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ARTICLE · 10 JUNE 2021

Financial Sanctions Update: UK Sanctions Policy Targets Corruption

Doughty Street Chambers
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The regulations are made under the Sanctions and Anti-Money Laundering Act 2018, and sit alongside the Global Human Rights regime introduced in July 2020.

United KingdomFinance and Banking
Peter Caldwell
Peter Caldwell

On 26 April 2021, the UK Foreign Secretary announced the coming into force of the Global Anti-Corruption Sanctions Regulations 2021, which provide a mechanism for the freezing of funds and economic resources of certain persons, entities or bodies involved in serious corruption.

The regulations are made under the Sanctions and Anti-Money Laundering Act 2018, and sit alongside the Global Human Rights regime introduced in July 2020.

The Foreign Secretary's statement to the House placed significant emphasis on enhancing the UK's anti-corruption profile as "a global leader in tackling corruption and illicit finance." The initial scope of the listings he announced was remarkably unambitious however, and relates to only six instances of alleged serious corruption. Of the 22 designated persons, 14 are said to be involved in the same Russian tax fraud.

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