Author: Joshua L. Ray 8 July 2020
With the UK introducing a sanctions regime against those involved in human rights abuses, banks are expected to see an increase in screening alerts.
Rahman Ravelli’s Joshua Ray explained to Thomson Reuters’ Regulatory Intelligence that the regime is enforceable under Section 32 of the Global Human Rights Sanctions Regulations, which carries a maximum penalty of seven years’ imprisonment and / or a fine. Josh also emphasised that firms that have any ties to sanctioned individuals face obligations to report to the Treasury.
His thoughts on the challenges banks face and the procedures firms will have to follow were used in an article. It can be read here. (Subscription required)
Joshua Ray represents individuals and corporates in complex investigations, prosecutions and regulatory actions regarding market manipulation and multijurisdictional matters involving fraud, bribery and money laundering.