We also advise businesses on their obligations and regularly work with them to ensure their compliance systems are effective and robust provide their key personnel with the appropriate training to stay on top of the ever-changing requirements.
The team also regularly makes successful representations to the EU authorities in respect of the imposition of sanctions and successfully challenges these sanctions at the General Court of the EU.
What are Financial Sanctions?
Financial sanctions are Orders imposed by governments prohibiting a firm from carrying out transactions with a person or organisation (known as the target). In some cases, the order will prohibit a firm from providing any financial services to the target.
These measures vary from prohibiting the transfer of any funds to a sanctioned country and freezing the assets of a government, the corporate entities and residents of the target country, to targeted asset freezes on individuals or entities.
Who is affected by Financial Sanctions?
Financial sanctions may apply to individuals, entities, businesses, and governments, who may be resident in the UK or abroad.
Compliance with Sanctions
It is a criminal offence not to comply with a financial sanction unless you have an appropriate licence or authorisation.
Individuals or entities subject to sanctions (or those who wish to do business with them) must ensure that they comply with often complex rules to ensure that they do not fall foul of the relevant sanctions’ regime.
Those who do business internationally must also ensure that they have effective compliance procedures in place to protect themselves and their business from penalties for breaching any relevant sanctions.
It is possible to challenge the imposition of EU sanctions and those who wish to do so are able to follow the two main routes:
- Written representations to the Council of the EU
- An application for annulment to the General Court of the EU
If you require guidance, advice in relation to Financial Sanctions or want to know more about us and our Criminal Litigation, Investigations and Regulatory services, please contact a member of the team who will be able to assist.