The United Kingdom is one of the central financial and economic hubs in the world. That is why all businesses have to be aware of what its ministry—Her Majesty Treasury is up to. So, have you checked the HMT sanctions list?
HM Treasury is the UK government’s economic and financial ministerial department that has control over its budget while directing the policy to achieve stability and economic growth.
A part of Her Majesty Treasury is OFSI as in The Office of Financial Sanctions Implementation that enforces sanctions and ensures that they are carried out correctly.
HMT sanctions list is a list of individuals and entities subjected to certain financial restrictions as part of the UK government domestic counter-terrorism regime policy. It also includes those individuals prohibited by the United Nations and/or European Union.
According to the legislation, it is a criminal offence to:
Those who are involved in activities that somehow violate financial restrictions carry the risk of the Government seeking criminal penalties against the individual, company or its management along with reputational damage.
The regulations apply to:
Sanctions do not concern subsidiaries who operate outside the UK entirely and have no legal representation under the law of the United Kingdom.
There is a total of 26 HMT financial sanctions regimes, some of them are Al Qaida and ISIL (with the largest number of individuals targeted – 330+ listings), Taliban, Burma/Myamar, Belarus, Iran, Democratic Republic of Congo, Zimbabwe, North Korea, etc.
Sanctions are forcing targets into changing their dangerous behaviour and denying them access to the resources they need to continue their offence. They may be restricted to travel, trade, business transactions and other regulatory measures. Over 2,000 individuals and organisations mentioned in the list are of a wide range of nationalities and reside in the UK, elsewhere in the EU or the rest of the world.
It is important to thoroughly consider your firm’s risks, adopt a secure customer demographic and understand your obligations to the law. Due to the wide range of persons and entities listed, it is more efficient to use anti-fraud software. Our KYC/AML solution screens individuals across various sanctions lists and gives companies the protection they need.