ARTICLE · 06 SEPTEMBER 2024
Market Intelligence Thought Leadership Award WinnerHow To Address The Risk Of Sanctions Evasion Via Cryptoassets
On March 11, 2022, UK regulators issued a joint statement stressing that all financial firms, including those in the cryptoasset sector, must comply with sanctions regulations. They must report suspected breaches, implement robust controls, and address additional risks and red flags related to sanctions evasion...
On 11 March 2022 the Office of Financial Sanctions
Implementation (part of HM Treasury) ("OFSI"), the UK
Financial Conduct Authority and the Bank of England issued a joint statement reiterating that all UK
financial services firms are expected to play their part in
ensuring that sanctions are complied with. This includes firms in
the cryptoasset sector.
This statement served as a timely reminder that financial
sanctions regulations do not differentiate between cryptoassets and
other forms of assets. Therefore, the use of cryptoassets to
circumvent economic sanctions is a criminal offence under the Money
Laundering Regulations ("MLRs") and regulations made
under the Sanctions and Anti-Money
Laundering Act 2018.
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