Economic sanctions are the sharp edge of modern diplomacy. In a world marked by geopolitical fracture and strategic competition, they function as tools of coercion and containment, targeting adversaries without the deployment of armed force. But not all sanctions are created or enforced equally. In the UK, financial sanctions and trade sanctions operate within distinct legal and institutional frameworks. Financial sanctions, enforced by the Office of Financial Sanctions Imple

The United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has released a new Financial Trend Analysis (FTA) revealing around 9 billion dollars in potential Iranian shadow banking activity that passed through US correspondent accounts in 2024. The findings, based on reports from US financial institutions, underscore the scale and sophistication of Tehran’s global sanctions evasion operations. According to FinCEN, Iran’s shadow banking network

The Financial Conduct Authority (FCA) has banned and fined financial advisor Neil Sedgwick Dwane £100,281 for insider dealing, following misconduct that breached market integrity and professional trust. In 2022, Mr Dwane, acting as an advisor for ITM Power Plc (ITM), had access to confidential market-sensitive information concerning an upcoming company announcement scheduled for 27 October. The announcement triggered a 37% drop in ITM’s share price. The day before the announc

The European Banking Authority (EBA) has published its fifth and final Report on the Functioning of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Colleges , finding that the framework has become an effective tool for improving information exchange and strengthening AML/CFT supervision across the European Union. However, the EBA noted that one of the key objectives of the system remains unfulfilled — the ability to address issues affecting multiple

A Financial Conduct Authority (FCA) survey has found that two-thirds of corporate finance firms not currently required to submit financial crime returns may be falling short of their obligations under the Money Laundering Regulations, raising concerns about weak oversight and inconsistent compliance practices. Corporate finance firms play a critical role in supporting the growth and success of the UK economy by helping businesses secure investment and lending. However, the FC

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The Financial Conduct Authority (FCA) has called on banks and payment firms to strengthen their defences against romance scam fraud after uncovering serious shortcomings in how the sector identifies and prevents this growing form of financial crime. Despite positive examples of firms intervening effectively, the regulator found repeated instances where opportunities to stop fraud were missed, leaving victims facing devastating losses. Romance fraud cost victims £106 million i

The Office of Financial Sanctions Implementation (OFSI) has published its Annual Review 2024–25 , outlining a year of significant progress in strengthening the UK’s financial sanctions regime amid escalating global tensions. The release coincides with the announcement by the Chancellor and Foreign Secretary of new sanctions against Russia’s largest oil companies, further tightening pressure on Kremlin revenues and global enablers of its illegal war on Ukraine. OFSI’s report s

The UK has imposed its toughest sanctions yet on Russia, directly targeting its energy sector and the global enablers sustaining President Vladimir Putin’s war in Ukraine. Announced jointly by the Foreign, Commonwealth & Development Office and HM Treasury, the sweeping package of 90 new sanctions cuts deep into the Kremlin’s oil revenues, striking at major producers Rosneft and Lukoil – which together export more than three million barrels per day. Rosneft alone accounts for

The European Banking Authority (EBA) has today released its annual Report on the convergence of supervisory practices for 2024 across the European Union. The Report highlights the EBA’s sustained efforts to strengthen supervisory alignment among Member States, covering prudential supervision, resolution, consumer protection, digital finance, and—until the end of 2025—anti-money laundering and countering the financing of terrorism (AML/CFT). This year’s Report marks the first

The United States and UK have announced their largest-ever coordinated action against cybercriminal networks operating in Southeast Asia, marking a major escalation in international efforts to dismantle transnational scam operations. The US Department of the Treasury, through its Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), in partnership with the UK’s Foreign, Commonwealth and Development Office (FCDO), has imposed sweeping s

The European Banking Authority (EBA) has published a new report revealing that white labelling – where financial products or services are offered under another company’s brand – is now used by more than a third of banks across the EU. The findings underscore a rapid shift in financial distribution models driven by digitalisation, platformisation, and partnerships between regulated and non-regulated entities. According to the EBA’s 2025 Spring Risk Assessment Questionnaire, 35