Managing sanctions evasion risk from a UK perspective
25th October 2022
This article was first published by the Association of Certified Sanctions Specialists (ACSS). To view the full article please click here.
Andrew Northage, Regulatory & Compliance Partner and Head of International Trade at Walker Morris, is a member of the ACSS Editorial Task Force. In his latest article Andrew provides a key update on managing sanctions evasion risk. The article covers the following topics:
- What is an enabler?
- Sanctions evasion techniques
- Sanctions evasion offences
- What should businesses look out for?
- Steps to take now.
As the war in Ukraine intensifies, businesses must continue to keep up-to-date with constantly evolving sanctions legislation. We have seen this most recently with the further sanctions imposed by Western allies following Russia’s illegal annexation of four more Ukrainian regions.
At the same time, the UK government is strengthening enforcement efforts to boost the effectiveness of the sanctions regime. This includes targeting corrupt elites and their ‘enablers’ involved with assisting designated persons (DPs) to evade sanctions.
A red alert issued by the UK’s National Crime Agency and the Office of Financial Sanctions Implementation (OFSI) in July 2022 highlights how managing sanctions evasion risk is a key consideration for businesses.
To view the full article please click here.
How we can help with managing sanctions evasion risk
If you have any queries or concerns, or if you are interested in receiving legal and practical advice in relation to sanctions or any other regulatory and compliance issue, please contact Andrew, who will be very happy to help.
