|Isle of Man||Italy|
Yes. The UK must adhere to UN and EU sanctions. Although EU regulations are directly effective in the UK, any criminal penalties for contravening the provisions are introduced by way of a UK statutory instrument.
Sanctions which are in effect generally apply to:
Yes. As a member of the UN, the UK must implement UN Security Council resolutions into UK law. As the UK is also a member of the EU and the EU implements all UN Security Council resolutions, the UK’s compliance with EU regulations also ensures its compliance with the UN sanctions regime.
Yes. As well as following the sanctions put in place by the UN and EU, the UK has an autonomous terrorist sanctions regime and has powers over the regulated sector under the Counter-Terrorism Act 2008 and the Terrorist Asset-Freezing etc. Act 2010.
The most frequently applied measures are:
In general terms, it is a criminal offence to:
make economic funds available to, or for the benefit of, a Designated person if it is known, or if you have reasonable cause to suspect, that you are making economic resources so available and, in the case of making economic resources available to a Designated person, that the Designated person would be likely to exchange the economic resources, or use them in exchange, for funds, goods or services.
Yes. The Offices of Financial Sanctions Implementation (“OFSI”) maintains a consolidated list of sanctions targets in the UK. This list comprises of all individuals and entities that have been designated by the UN, the EU and the UK.
Yes. Other lists include:
Yes. OFSI is responsible for licensing exemptions to financial sanctions. Applications must be made for a license to release funds from frozen accounts, or to make funds, economic resources or financial services available to or for the benefit of a designated individual or entity. OFSI may also issue general licences that apply to all individuals or entities designated under a particular regime.
The Secretary of State of the Department for International Trade (via the Export Control Joint Unit) is responsible for licensing exemptions for exporting and trading in certain goods (particularly strategic goods, software, technology and dual use goods such as chemicals) which are controlled as a result of sanctions.
The Import Licensing Branch is responsible for licensing exemptions for importing certain products which are subject to bans, quotas or surveillance as a result of sanctions.
It is a criminal offence to breach a financial sanction without an appropriate license or authorization from OFSI. The penalties for breaching sanctions can vary across the various regimes, however, in general terms, any individual found guilty of an offence shall be liable on conviction to imprisonment for a period not exceeding seven years and/or an unlimited fine.
Corporate entities acting in breach of financial sanctions can also commit a criminal offence and be liable to a fine in the value of 50% of the total breach and up to £1m (whichever is the greatest). Where an offence has been committed by a corporate body and is proven to have been committed with the consent or connivance of, or neglect on the part of, a director, manager, secretary or similar officer of the corporate body, or any individual who was purporting to act in any such capacity, that individual, as well as the corporate body, is guilty of an offence and can be imprisoned or fined.
It is also a criminal offence to export strategic or controlled goods that are subject to sanction and embargo regimes without a specific license issued by the Export Control Organisation. The export of some goods is banned outright. Penalties can vary depending on the nature of the offence. They include: revocation of a license; seizure of goods; issuing of a compound penalty fine; and imprisonment.
Any individual found guilty of an offence under the Terrorism Act 2000 for dealings with a terrorist organization is liable on conviction to imprisonment for up to 14 years and/or an unlimited fine.
The Foreign and Commonwealth Office has overall responsibility for the UK’s policy on sanctions and embargoes, including the scope and content of international sanctions regimes.
King Charles Street
T: (+44) 20 7008 1500
OFSI is responsible for implementing and administering financial sanctions in the UK.
1 Horse Guards Road
T: (+44) 20 7270 5454
The Financial Conduct Authority is responsible for ensuring that regulated firms have adequate systems and controls to comply with UK Sanctions requirements.
25 The North Colonnade
Department for International Trade implements trade sanctions and embargoes.
Export Control Joint Unit
3 Whitehall Place
SW1 A 2AW
T: (+44) 20 7515 4594
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