The UK Summer Budget provided more detail and commitment of HM Treasury’s plans to establish an Office of Financial Sanctions Implementation. It is a welcome initiative but needs to ensure both compliance and critically, facilitate continued trade, if it is to succeed.
The Proceeds of Crime Act 2002 (POCA) was brought in to galvanise law enforcement’s efforts to undermine the criminal business model and to remove one of the major drivers of organised and acquisitive crime – financial gain. Despite the recent legislative changes[i], has this initial policy aim been forgotten?
The end of ambiguity about Pyongyang's nuclear capacity raises fundamental questions affecting China, the United States, and the future of international non-proliferation strategy. Indirectly, these consequences could actually work to the advantage of the West in its attempts to prevent Iran 'going nuclear'.
The UN Security Council is certain to impose sanctions on North Korea. But, since these are likely to involve – at least initially – just cutting off trade and diplomatic contacts, no significant impact is expected.