Institutions such as the United Nations and the European Union have increasingly chosen to use economic sanctions as a means of targeting individuals and companies that are seen to be politically unfavourable. Companies and organisations are often required to put in place sophisticated measures to ensure they remain in compliance with these sanctions.
Those who fail to do so leave themselves open to criminal liability under UK law if they are found to have engaged in transactions with prohibited entities without first seeking the appropriate authority to do so.
The Financial Crime Solicitors at Wilford Smith have a wealth of experience when it comes to advising businesses on complying with economic sanctions, as well as providing representation should you find yourself the subject of a criminal investigation.
Economic sanctions in the UK fall into two categories:
- “trade sanctions” – the prohibition or restriction of the cross-border movement of goods or services; and
- “financial sanctions” – the prohibition or restriction of the cross-border movement of money or other economic benefits.
Wilford Smith's Financial Crime Team can provide clear, straightforward, highly strategic legal advice if the Department of Business Innovation and Skills (BIS) or HM Treasury contact you regarding a suspected breach of economic sanctions, or if you become aware independently of a potential breach and are looking for guidance on disclosure.
Contact our Financial Crime Solicitors, Sheffield and London
Our Financial Crime Teams are based in Sheffield and London, and advise and represent clients throughout England and Wales. Contact us today on 01709 828 044 to find out how we can help.