OFSI expands to “tackle dirty money” internationally

HM Treasury.jpgLast week UK Chancellor of the Exchequer Philip Hammond, announced three steps that the UK will take to “tackle dirty money” internationally and “tighten the financial screws on rogue regimes and corruption”:

 

1.      Increased UK sanctions team – the size of the UK Treasury sanctions unit (OFSI) will be increased by nearly 20% to 40 people.

2.      The UK will provide strong support for G7 agreement on North Korea sanctions – calls for a crackdown on North Korean illicit finance by stopping access to the international financial system via back door of bogus companies and artificial ownership structures.

3.      Chancellor calls on IMF to target international corruption by using their Article IV assessment process (“an invaluable tool that speeds of economic reform”). The Chancellor announced that the UK would be one of the first to volunteer for this new level of scrutiny.

This entry was posted in North Korea, United Kingdom by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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