Under changes to the European Union Financial Sanctions, a whole range of new businesses must report anyone who they suspect is subject to international financial sanctions to HM Treasury.
Penalties will now arise if the following types of business fail to report their dealings with affected clients (asset freeze targets):
- Financial Services (no change)
- Tax advisors
- Trust and company service provides
- External accountants and legal professionals
- Estate agents
- Auditors
- Dealers in precious metals or stones
- Casinos
The European Union Financial Sanctions (Amendment of Information Provisions) Regulations 2017 came into force on 8 August 2017.
Countries covered include:
- Afghanistan
- Egypt
- Guinea Bissau
- Iraq
- Lebanon
- Republic of Guinea
- Saudi Arabia
- Syria
- Somalia
- Tunisia
- Yemen
- Zimbabwe
External links
The European Union Financial Sanctions (Amendment of Information Provisions) Regulations 2017
Updated regulations
UK, UN and EU Financial Sanctions - asset freeze targets
These are a consolidated list of asset freeze targets (both individuals and companies) designated by the United Nations, European Union and United Kingdom under legislation relating to current financial sanctions regimes.
Consolidated lists of targets
By name and country