Skip to main content

The financial sanctions regime prohibits trust services to Russia.

The UK regime is handled by the Office of Financial Sanctions Implementation (OFSI). The measures are implemented by the government to achieve specific foreign policy or national security goals.

The financial sanctions regime prohibits trust services to Russia.

In recent years, the regime, which is supported by many pieces of law, has undergone a number of adjustments. The Solicitors Regulation Authority (SRA) has already produced instructions for firms to ensure they understand their obligations.

The government has now adopted changes that prohibit giving trust services to people related to Russia (unless the services were supplied immediately prior to the regulations taking effect) or to a designated person. The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 went into effect on December 16, 2022.

"Strengthening the financial sanctions regime is a crucial component of the government's reaction to war in Europe," stated Paul Philip, SRA Chief Executive. The sanctions regime applies to all firms that provide legal services, not simply those who are subject to anti-money laundering legislation. Because this is a complicated and fast-moving subject, we issued preliminary guidelines last month. Firms would benefit from signing up for OFSI notifications to stay up to date, as well as doing proper checks on clients and potential clients."

.net/YwotbKdP4sVunJGfdhmgww/e8f260a6-84bf-4222-a093-e1ef14e44c00/

The amendment defines "trust services" as follows:

the establishment of a trust or similar arrangement

the providing of a registered office, business address, correspondence address, or administrative location for a trust or similar structure

the operation or management of a trust or similar arrangement, acting or arranging for another person to act as trustee of a trust or similar arrangement, where "trustee" refers to a person who holds an equivalent or similar position to a trustee of a trust in relation to an arrangement similar to a trust.

The term "associated with Russia" is specified in rule 19(A)2. In general, an individual is regarded to be related with Russia if they regularly live in or are located in Russia. A person other than an individual is associated with Russia if it is incorporated/constituted under Russian law or is domiciled in Russia.

Comments

Popular posts from this blog

Weekly Outlook: GBP/USD

In the last five days of trading, the GBP/USD had another week of chaotic results, and it's likely that the currency pair hasn't seen the end of chaotic results yet. The GBP/USD hit a high of almost 1.14950 on October 4 and 5. Some traders might think this has a lot to do with the "turnaround" of the Conservative government under Liz Truss, but they might be wrong. When the proposed tax plan of the U.K. government got a lot of bad press, the government pretty much gave up on it. Prime Minister Liz Truss changed her mind about what she said she believed in just a few days. Many financial institutions were not happy about this. The GBP/USD exchange rate will be around 1.10900 when the week starts. Before last week's weekend, the GBP/USD was almost always trading calmly near the 1.12100 ratio. The markets turned again when the U.S. jobs report came out and was better than expected. The situation is a mess because of bad leadership and unclear interest rates. Early la...

Inflation is anticipated to have an impact on fuel demand, which is contributing to a decline in the price of oil.

On Tuesday, oil prices declined, erasing some of the gains made in the previous trading session. This was due to market participants' concerns that more aggressive interest rate hikes from central banks could result in a worldwide economic slowdown and a reduction in the demand for fuel. After gaining 4.1% on Monday, the largest gain in more than a month, Brent crude futures LCOc1 for October settlement dropped 81 cents, or 0.7%, to $104.28 a barrel as of 03:59 GMT on Tuesday. This coming Wednesday marks the end of the October contract, while the more active November contract was trading at $102.33, a decrease of 0.6%. Following a surge of 4.2% in the previous session, the price of U.S. West Texas Intermediate crude CLc1 was reported to be $96.68 per barrel, a decrease of 33 cents, or 0.3%. Inflation is close to reaching double digits in many of the world's largest economies, a level that has not been seen in almost half a century. This could prompt central banks in the United ...

Wells Fargo has reached a settlement with the Consumer Financial Protection Bureau (CFPB) in the amount of $3.7 billion.

As part of a settlement agreement with the Consumer Financial Protection Bureau (CFPB), Wells Fargo will pay $3.7 billion to resolve allegations that the bank mistreated customers in relation to checking accounts, mortgages, and auto loans; some of the misbehavior occurred as recently as this year. The business was compelled to pay a record $1.7 billion civil penalty, in addition to more than $2 billion to customers with 16 million accounts, according to a statement released by the CFPB. In a second statement, the bank based in San Francisco claimed that a significant number of the "necessary actions" associated with the settlement had already been finished. "The bank's illegal activity led to billions of dollars in financial harm to its consumers," the agency stated in its announcement. "For thousands of customers, this resulted in the loss of their automobiles and homes." Consumers had their automobiles wrongfully repossessed, and the bank misapplied...