On 22 July 2021, Foreign Secretary Dominic Raab announced further sanctions on individuals under the UK’s Global Anti-Corruption sanctions regime.
The Global Anti-Corruption Sanctions Regulations 2021 (the "Regulations") enable the UK government to designate persons where there are reasonable grounds to suspect that they are, or have been, involved in "serious corruption", which covers bribery involving foreign public officials and misappropriation of property by foreign public officials.
In these latest sanctions, one of those designated spent millions of misappropriated funds on mansions, private jets and a $275,000 glove that Michael Jackson wore on his ‘Bad’ tour, another ruthlessly exploited public food programmes in Venezuela.
As with other UK sanctions regimes, designated persons can be subject to a travel ban preventing them from entering or residing in the UK and/or an asset freeze. Since the implementation of the Regulations in April 2021, the UK has now sanctioned 27 individuals around the world involved in serious corruption.
The UK is focusing on developing its autonomous post-Brexit sanctions regimes to complement and go beyond the EU’s sanctions regimes. Therefore, as the UK's sanctions strategy continues to mature, businesses are likely to find themselves shouldering a greater compliance burden. In particular, this will inevitably add to the complexity and compliance-related risks for businesses transacting and investing in higher risk jurisdictions.
Please note this article was written by Annette Fong, who is no longer with Ince. If you would like any advice in this regard, please contact Julia Dao.
Foreign Secretary Dominic Raab said: "The action we have taken today targets individuals who have lined their own pockets at the expense of their citizens. The UK is committed to fighting the blight of corruption and holding those responsible for its corrosive effect to account. Corruption drains the wealth of poorer nations, keeps their people trapped in poverty and poisons the well of democracy".