Sanctions and anti-money laundering
A report has been issued by Financial Intelligence Unit in collaboration with HM Treasury, The Home Office and the Financial Services Authority, which aims to raise awareness on financial sanctions, specifically in relation to the Arab Spring.
The report includes a number of useful reminders and recommendations. For example:
“Applications for consent from SOCA and licences from HM Treasury are separate. For example consent from SOCA does not absolve reporters from reporting requirements or conditions under relevant sanctions legislation”
The report then makes recommendations that highlight the importance of:
- the sanctions list http://www.hm-treasury.gov.uk/fin_sanctions_index.htm ;
- on-going monitoring of clients;
- robust customer due diligence; and
- sanctions legislation related to Arab Spring countries.
You can access the report here.