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The new economic crime bill imposes a tough new test for City firms on sanctions breaches — here’s what you need to know

Banks and professional services firms should be extremely wary of taking any risk in relation to the intended target of sanctions

‘Once the new bill comes into force, the OFSI will have the power to impose a monetary penalty in circumstances where a person did not even know or had reasonable cause to suspect they were in breach’
‘Once the new bill comes into force, the OFSI will have the power to impose a monetary penalty in circumstances where a person did not even know or had reasonable cause to suspect they were in breach’ Photo: Getty Images

Anna Rothwell is a senior lawyer at Corker Binning

As the shock of Russia’s invasion of Ukraine rippled through the world, the UK responded with quick sanctions, including the Economic Crime Bill, which was introduced in the House of Commons on 1 March.

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