New Sanctions Reporting Requirements For Non-Financial Sector Businesses
With effect from 8 August, the Government has introduced
significant new reporting requirements in relation to EU asset freeze regimes.
Previously, only businesses in the financial sector were subject to the
obligations, found in UK financial sanctions instruments, to report specified
information to the Office of Financial Sanctions Implementation ("OFSI") in Her
Majesty's Treasury ("HMT").
From 8 August, further sectors, including auditors, external accountants, tax advisers
and lawyers, have been brought within the scope of these obligations and may
commit a criminal offence if they fail to comply with the relevant reporting
requirements.
The European Union Financial Sanctions (Amendment of Information
Provisions) Regulations 2017 (the "Regulation")
implements this change, and applies in respect of information received on or
after 8 August. Read more of this post
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