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PIMFA WEEKLY NEWS BULLETIN | 4 April 2022 Dear Nigel,
Welcome to the PIMFA Bulletin; grab a coffee and take 10 minutes to read the latest news impacting you and your firm.
Russian invasion of Ukraine: Latest Updates
Financial sanctions measures in relation to Russia Following the Prime Minister’s statement to the House of Commons on 22 February 2022, the UK announced a tranche of sanctions on Russia. The Prime Minister announced further measures on 24 February 2022 which are available on the Foreign, Commonwealth & Development Office website. On 24 March 2022 measures were also taken against Belarus. If you require a licence to permit any activity which would otherwise be prohibited by sanctions regulations, you must contact the relevant department. The FCA expects firms to have established systems and controls to counter the risk that they might be used to further financial crime and this includes compliance with financial sanctions obligations. Where the FCA identifies failings in financial crime systems and controls, the regulator can impose restrictions and/or take enforcement action. Additionally, the Office of Financial Sanctions Implementation (OFSI) has the power to levy civil monetary penalties for breaches of financial sanctions and works with law enforcement for