New norms in UK sanctions

20.11.2024 The UK has made a number of changes to the sanctions regulations:

• Requiring all UK persons who own funds or economic resources owned, held or controlled by a sanctioned person to submit an annual report to OFSI detailing these assets;

• new monetary penalties for violations in relation to prohibitions on the disposal of property (land) in relation to Russian persons; updating the definition of a sanctioned person;

• Amendment to certain prohibitions on freezing assets to apply to persons owned or controlled by a sanctioned person;

• Changes in reporting requirements for assets of sanctioned persons;

• An amendment to the notification requirements for the Treasury, the Ministry of Business and Trade, the Ministry of Transport and the Insolvency Service, when these persons issue, modify, suspend or revoke a certain license for sanctions;

• Expanding the definition of firms subject to financial sanctions to cover additional sectors — securities providers, bankruptcy specialists and rental agencies;

• Changing existing requirements for relevant firms and individuals involved to report alleged wrongdoing;

• Amendments to pre-existing court decisions on the purpose of licensing. These changes do not apply to UN regimes.

In addition, the Committee on European Affairs of the House of Lords of the United Kingdom published a report on relations with the European Union in the field of sanctions enforcement.

The UK Government is recommended to:

• Strengthen cooperation with the European Union and allies on countering sanctions circumvention practices;

• Sign a memorandum of understanding on cooperation in the field of sanctions with the European Union and establish a regular mechanism for coordinating sanctions enforcement;

• Learn from the EU's experience in excluding defendants from the sanctions list.

Link to the source: https://lordslibrary.parliament.uk/uk-eu-relationship-and-the-war-in-ukraine-lords-committee-report/