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HMRC internal manual

Money Laundering Regulations: Compliance

From
HM Revenue & Customs
Updated
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Legislation: Financial Restrictions

The UK imposes financial restrictions on certain proscribed persons and entities following decisions made by the United Nations or European Community. The UK also operates a domestic counter-terrorism regime, where the Government decides to impose financial restrictions on certain persons and entities.

Financial restrictions in the UK are governed by various pieces of legislation. In all circumstances where an asset freeze is imposed, it is unlawful to make payments to or allow payments to be made to designated persons.

A list of all financial restrictions currently in force in the UK is maintained by the Treasury’s Asset Freezing Unit. (AFU). The Consolidated List of persons designated as being subject to financial restrictions can be found on the HM Treasury website 

Further information on financial sanctions can also be found on the Treasury website.

Businesses need to have appropriate policies and procedures in place to monitor transactions in order to prevent breaches of the financial restrictions legislation.