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UK law firm compliance update: Russia sanctions guidance, OFSI enforcement, corruption and AI risks, DSIT ICO fees consultation, and updated practice notes and precedents — 5 September 2024

Published on: 05 September 2024

Published by a LexisNexis Practice Compliance expert
Legal News
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In this issue:

  • Financial sanctions
  • Other financial crime
  • Data protection
  • Daily and weekly news alerts
  • Trackers
  • New and updated content

Financial sanctions

FCDO updates Russia sanctions guidance

The Foreign, Commonwealth and Development Office (FCDO) has revised its guidance on the Russia (Sanctions) (EU Exit) Regulations 2019, SI 2019/855. Prohibition 46Z16R has been altered to refresh licensing details for Russian diamonds processed in third countries. See: LNB News 02/09/2024 27.

OFSI to bring first penalty for sanctions violation this year

Law360 reports that Britain’s sanctions enforcer will issue its first penalty for breaking the banning rules later this year, as the agency steps up action against Russian oligarchs whose assets have been frozen since the invasion of Ukraine, according to a senior Treasury official on 2 September 2024. See News Analysis: OFSI to bring first penalty for sanctions violation this year...

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