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Financial Services Law Insights and Observations

Treasury commends UK’s anti-corruption sanctions efforts

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

Financial Crimes

On July 22, Treasury Secretary Janet L. Yellen and Secretary Antony J. Blinken issued a joint statement commending the UK’s decision to impose additional anti-corruption sanctions under its Global Anti-Corruption Sanctions (GACS) regime. Specifically, the secretaries applauded actions taken by the UK against four corrupt individuals who were previously designated by the U.S., as well as a fifth individual “whose U.S.-based assets purchased with corrupt proceeds were successfully forfeited in U.S. courts.” Yellen and Blinken emphasized that sanctions regimes such as GACS and the U.S. Global Magnitsky sanctions program limit corrupt actors’ access to the international financial system, and added that the U.S. will continue to work with the UK and other allies and partners “to impose tangible and significant consequences on those who engage in corruption, as well as to protect the global financial system.”

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