New regulations mean range of UK businesses now risk fines for not reporting ‘sanctioned’ clients

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New regulations that have now come into force mean that a range of businesses and professions could face significant financial penalties if they don’t inform the UK authorities that they are acting on behalf of clients who are subject to international financial sanctions, HM Revenue & Customs reminded business owners in a website update this week.

The UK tax authority has been reminding those in the tax advice, trusts, corporate services, legal and similar professions about the new rules for some months, ahead of the new European Union Financial Sanctions (Amendment of Information Provisions) Regulations 2017 coming into force.

According to a 32-page guidance document, published by the UK’s new sanctions watchdog, the Office of Financial Sanctions Implementation, the fines for those found to have failed to report their sanctioned clients to the UK authorities have been set at £1m or 50% of the “estimated value of the funds or resources” in question, whichever is greater.

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