On 20 June 2016, HM Treasury published an updated list of countries supporting the initiative to automatically exchange information on beneficial ownership. Recent signatories include India and Colombia and, at the time of publication, the total number stands at 42. Jersey is committed to the initiative and was one of the original supporters of the […]

On 5 April 2016, HM Treasury updated the guide to the approach of the Office of Financial Sanctions Implementation (OFSI) to financial sanctions when it issues licences and considers compliance. The updated guide is not legal advice but simply a guide to the approach which the Office of Financial Sanctions Implementation (OFSI) takes when issuing […]

WILL THIS MEAN BETTER GUIDANCE, INCREASED PENALTIES AND MORE ENFORCEMENT? On 8 July 2015, the UK government published its Summer Budget 2015. Deep in the detail of the supporting policy decisions, at paragraph 2.185, the government announced its plans to establish a new “Office of Financial Sanctions Implementation”. The new office, which is to be […]

THE HM Treasury has issued a guidance note on operating within the UK’s counter-terrorism legal framework, which includes sanctions measures. Although the guidance note is aimed at Non-Governmental Organisations (NGOs) it is relevant to other sectors. Like other guidance on sanctions and related measures previously issued by HM Treasury, the guidance note is neither applicable […]

Following the publication by the Financial Action Task Force of two statements identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorist financing (AML/CTF) regimes (see daily news 2 March 2015), HM Treasury has published an updated advisory notice advising firms to: consider Iran, Myanmar and the Democratic People’s Republic of Korea high risk […]

The misuse of companies is an issue in almost every case investigated by the SFO as highlighted in the HM Treasury national risk assessment of ML In section 7 of the HM Treasury national risk assessment of ML the SFO has identified a number of instances in which ‘off the shelf’ companies have been used […]

HM Treasury and the Home Office have published the first comprehensive assessment of money laundering and terrorist financing risk in the UK. The Government’s aim is to maintain the UK’s position as a global financial centre and ensure the country has robust anti-money laundering (AML) and counter terrorist finance (CTF) regimes. The government will formulate […]

Background 1. Financial sanctions legislation requires that financial institutions freeze the accounts and other funds or economic resources of designated persons and to report their findings to the Treasury. Under the legislation the Treasury can request information you may possess for the purpose of monitoring compliance. 2. Every year the Treasury carries out a review […]