OFSI updates guidance on Russia, enforcement & fines and terrorism; further general guidance update

16 May 2024

OFSI updates guidance on Russia, enforcement & fines and terrorism; further general guidance update

OFSI  has updated its General, Russia, Counter-Terrorism and Enforcement & Monetary Penalties guidance documents to reflect changes to sanctions legislation introduced through the Sanctions (EU Exit) (Miscellaneous Amendments and Revocations) Regulations 2024 and the Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2024, both of which were laid in Parliament on 15 May 2024. Updated versions are on the guidance parts of this site.

The following are new:

  • A new reporting requirement on designated persons under Regulation 38A of the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019
  • New immigration measures under regulation 5 of the Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019
  • The new immigration measures under regulation 5 of the Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019 will come into force on 5 June 2024.

 

OFSI has also made further amendments to its financial sanctions general guidance. The guidance now includes reference for inclusion of designated persons subject to the reporting requirements in Regulation 38A of the Belarus Regulations and monetary penalties for breaches of reporting obligations.

Michael is Senior Partner at Peters & Peters Solicitors LLP. He has acted in many of the most high profile and sensitive business crime cases of the last 25 years, at Peters & Peters and as a prosecutor...

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