New guide: Navigating the Russia-Ukraine War Two Years In

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The field of economic sanctions has been growing increasingly complicated in recent years. The past year was a historic and transformative period for the use of financial sanctions on both the global and UK levels. Western nations launched an unprecedented line of sanctions against Russia and Russian companies, and also against Russia’s ally Belarus, in response to its February 2022 invasion of Ukraine. With the war showing no end in sight, sanctions and penalties for non-compliance are only continuing to ramp up. 

All businesses, both regulated and unregulated, must comply with financial and trade sanctions and companies must be able to prove that they are properly screening for sanctions. Failure to comply with screening requirements can carry stiff penalties reaching into the millions per infraction and remember that there’s strict liability when it comes to sanctions so any sanctions breach, even accidental, is a crime. 

As we mark the two year anniversary of Russia’s invasion of Ukraine, VinciWorks has created a guide that reviews the key compliance challenges and lessons which have impacted on business in this devastating conflict including sanctions issues, examines crossovers between sanctions, terrorist financing and anti-money laundering measures, shares what companies can expect looking ahead into 2024 and provides essential tips for staying compliant in this complicated and volatile political landscape.

Source link: https://vinciworks.com/blog/new-guide-navigating-the-russia-ukraine-war-two-years-in/ by VinciWorks at vinciworks.com