Latest news with #OfficeofFinancialSanctionsImplementation
Yahoo
23-07-2025
- Business
- Yahoo
UK Says Crypto Sector Likely Under Reporting Sanction Breaches
Crypto companies in the U.K. have almost certainly been under-reporting breaches of financial sanctions since as far back as 2022, the Office of Financial Sanctions Implementation (OFSI) said in a Monday report, as the nation imposed more sanctions on Russia. The report, which is a sanctions threat assessment focused entirely on crypto, said most of the non-compliance by U.K. crypto firms was likely to be inadvertent and resulted from exposure to a named, or designated, person. Exposure could be both direct, in which there is a clear link to the person's wallet address, or indirect, where the crypto's origin has been obscured. Crypto firms have been obligated to report to OFSI when they suspect a breach of sanctions since August 2022. Since January 2022, over 7% of all suspected breaches reported to OFSI have involved crypto-asset firms, the report said. OFSI was established in 2016 to ensure sanctions are enforced. There are currently 55 crypto firms registered with the Financial Conduct Authority as part of the country's anti-money laundering regulations. The report didn't say how many of the companies had filed reports with OFSI. After the invasion of Ukraine in February 2022, many countries imposed financial sanctions on Russia, and concerns arose that crypto was being used to circumvent restrictions. The U.K., U.S. and European Union have made it clear that sanction rules extend to crypto. The report also detailed that U.K. crypto firms face a high risk of being targeted by North Korean hackers, many of which operate on behalf of sanctioned entities.
The Sun
03-06-2025
- Business
- The Sun
UK threatens Abramovich with legal action over Chelsea sale funds
LONDON: The UK government is threatening former Chelsea owner Roman Abramovich with legal action over the frozen £2.5 billion ($3.4 billion) generated from the sale of the club, which has been earmarked to help Ukraine's war victims. Finance minister Rachel Reeves and foreign minister David Lammy said late Monday they were 'frustrated' by the failure to reach agreement with Abramovich over where the funds of the May 2022 sale go. The UK government want the funds to be directed towards humanitarian purposes in Ukraine, but the oligarch insists they be used for all victims of the conflict, including in Russia. A consortium led by US businessman Todd Boehly bought the Premier League giants after Abramovich was sanctioned following Russian President Vladimir Putin's invasion of Ukraine, and the frozen funds are being held in a UK bank account. They still legally belong to Abramovic and cannot be moved without a licence from the Office of Financial Sanctions Implementation. 'The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine,' said the two ministers. 'We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far. 'While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible,' they added. The 58-year-old Russian billionaire bought the club in 2003 and had an estimated fortune of $14.5 billion in 2021. Chelsea enjoyed their most successful ever period under Abramovich, winning two Champions Leagues, five Premier Leagues, five FA Cups, two Europa Leagues and a Club World Cup.
Yahoo
03-06-2025
- Business
- Yahoo
UK threatens Abramovich with legal action over Chelsea sale funds
The UK government is threatening former Chelsea owner Roman Abramovich with legal action over the frozen £2.5 billion ($3.4 billion) generated from the sale of the club, which has been earmarked to help Ukraine's war victims. Finance minister Rachel Reeves and foreign minister David Lammy said late Monday they were "frustrated" by the failure to reach agreement with Abramovich over where the funds of the May 2022 sale go. The UK government want the funds to be directed towards humanitarian purposes in Ukraine, but the oligarch insists they be used for all victims of the conflict, including in Russia. A consortium led by US businessman Todd Boehly bought the Premier League giants after Abramovich was sanctioned following Russian President Vladimir Putin's invasion of Ukraine, and the frozen funds are being held in a UK bank account. They still legally belong to Abramovic and cannot be moved without a licence from the Office of Financial Sanctions Implementation. "The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine," said the two ministers. "We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far. "While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible," they added. The 58-year-old Russian billionaire bought the club in 2003 and had an estimated fortune of $14.5 billion in 2021. Chelsea enjoyed their most successful ever period under Abramovich, winning two Champions Leagues, five Premier Leagues, five FA Cups, two Europa Leagues and a Club World Cup. jwp/jkb/iwd
France 24
03-06-2025
- Business
- France 24
UK threatens Abramovich with legal action over Chelsea sale funds
Finance minister Rachel Reeves and foreign minister David Lammy said late Monday they were "frustrated" by the failure to reach agreement with Abramovich over where the funds of the May 2022 sale go. The UK government want the funds to be directed towards humanitarian purposes in Ukraine, but the oligarch insists they be used for all victims of the conflict, including in Russia. A consortium led by US businessman Todd Boehly bought the Premier League giants after Abramovich was sanctioned following Russian President Vladimir Putin's invasion of Ukraine, and the frozen funds are being held in a UK bank account. They still legally belong to Abramovic and cannot be moved without a licence from the Office of Financial Sanctions Implementation. "The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine," said the two ministers. "We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far. "While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible," they added. The 58-year-old Russian billionaire bought the club in 2003 and had an estimated fortune of $14.5 billion in 2021. Chelsea enjoyed their most successful ever period under Abramovich, winning two Champions Leagues, five Premier Leagues, five FA Cups, two Europa Leagues and a Club World Cup. © 2025 AFP
North Wales Chronicle
03-06-2025
- Business
- North Wales Chronicle
Government threatens legal action over Abramovich's frozen Chelsea billions
Chancellor Rachel Reeves and Foreign Secretary David Lammy said they were 'frustrated' by the failure to reach agreement with Mr Abramovich on the frozen proceeds of the sale. The Stamford Bridge club was sold in May 2022 after Mr Abramovich was among the high-profile Russian oligarchs sanctioned following Vladimir Putin's invasion of Ukraine. The funds were frozen, with a plan for them to be used to alleviate the suffering caused by the war in Ukraine. But an agreement has yet to be reached with Mr Abramovich over the use of the money, which is held in a UK bank account. The money cannot be moved without a licence from the Office of Financial Sanctions Implementation. Ms Reeves and Mr Lammy said: 'The Government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia's illegal full-scale invasion. 'We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far. 'While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible.'
