Further to our earlier post, the Jersey authorities have admitted that the raids conducted in relation to an investigation involving Roman Abramovich had been conducted unlawfully.
Compensation has also been agreed.
UK – law firms being investigated for sanctions breaches
It has been reported today that the UK’s Office of Financial Sanctions Implementation and the English Solicitors Regulation Authority are actively investigating a number of law firms for suspected sanctions breaches.
The law firms were not named.
UK – man arrested for extradition to face US sanctions charges
The UK authorities have arrested a man, Graham Bonham-Carter, as part of an extradition request from the US authorities.
The man is alleged to have conspired to breach US sanctions for and on behalf of Oleg Deripaska.
UK’s OFSI imposes EU Russian sanctions civil penalty
OFSI today announced that it had imposed a civil penalty for breach of the UK’s Russian sanctions.
The penalty notice is available here.
The fine was imposed on Hong Kong International Wine and Spirits Competition Limited (HKIWS), and was just £30,000.
The conduct in question was the receipt of funds and goods from a designated person. The goods in question were wine bottles. HKIWS was also found to have made “economic resources” available to a designated person. This was in the form of publicity, and illustrates OFSI’s wide view of what amounts to the making available of an economic resource.
UK – investigation into possible sanctions offences by Petr Aven
It has been reported today that the UK’s National Crime Agency is investigating possible sanctions breaches by six companies and individuals associated with Petr Aven who is a designated person under the UK’s sanctions.
The authorities have obtained Account Freezing Orders over two accounts allegedly holding £1.5 million and these orders are being challenged by Mr Aven.
UK – OFSI’s annual report for 2021-2022
OFSI has published its Annual Report for 2021-2022, top include the period up to the end of August 2022.
The report makes interesting reading on licencing and on the plans to grow OFSI’s head count to more than 100 staff.
The report notes that OFSI received 147 reports of suspected sanctions breaches, with a “significant” increase since the full-scale invasion of Ukraine.
UK – ten arrests by the National Crime Agency for sanctions evasion
It has been reported that the National Crime Agency has confirmed the arrests of 10 individuals suspected of helping designated persons evade sanctions.
The arrests are said to include lawyers, solicitors and other regulated professionals.
The same reports have noted the use of the art market as an avenue being used to evade asset freezes.
United Kingdom – FCA fines company £2m for sanctions failings
United Kingdom – bank fined by FCA for sanctions compliance failures
The UK’s Financial Conduct Authority has fined Ghana International Bank Plc for sanctions compliance failures, including a lack of periodic screening, only screening after onboarding had been completed, and an insufficiently detailed or practical sanctions policy.
The bank was fined £5,829,900 after a 30% reduction for cooperation and early settlement.
UK – convicted exporter to Iran ordered to pay £700,000
HMRC has announced that British national Alexander George has been ordered to pay £700,000 in a confiscation order issued by the Southwark Crown Court. The funds are the proceeds of crime related to his conviction for exporting parts for jet fighters to Iran.
For more on his conviction back in 2018 see our earlier post.