Financial Crime World

Mali Financial Regulation: UK Urges Compliance with Sanctions Against Wagner Group Leader

UK Designates Ivan Aleksandrovitch Maslov as Individual Subject to Financial Sanctions

The British government has issued a correction to its sanctions list, designating Ivan Aleksandrovitch Maslov, head of the Wagner Group in Mali, as an individual subject to financial sanctions. This move aims to prevent the illegal activities of the group and maintain peace and stability in the West African country.

Background

According to the UK Sanctions List, Maslov has been involved in the commission of violations of international humanitarian law, including the deliberate targeting of civilians. His designation under the Mali (Sanctions) (EU Exit) Regulations 2020 prohibits individuals from:

  • Maintaining accounts or providing financial services to him
  • Freezing his assets
  • Reporting any findings to the Financial Intelligence Unit

Compliance Requirements

Financial institutions and other entities are required to check whether they have any transactions with Maslov or the Wagner Group. Failure to comply with these regulations is a criminal offense, punishable by law.

International Efforts

The UK’s decision comes as part of its efforts to support the implementation of the Agreement on Peace and Reconciliation in Mali and maintain peace and stability in the region. This move follows an update to the Consolidated List, which provides details of individuals designated under sanctions legislation.

  • The UK has also urged financial institutions to report any findings related to Maslov’s assets or activities to the Financial Intelligence Unit.
  • Those who have already reported such information are not required to do so again.

Broader Efforts

This development is part of a broader effort by the international community to address the security and humanitarian crisis in Mali, which includes measures taken by the United Nations Sanctions Committee.

Further Information

The UK government has provided further details on its sanctions regime related to Mali, including links to other financial sanctions regimes, on the Customs and Excise pages of its website.