LONDON–AML Intelligence, a new and fast-expanding news provider for money laundering compliance professionals, has published an exclusive article in collaboration with Reporter, outlining the concerns experts in London and internationally have about the British government’s approach to sanctions enforcement.
The main issue is around the discretion British regulators give themselves in placing sanctions on companies owned by other sanctioned individuals or companies, which stands at odds with the way things are done in the EU and US.
In the UK even if two or more sanctioned individuals are co-owners of a firm, that firm does not necessarily fall under the sanctions regime unless there is an explicit joint agreement between the sanctions co-owners, or UK mandarins determine that de facto control of the company lies with a sanctioned entity.
Where shareholdings exceed 50 percent in the EU or US, a company or other type of asset is considered automatically sanctioned, with all the drastic implications that brings.
The full story is behind a paywall.