Middle East

UK fines UAE-based company for violating Syrian sanctions – Middle East Monitor

The UK has fined a subsidiary of a UAE-based company for violating sanctions against the Bashar al-Assad regime in Syria, as London has tightened measures and penalties for breach of sanctions.

UK Financial Sanctions Enforcement Directorate (OFSI) publication Yesterday, he fined Tracerco Ltd, a company that provides products and services that measure oil and gas levels, £ 15,000 ($ 18,265). Operated in the United Arab Emirates, it is a subsidiary of Johnson Matthey PLC, a London-based company that deals in chemicals and sustainable technologies.

According to OFSI, Tracerco Ltd will make two payments to Syrian Air (a company sanctioned by Western countries for its direct ties and control with the Assad regime) through an Emiratis travel agency. I committed a sanctions violation. An office worker who returns home between May 2017 and August 2018.

read: Excuse me, BBC Arabic, it’s disinformation, not free press

According to UK sanctions and regulatory agencies, the penalty was initially higher, but was cut in half as the company voluntarily disclosed the breach. Despite Indirect and Unknowing Violations by Tracerco Ltd, the main reason for fines is that the UK has adopted stricter standards in implementing sanctions.

Its development was announced by regulatory agencies earlier this month and was the result of Russia’s invasion of Ukraine, which pushed Western nations to step up enforcement of penalties for sanctions violations.

Under that stricter process, OFSI is no longer obligated to prove that a company or individual violating UK sanctions was aware of a rule violation. Instead, all violations will be treated according to the same criteria, regardless of reason or cause.

read: Britain’s opposition to sanctions against Israel reveals Britain’s support for the occupation and its crimes



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https://www.middleeastmonitor.com/20220630-uk-fines-uae-based-company-for-violating-syria-sanctions/ UK fines UAE-based company for violating Syrian sanctions – Middle East Monitor

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