The U.K. has amended previous Sanctions Orders for the Overseas Territories with a new order that extends reporting duties to certain non-financial businesses.
Under the U.K. sanctions regime, certain financial institutions in the overseas territories must provide the governor of the territory with information on customers that are known or suspected to be the subject of an asset freeze or of having committed offenses under sanctions orders.
The new order extends this requirement, as well as the offenses for failure to comply, to non-financial businesses and professions, namely auditors, casinos, dealers in precious metals and stones, external accountants, independent legal professionals, real estate agents, tax advisers, and trust or company service providers.
The U.K. sanctions regime lists individuals and entities that are subject to financial sanctions. It generally requires firms not to provide funds or services to those on the list, unless they have obtained a special license. The list maintained by Her Majesty’s Treasury includes about 1,400 individuals and 500 entities worldwide.
The order was laid before the U.K. parliament on Oct. 17 and came into force on Nov. 7. It was published in the Cayman Islands Gazette on Nov. 9.
The previous sanctions orders amended with the new requirements relate to jurisdictions including Lebanon and Syria, Tunisia, Libya, Egypt, Belarus, Iran, Syria, Afghanistan, Eritrea, Zimbabwe, Somalia, and North Korea.