sanctions updates, an updated list of businesses not compliant with money laundering regulations from HM Revenue & Customs (HMRC), initiation of a consultation for legal regulators to combat economic crime by the Legal Services Board (LSB) and final versions of a suite of new guidance to support in-house solicitors from the SRA.

Failure to prevent fraud—Statutory guidance

Corporate Crime analysis: Following a wait of nearly 12 months since the failure to prevent fraud (FTPF) offence was enacted, the government has now issued the statutory guidance on the procedures which companies are expected to implement for the purpose of preventing the relevant underlying fraudulent conduct by persons associated with them and, where such conduct occurs, providing a potential defence to the offence . Written by John Binns and Alexander Gorst at BCL Solicitors LLP.

OFSI enhances sanctions cooperation with OFAC through Memorandum of Understanding

The Office of Financial Sanctions Implementation (OFSI) and the U.S. Office of Foreign Assets Control (OFAC) convened their annual technical exchange in October 2024, marking two years of enhanced partnership. Key developments include the signing of a Memorandum of Understanding (MOU) to bolster information sharing and collaboration, OFSI's introduction of FAQs to aid industry understanding of UK sanctions, and a joint review of the implementation of new Russian metals prohibitions. The exchange also focused on organisational modernisation, including the use of new technologies and the continuation of their reciprocal secondee programme. Both agencies reaffirmed their commitment to multilateral sanctions implementation, particularly in response to Russia's actions in Ukraine and ongoing conflicts in the Middle East.

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