Sanctions (2024)

Sanctions restrict and prohibit dealings with certain countries, entities, or individuals which are involved - or suspected of being involved - in illegal activities. This helps uphold peacekeeping and conflict resolution, and combat violations of international law and terrorism.

Sanctions do this by applying pressure to encourage a change in behavior of a target country or regime, or to prevent and suppress the financing of terrorist activity. Everyone who works within financial services should have a good understanding of what sanctions are, how they work, and why they are used.

In this tutorial, we look at who imposes sanctions, the laws, and penalties for breaches of said sanctions, and the reporting obligations surrounding sanctions.