UK SANCTION “RED ALERT” on financial sanctions evasion typologies by Russian elites and enablers
13/07/2022
UK SANCTION red alert is issued by the JMLIT+ Sanctions Facilitators Cell, with representation from law enforcement, private industry, regulators and OFSI.
The purpose of the alert is to provide information from law enforcement and the legal and financial services sectors on some of the common techniques designated persons (DPs) and their UK enablers are suspected to be using to evade financial sanctions.
William Dodsworth, Co-Chair UK Sanctions Facilitators Cell and Managing Director, Compliance, Barclays, said:
- “When we look at the unprecedented volume of new sanctions implemented this year, public and private sector cooperation has never been more critical.
- Our long-standing partnership has enabled the creation of this red alert and it will support the UK’s defences against illicit finance as we work together to ensure compliance with sanctions.”
Adrian Searle, Director National Economic Crime Centre, said:
- “As the UK government designates more entities in response to Russia’s invasion of Ukraine, the risk of sanctions evasion increases.
- This Alert has been developed jointly between private sector partners and government to share insights on how to detect designated entities attempting to circumvent the sanctions imposed on them. It is through such public private partnership working that we will uproot illicit finance activity from the UK.”
Giles Thompson, Director HM Treasury’s Office of Financial Sanctions Implementation, said:
- “Since the start of the Russian invasion of Ukraine, the Government has introduced an unprecedented quantity of sanctions designations. OFSI has worked tirelessly to ensure that these sanctions are understood, implemented and enforced, and this diligence has been matched by colleagues across the private sector.
- This latest collaboration outlines the significant exposure that many sections of industry have to sanctions evasion, and given the nature of the risks identified, is something we will all need to be increasingly vigilant to.”
12 July 2022
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.