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Sanctions and Compliance Regulations in Iraq Update

UK Sanctions List Updates

The UK’s Office of Financial Sanctions Implementation (OFSI) has recently updated the UK Sanctions List on GOV.UK, making significant changes to the list.

Removed Entities

Three entities have been removed from the Consolidated List:

• Maki Mustafa HAMUDAT (Group ID: 8381)
• Asil Sami Mohammad MADHI TABRAH (Group ID: 8385)
• RASHEED BANK (Group ID: 7814)

These entities were added to the list in 2003-2005 due to their alleged involvement in the regime of Saddam Hussein. The removal from the list does not necessarily indicate that they have been cleared of wrongdoing, but rather that they are no longer considered a threat to national security or stability.

Corrected Entry

One entry has also been corrected for Omar Sabawi Ibrahim Hasan AL-TIKRITI (Group ID: 8694), who was previously listed with incorrect information.

Compliance Requirements

Financial institutions and businesses operating in the UK must ensure compliance with sanctions regulations, which prohibit dealings with designated individuals and entities. Those who fail to comply may face significant fines and penalties.

The updated list is available on the GOV.UK website, and financial institutions are advised to review their records and update their systems accordingly.

Key Points

• Three entities have been removed from the UK Sanctions List
• One entry has been corrected
• The delisted individuals and entity were added to the list due to alleged involvement in Saddam Hussein’s regime
• Financial institutions must ensure compliance with sanctions regulations

Sources

• Office of Financial Sanctions Implementation (OFSI)
• GOV.UK website