New UK sanctions regimes and updated sanctions list

Published by the Government, The UK sanctions list details which individuals and entities are designated or specified in relation to regulations made under the Sanctions and Anti-Money Laundering Act 2018 (the Sanctions Act), including the reason(s) why.

The term ‘specified’ relates to an individual or company, whereas ‘designated’ can relate to a ship, aircraft or country. Insolvency Practitioners need to be aware of this list and should check it to confirm that there are no issues.

Under the Sanctions Act, new sanctions regimes in the UK came into operation at 11pm on 31 December 2020. These regimes apply in all four UK nations. Click here to read more and find out how to contact the Government if you have specific queries. A full list of financial sanctions targets can be found on the OFSI list.