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Financial Services Law Insights and Observations

Treasury supports UK’s new Global Anti-Corruption Sanctions Regime

Financial Crimes OFAC Department of Treasury Of Interest to Non-US Persons UK Sanctions Anti-Corruption

Financial Crimes

On April 26, U.S. Treasury Secretary Janet Yellen issued a statement in support of the UK’s new Global Anti-Corruption Sanctions Regime that will provide the UK with authority similar to that under the U.S. Global Magnitsky program, which targets human rights abusers and corrupt actors. Yellen noted that the UK’s new regime will provide opportunities for the two countries “to take complementary sanctions actions where appropriate,” and magnify the impact of each country’s respective sanctions. She further noted that “U.S. sanctions are more likely to compel changes in behavior and disrupt threatening activities when pursued in concert with our allies—carrying a more forceful economic impact by disrupting access to the international financial system—and sending a stronger message to malign actors by virtue of our solidarity.” Emphasizing that sanctions are just one tool to combat corruption, Yellen stressed that Treasury will support global efforts to, among other things, provide guidance to financial institutions and engage with “foreign and private sector partners to encourage reforms, ensure corrupt officials are held accountable, and see that vulnerabilities to corruption are addressed.”

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