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UK Financial Conduct Authority Guidance on the Prevention of Financial Crime

Please be advised that the UK Financial Conduct Authority has recently issued guidance on the prevention of financial crime including sanctions violations. Like guidance previously issued by other UK authorities such as the Department of Business, Innovation and Skills and the Export Control Organisation, the FCA guidance is neither applicable in the Bailiwick nor binding on its authorities. However, it is drawn to your attention on the basis that the authorities are likely to take a similar approach to that in the guidance when considering the implementation of sanctions in the Bailiwick.

The FCA guidance is available here: Part 1 (advice on compliance) and Part 2 (examples of good and poor sanctions practice).