News

U.K. officials have ranked the British Virgin Islands and Guernsey among the world's worst "intermediary jurisdictions," or facilitators, of global schemes to evade Britain's financial embargo of Russia, alongside Austria, Cyprus and the United Arab Emirates. In a report outlining the most common violations of U.K. sanctions and most frequently observed strategies for circumventing them, the U.K. Office of Financial Sanctions Implementation also named Turkey, Switzerland, Luxembourg and the Cayman Islands as intermediary jurisdictions. More than a quarter of all reports filed to OFSI on suspected breaches of sanctions since February 2022, the month Russia's full-scale of invasion of Ukraine...