Edward Malcolm (UK)

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Firm/Organization: Norton Rose Fulbright
Blogs: Financial services: Regulation tomorrow

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On 21 January 2019, the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, issued a £5,000 fine against R. Raphael Bank & Sons plc, trading as Raphaels Bank, for dealing with £200 belonging to an unidentified designated person in violation of EU sanctions against Egypt (implemented in the UK under the Egypt (Asset-Freezing) Regulations 2011). This is the first civil monetary penalty imposed by OFSI using its new powers under Part 8 of…
A US-based cosmetics company, e.l.f. Cosmetics, Inc. (ELF), has reached a USD 996,080 settlement with the US Office of Foreign Assets Control (OFAC) for importing 156 shipments of false eyelash kits containing materials sourced from North Korea in apparent violation of the North Korea Sanctions Regulations. The materials were supplied by two of ELF’s China-based suppliers between 2012 and 2017.  During this period,  ELF’s sanctions compliance program was deemed by OFAC to be either non-existent…
We have published a briefing analysing the key proposals in the Law Commission’s consultation on the SARs regime. The link can be found here: http://www.nortonrosefulbright.com/knowledge/publications/169657/the-law-commission-consultation-on-reforming-the-sars-regime-key-takeaways-for-the-financial-sector    …