Led by the Foreign, Commonwealth and Development Office (FCDO) the review aims to improve compliance, increase deterrence, and invigorate the cross-government toolkit.
Key takeaways from the review include:
➡️ The UK’s 2 sanctions lists should be consolidated to aid industry screening;
➡️ Reduced access to specialist advice for smaller businesses is leading to a lack of awareness;
➡️ Government guidance should be reorganised, modernised, and more accessible;
➡️ A cross-government enforcement strategy and public enforcement information will assist industry in understanding circumstances and consequences of non-compliance; and
➡️ Reporting points for breaches could be streamlined to reduce confusion and increase clarity.
✅ Firms should review their real time and ongoing sanctions screening systems and coverage to ensure compliance and reduce the risk of regulatory enforcement.
Sanctions
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