A guide to understanding and using sanctions lists

Sanctions are a diplomatic tool used to promote international peace and security and to combat violations of international law and terrorism. They do this by applying economic pressure on a country or regime by restricting dealings with the regime, as well as certain individuals and entities. The goal of using sanctions is to pressure a regime to change its behaviour regarding certain political, military, or social issues. 

Sanctions are legal limitations put in place by individual countries like the United Kingdom or the United States, or by international institutions, such as the United Nations (UN) and the European Union (EU). They may include various forms of trade barriers, from tariffs and restrictions on financial transactions to broad embargoes. 

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Domestic abuse can take many different forms and is not always easy to spot – in fact, even the person on the receiving end themselves may not recognise it for what it is. There can be many reasons why people experiencing domestic abuse are reluctant to speak up or seek help, from fears around their personal safety to concerns about being judged by their friends and family, employer or colleagues.

With many people working from home for a protracted period during the Covid pandemic, instances of domestic abuse have increased dramatically and had a devastating impact both on employees’ physical and mental health and on their performance at work. Being able to spot where domestic abuse may be occurring and taking appropriate action to protect and support their staff is therefore a crucial aspect of employers’ duty of care. 

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VinciWorks understands that the UK is unlikely to introduce its own version of the Mandatory Disclosure Rules (UK MDR) before 2023.

As the government has changed and the Treasury has fully changed its Ministers, including the Financial Secretary to the Treasury who is responsible for tax policies, the official position is that the government is still reviewing the consultation responses. It is unlikely that we can expect any serious developments in relation to UK MDR in the near future.

VinciWorks is in regular discussion with HMRC and will be providing updates when we have more information.

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The key challenges of AML compliance in Latin America and the Caribbean

Whether conducting risk assessments or reviewing client due diligence, it is vital to understand the risks and responsibilities of money laundering challenges for different jurisdictions.

In this article, VinciWorks considers the key AML challenges and laws in Antigua and Barbuda, and what organisations should consider when assessing customer, geographic or matter risk.

For more on the key AML risks and challenges in Latin America and the Caribbean, download our free guide to compliance.

Click here to download a free copy.

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Since the UK Modern Slavery Act came into force, it is estimated that the number of people trapped in forced labour or forced marriages has actually increased, with the number now believed to have reached over 50 million. A mixture of armed conflict, climate change and the global pandemic has made modern slavery a growing challenge, despite an increase in regulations in many countries.

With the UK and other countries set to strengthen their regulations, in this webinar, we will look at whether businesses are doing enough to eradicate modern slavery.

The webinar will cover:

  • What businesses are currently doing well and how they can improve
  • MSA best practice
  • How modern slavery compliance can enhance your ESG programme
  • Guidance on producing annual modern slavery statements
  • Processes and tools to help you stay on top of your supply chains

Free registration

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This week we surveyed a wide range of UK law firms on their approach to AML. The survey explored firms’ biggest AML challenges, different approaches to risk assessments, ongoing monitoring, AML audits and more.

Key findings:

  • The biggest AML challenge is identifying the source of funds/wealth
  • Matter risk assessments are a struggle for 50% of firms
  • 58% of firms carry out independent audits through an external firm
  • 28% of firms feel they wouldn’t be prepared if they received a notification of an SRA visit
  • 64% of firms don’t believe the SRA and Law Society provide enough guidance to help firms stay AML compliant

Download results and summary

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VinciWorks ESG survey results

Now more than ever, companies are expected to have a positive impact on society and the planet. Customers are increasingly considering sustainability in their purchases, with upwards of 75% of millennials reporting they do so. Investors also expect companies to understand these issues, with the value of sustainable fund assets doubling over the last two years to $2.7 trillion according to Morningstar.

But addressing these stakeholders and attempting corporate sustainability can be an alphabet soup of different terms, topics, and targets. Two of the most common buzzwords are CSR and ESG. While they are often used synonymously, CSR and ESG are distinct concepts. In this article, we will explore their definitions, whether we need both, and how they are evolving.

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The Economic Crime (Transparency and Enforcement) Act came into force on 15 March 2022. This act was passed in the wake of the Russian invasion of Ukraine. This law represents a significant shift in disclosure requirements for foreign companies who hold property interests in the UK, along with significant changes to sanctions law, including ‘strict liability’ for sanctions breaches.

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ESG – Environmental, Social and Governance – helps businesses measure their impact on the world. It goes broader than profit and loss and is more detailed than corporate social responsibility.

Over the past year, we have fielded hundreds of questions during our ESG webinars. From how to get started to understanding how to choose the proper ESG framework, businesses at all stages in their ESG journey have unanswered questions.

In this webinar, Director of Learning and Content Nick Henderson and Director of Product Alona Stern answered attendees’ ESG questions.

Watch now

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