UK businesses need to start implementing and complying with the Global Human Rights Sanctions Regulations 2020, the first independent sanctions issued by the UK.
Who? Office of Financial Sanctions Implementation (OFSI)
When? 6 July 2020
Document: Law, Guidance and Notice
What happened? The UK's issued The Global Human Rights Sanctions Regulations 2020
Why does it matter? This is the UK's first-ever sanctions legislation covering the prohibitions and requirements imposed by the regulations.
What can I do? Companies with a presence in the UK must now be mindful not to forget about compliance with these sanctions, too. Find out who the 47 people and 2 entities are that have been listed, suspected of being involved in serious violations of human rights. Make sure you do not engage in any commercial activity with them
Also, check the legislation and make sure it is well understood. Next, read the guidance carefully and the Notice too. The guidance is the best practice for:
Complying with the prohibitions and requirements
Circumstances where they do not apply
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