New financial sanctions regulations came into force on 8th August expanding the scope of the reporting requirements in the original European Union Financial Sanctions Regulations 2017. The regulations now include ‘independent legal professionals’, accountants, auditors, trust or company service providers, estate agents, dealers in precious metals and stones, and casinos.
These businesses are now covered by the criminal offences associated with a failure to comply with the duty to inform HM Treasury “if they know or have reasonable cause to suspect that a person has committed an offence under the relevant regulations or is a person who is the subject of an asset freeze for the purposes of the relevant EU financial sanctions regime”.
The countries covered by the regulations are;
- Central African Republic
- Democratic People’s Republic of Korea
- Democratic Republic of the Congo
- ISIL (Da’esh) and Al-Qaida
- Lebanon and Syria
- Republic of Guinea
- South Sudan
Click on the link for details of the regulations;