The United Kingdom is one of the most important markets in the world. Companies often do business with companies from the UK. Therefore, they need to be aware of the regulations HM Treasury imposes.
What Is HMT Sanctions List?
HM Treasury is the UK governmental financial and economic ministerial department controlling its budget while directing the policy to achieve healthy economic growth and stability.
The Office of Financial Sanctions is a part of the HM Treasury that imposes sanctions and examines organizations' AML Compliance.
HMT sanctions list lists entities and individuals subjected to certain financial restrictions as part of the United Kingdom's government's domestic counter-terrorism regime policy. Also, it includes individuals prohibited by the European Union and the United Nations.
According to the legislation, it is a criminal offense to:
- having monetary transactions or connections with funds belonging to designated individuals
- indirectly or directly supplying designated individuals with economic resources.
Those involved in activities violating financial restrictions might face penalties imposed by the HM Treasury.
Who Must Comply with HMT Sanctions?
The regulations apply to:
- Firms and entities such as charities, banks, and non-governmental organizations located in the UK or established under UK law
- British Overseas Territories citizens, British citizens
- A person protected by Britain
It does not concern subsidiaries operating outside the UK entirely and having no legal representation under UK law.
Groups and People on the HMT Sanctions List
There is a total of 26 HMT Financial Sanctions List. The lists include ISIS and Al-Qaida (with the largest number of individuals targeted), the Taliban, Myanmar/Burma, Iran, Belarus, the Democratic Republic of Congo, North Korea, Zimbabwe, etc.
Sanctions are imposed to force targets to change their behavior and limit their resources. Targets might be restricted to trade, travel, and do business with organizations/individuals under UK law. Over 2,000 individuals/organizations are sanctioned, and they are of a vast range of nationalities.
HM Treasury Sanction List Screening
Companies should use AML Software to scan their customers on the HMT Sanction list since doing it manually might not give you as accurate results. Companies can use Sanction Scanner's AML Name Screening Software and scan customers on more than 2,000 sanctions lists, PEP lists, and Adverse Media Data. You can contact us if you have any questions.