The Financial Action Taskforce (FATF) has published its report summarising the anti-money laundering and counter terrorist financing measures in the UK and rating the UK’s compliance with FATF recommendations. It finds the UK largely compliant with its sanctions recommendations, and notes that the UK has been a leader in UN and EU terrorism designations and asset freezing. It recommends some improvements in relation to: applying penalties for sanctions breaches, ensuring consistent application of terrorism financing, communicating designations without delay, and giving greater clarity on freezing jointly owned and indirectly controlled assets. The report notes the absence of public enforcement action in relation to sanctions breaches, notes that several investigations are underway, and recommends that UK law enforcement agencies and OFSI should “ensure that they pursue public enforcement of sanctions evaders”.
Maya Lester QC is a senior barrister (Queen’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. The legal directories say she is the...See profile for Maya Lester QC >