Financial Crime World

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Sanctions Updates: Global Efforts to Combat Proliferation of Illicit Activities

Date: March 24, 2022

In recent updates, governments around the world have imposed new financial sanctions on various regimes and entities accused of engaging in illicit activities. These sanctions aim to disrupt and deter these groups from pursuing their nefarious agendas.

Russia Regime Updates

  • The UK has continued to impose sanctions on Russia following its invasion of Ukraine.
    • Designation criteria amended to include individuals who have been involved in obtaining benefits from or supporting the Russian government.
    • Extension of the Russia regime to Bermuda, with no further action required to implement changes.

Belarus Regime Updates

  • Sanctions have also been imposed on Belarus in response to its support for Russia’s actions in Ukraine.
    • Designation criteria amended to include individuals who have been involved in obtaining benefits from or supporting the Belarusian government.
    • Extension of the Belarus regime to Bermuda, with no further action required to implement changes.

Other Regimes Updates

  • Iran (Nuclear) Regime: Sanctions imposed due to its nuclear program.
  • Iraq Regime: Sanctions imposed due to human rights abuses.
  • Democratic People’s Republic of Korea (North Korea) Regime: Sanctions imposed due to its nuclear and missile programs.
  • Syria Regime: Sanctions imposed due to human rights abuses and support for terrorism.

ISIL (Da’esh) and Al-Qaida Organisations

  • Sanctions have also been imposed on various terrorist organizations, including:
    • ISIL (Da’esh) and Al-Qaida Organisations Regime: Sanctions imposed due to their involvement in terrorist activities.
    • Counter-Terrorism (International) Regime: Sanctions imposed due to international efforts to combat terrorism.

Global Human Rights Regime

  • Sanctions have also been imposed on entities accused of human rights abuses, including:
    • Global Human Rights Regime: Sanctions imposed due to human rights abuses in various countries.

These sanctions demonstrate the global community’s commitment to combating illicit activities and promoting peace and stability.