Author: Azizur Rahman 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 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. They also emphasised that firms that have any ties to sanctioned individuals face obligations to report to the Treasury.
Their 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)
Aziz Rahman is Senior Partner at Rahman Ravelli and its founder. His ability to coordinate national, international and multi-agency defences has led to success in some of the most significant corporate crime cases of this century and top rankings in international legal guides. He is recognised worldwide as one of the most capable legal experts regarding top-level, high-value commercial and financial disputes.