The Bill will make it easier for the government to impose fines on entities that unknowingly breach sanctions
According to global independent financial and strategic consulting firm, Accuracy, the government’s proposed Economic Crime (Transparency and Enforcement) Bill 2022 will introduce a strict liability approach to sanctions breaches, meaning companies could be liable for inadvertent breaches.
Currently, a company will only be liable for a sanctions breach if it is aware or has “reasonable cause to suspect” it is in breach of sanctions. The government’s proposals mean companies may be liable for sanctions breaches even if senior management were unaware of a breach within the organisation – for example, if an individual member of staff is conducting business with a sanctioned entity.
The Bill includes...
