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May 20, 2021 | less than a minute read

UK sanctions regime introduces new weapon to combat extraterritorial corruption

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Elizabeth Dowd

Partner

Get in touch

Elizabeth Dowd

Partner

On 26 April 2021, the UK Government introduced the Global Anti-Corruption Sanctions Regulations 2021, the latest addition to the autonomous sanctions regime which came into effect on 31 December 2020. Although closely aligned with U.S. Magnitsky Act, this is yet another reminder that businesses seeking to comply with global sanctions regimes will need to review their sanctions systems and controls to ensure compliance, being mindful of the differences across the UK, US, and EU regimes post-Brexit.

The Regulations represent a substantial extension of the UK Government's sanctions regime, allowing the prompt imposition of sanctions for serious corruption even where the individual is outside the jurisdiction of the UK criminal courts and cannot therefore be prosecuted under UK anti-bribery or anti-money laundering legislation.