The United Kingdom is one of the major actors in economics and finance. That is why all institutions have to be aware of Her Majesty Treasury is up to. So, have you checked the HM Treasury Sanctions List?
HM Treasury is the UK governmental financial and economic ministerial department having control over its budget while directing the policy to achieve economic growth and stability.
A part of Her Majesty Treasury is OFSI as in The Office of Financial Sanctions Implementation is responsible for enforcing sanctions and ensuring them to be carried out correctly.
HMT sanctions list is a list of entities and individuals subjected to certain financial restrictions as part of the UK government's domestic counter-terrorism regime policy. Also, it includes individuals prohibited by the European Union and/or the United Nations.
According to the legislation, it is a criminal offense to:
▪ having monetary transactions or having connections with funds belonging to designated individuals
▪ indirectly or directly supplying designated individuals with economic resources.
Those who are involved in activities violating financial restrictions carry the risk of Government seeking criminal penalties against the individual, corporation or it’s management including reputational damage.
The regulations apply:
▪ any individual under the UK law or in the UK
▪ British Overseas Territories citizen, British citizens
▪ a person protected by Britain
▪ firms and entities such as charities, banks, non-governmental organizations, FI, etc. located in the UK or established under UK law
Sanctions do not concern subsidiaries operating outside the UK entirely and having no legal representation under the UK law.
There is a total of 26 HMT financial sanctions regimes including ISIL and Al-Qaida (with the largest number of individuals targeted), Taliban, Myanmar/Burma, Iran, Belarus, Democratic Republic of Congo, North Korea, Zimbabwe, etc.
Sanctions are forcing targets into changing their dangerous behavior and denying them access to the resources they require to continue their offense. They might be restricted to trade, travel, other regulatory measures, and business transactions. Over 2,000 organizations and individuals mentioned in the list are of a huge range of nationalities and residing in the UK, the rest of the world or elsewhere in the EU.
It is crucial to consider your firm’s risks, understand your obligations to law with full guidelines and adopt a secure customer demographic. Due to the broad range of listed entities and individuals, anti-money laundering software use becomes more efficient. Sanction Scanner's database consists of over 1000 Sanction lists, regulatory and law enforcement and other official global and local sanction and pep lists, including those issued by the USA, UK, UN and other global major and minor government departments.