Financial and Trade Sanctions: The New Landscape

The 2 Hare Court Business Crime & Financial Services Group and Lexis®PSL Corporate Crime would be delighted if you could join them for:

Financial and Trade Sanctions: The New Landscape

  6pm, Wednesday 6th December 2017

   De Vere Holborn Bars, 138-142 Holborn, EC1N 2NQ

In association with Lexis®PSL Corporate Crime

   This seminar is accredited for 1 CPD Hour

Gavin Irwin will review the significant changes to the Financial and Trade Sanctions regimes in United Kingdom in 2017. In particular, Gavin will offer an analysis of the new Sanctions and Anti-Money Laundering Bill and will highlight the challenges and opportunities posed to business by converging compliance regimes.

Click here to Register

Programme:

From a Business Perspective:

Compliance

Do your clients have adequate systems and procedures to prevent sanctions breaches? Should they effect convergence of their compliance functions, now that Anti-Money Laundering, Anti-Bribery and Corruption and Financial and Trade Sanctions frameworks all use, or will soon use, the same language?

Licensing Applications

Businesses and financial institutions, seeking exemptions from Financial Sanctions prohibitions, can apply to OFSI for a licence to permit them to deal with a designated person’s assets. Businesses seeking exemptions from Trade Sanctions may do the same through the Export Control Organisation.

Corporate Investigations

How should any investigation be conducted? How can systems and procedures be ‘put right’? Whether to make the authorities aware; whether to self-report?

OFSI / NCA and ECO / HMRC investigations

If the authorities have been made aware of a Financial or Trade Sanctions breach and seek to engage with a business, how best to deal with OFSI and ECO and, potentially, how to avoid criminal proceedings by engaging with the Civil / Money Penalty mechanism.

Criminal Investigations

If OFSI or ECO have decided that a breach of a Financial or Trade Sanction is established and that it is serious, wilful or persistent, or that a business’s failure to engage or to ‘put right’ is significant, they may refer the matter to the SFO / FCA / CPS / HMRC for criminal prosecution or, potentially, for a Deferred Prosecution Agreement.

Appeals

Some OFSI decisions are appealable:
Licensing decisions – refusals are amenable to Judicial Review.
Civil / Monetary Penalty Orders are first appealable to a Government Minister and then to the Upper Tribunal.

From the Designated Person’s Perspective:

High Court applications for review – challenging designations and unfreezing assets.