Civil Law

FICA sanctions for financial services providers

This blog was co-authored by Michael McCarthy, trainee associate, litigation insurance.

On 20 March 2024 the Financial Sector Conduct Authority published a number of administrative sanctions for financial services providers who had failed to comply with the Financial Intelligence Centre Act (FICA). The FSCA, the supervisory body responsible for financial services providers under FICA, issued the sanctions following inspections it conducted during the course of 2023. Each FSP was found to have contravened section 42(1) and (2) of FICA for … Read the rest

Civil Law

No Breach Too Small: OFSI Reports First Breach of UK’s Russian Sanctions Regulations

On 31 August 2023 the UK’s Office of Financial Sanctions Implementation (OFSI) issued a “Disclosure” against Wise Payments Limited, a UK-registered company, regulated by the Financial Conduct Authority, for breaching Regulation 12 of The Russia (Sanctions) (EU Exit) Regulations 2019 by making funds available to a company owned or controlled by a designated person.

Continue reading the full GT Alert.

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Civil Law

Three Arrows Capital Co-Founder Avoids Contempt and Sanctions in United States, But Bankruptcy Court Previews Worldwide Enforcement Options

On June 27, 2022, Three Arrows Capital (“3AC”), a crypto hedge fund, commenced liquidation proceedings in the British Virgin Islands and thereafter filed recognition proceedings in, among other countries, the United States and Singapore.  As we discussed earlier this year, on December 2, 2022, the bankruptcy court presiding over 3AC’s chapter 15 proceeding pending in the Southern District of New York held that the 3AC joint liquidators (the “JLs”) could serve a subpoena (the “U.S. Subpoena”) upon a 3AC cofounder, … Read the rest

Civil Law

Summary of Sanctions Imposed on Russia This Week (March 11, 2022)

It has been almost three weeks since the U.S. and its allies began imposing serious new sanctions and export control restrictions on Russia and Belarus in response to Russia’s invasion of Ukraine.  This post summarizes the state of affairs as of Friday, March 11, 2022.

Please reach out to our team if you have any questions about these or future developments.

Current Status & What’s New

The current sanctions measures still do not amount to a full embargo on Russia, and Russia has … Read the rest