In the latest edition of our Sanctions Watch weekly digest, we present significant updates on sanction watchlists and regulatory developments.
The United Kingdom Office of Financial Sanctions Implementation (OFSI) and the Financial Conduct Authority (FCA) entered a memorandum of understanding on 21 November 2023, enhancing cooperation and information sharing on suspected or actual sanctions breaches, replacing a previous MOU from April 2019.
The United Nations Security Council has approved lifting the 31-year arms embargo on Somalia, signalling the end of long-standing restrictions on weapon shipments to the nation. This decision aims to bolster Somalia’s peacekeeping endeavours, enhance stability, and facilitate economic growth.
The Group of Seven (G7) nations announced import restrictions on Russian diamonds by January 1, 2024, with additional phased restrictions on diamonds processed in third countries by March 1, 2024. They plan to establish a traceability-based verification system for rough diamonds within the G7 by September 1, 2024, enhancing the overall effectiveness of these measures.
The United Kingdom National Crime Agency issued a warning urging financial institutions to closely monitor payments linked to goods with potential military use due to Russia’s attempts to bypass export controls for its war in Ukraine. The alert highlighted 14 red flags, such as abrupt payment routing changes and clients paying unusually high prices for restricted items.