![Headshot of Oliver Passmore](/media/5hhctpne/oliver-passmore.jpg?cc=0.1282797678124825,0.03681102630299277,0.13013409413845875,0.22082929686468905&width=1440&height=960&quality=90)
Oliver Passmore
Partner | Legal
Jersey
![Headshot of Oliver Passmore](/media/5hhctpne/oliver-passmore.jpg?cc=0.23011004622148304,0.037158186092671755,0.2699378337900542,0.2121313936667434&width=300&height=300&quality=90)
Oliver Passmore
Partner
Jersey
Big things are happening at Ogier. Change is embedded in everything we do. It is redefining our talent, our ways of working, our platforms of delivery, our culture.
Services
We have the expertise to handle the most demanding transactions. Our commercial understanding and experience of working with leading financial institutions, professional advisers and regulatory bodies means we add real value to clients’ businesses.
Sectors
Our sector approach relies on smart collaboration between teams who have a deep understanding of related businesses and industry dynamics. The specific combination of our highly informed experts helps our clients to see around corners.
We have the expertise to handle the most demanding transactions. Our commercial understanding and experience of working with leading financial institutions, professional advisers and regulatory bodies means we add real value to clients’ businesses.
Legal
Corporate and Fiduciary
Consulting
Banking and Finance
Corporate
Dispute Resolution
Employment law
Intellectual Property
Investment Funds
Listing services
Local Legal Services
Accounting and Financial Reporting Services - Ogier Global
Cayman Islands AML/CFT training - Ogier Global
Corporate Services - Ogier Global
Regulatory and Compliance Services - Ogier Global
Sustainable Investment Consulting
Our sector approach relies on smart collaboration between teams who have a deep understanding of related businesses and industry dynamics. The specific combination of our highly informed experts helps our clients to see around corners.
Ogier provides practical advice on BVI, Cayman Islands, Guernsey, Irish, Jersey and Luxembourg law through our global network of offices across the Asian, Caribbean and European timezones. Ogier is the only firm to advise on this unique combination of laws.
Keep up to date with industry insights, analysis and reviews. Find out about the work of our expert teams and subscribe to receive our newsletters straight to your inbox.
Fresh thinking, sharper opinion.
We get straight to the point, managing complexity to get to the essentials. Our global network of offices covers every time zone.
About us
Corporate social responsibility (CSR)
Diversity, equity and inclusion
Information security
Innovation
Sustainability
No Content Set
Exception:
Website.Models.ViewModels.Components.General.Banners.BannerComponentVm
News
16 February 2016
Jersey
Robust sanctions compliance is of central importance to financial services businesses in Jersey, a point made all the more important by the impact of recent EU/US sanctions. Understanding the operation of various sanctions and having systems in place to ensure that CDD processes capture sanctions risks is of the utmost importance in light of the severe penalties in place for either directly or indirectly committing sanctions offences.
The EU sanctions pursuant to Regulation (EU) No 833/2014 as amended by Regulation (EU) No 960/2014 and Regulation (EU) No 1290/2014 (the Russian Sanctions) and US financial sanctions (OFAC issued sanctions pursuant to Executive Order 13662) against Russia in respect of the situation in Ukraine have presented numerous challenges for financial services businesses in the Island. Both the EU and US sanctions purport to stifle certain technology/defence and oil exploration activities benefitting Russia. However, unlike typical sanctions, which adopt an asset freeze to target funds and economic resources of certain sanctioned persons and entities, the financial sanctions have been designed to restrict the ability of certain Russian entities and connected companies from raising finance on the capital markets or through loan and debt instruments.
Article 5 of the Russian Sanctions, which are directly applicable in Jersey, pursuant to the EU Legislation (Sanctions) (General Provisions) (Jersey) Order 2014 and EU Legislation (Sanctions – Russian) (Jersey) Order 2014, requires organisations – particularly trust and corporate service providers - to carefully consider: whether entities being administered are caught by the Russian Sanctions; whether transactions that are being engaged in are substantively prohibited by the restrictions in the Russian Sanctions; and whether steps taken can/may be considered to be tantamount to circumvention of the offences contained within the Russian Sanctions.
Penalties for sanctions breaches are severe. Pursuant to the Russian Sanctions, where a person either: contravenes the prohibitions contained in the sanctions; intentionally furnishes false information or a false explanation to any person exercising powers under the sanctions; or destroys, mutilates, defaces, secretes or removes any document with intent to evade the provisions of the sanctions, they will be guilty of an offence and liable to imprisonment for a term of 2 years and to a fine.
Those affected by the Russian Sanctions should ensure that robust CDD is being undertaken to ascertain whether customers/clients etc., are sanctioned entities. Where there are applicable sanctions restrictions and with particular reference to the Russian Sanctions, it is imperative that a thorough analysis of any proposed transaction is undertaken and where any doubts arise, that legal advice is obtained. Interpretation of terms and concepts under the Russian Sanctions is a fraught area, and quite complex questions can arise such as whether:
With the EU confirming the Russian Sanctions will remain in place until at least July 2016, financial services businesses and their compliance teams will need to remain vigilant and ensure that Russian Sanctions risks are identified and appropriately dealt with.
Read the full Offshore Compliance and Regulatory News here
Oliver Passmore
Partner | Legal
Jersey
Oliver Passmore
Partner
Jersey
Contact Oliver
Back
Nick Williams
Partner | Legal
Jersey
Nick Williams
Partner
Jersey
Contact Nick
Back
Sign up to receive updates and newsletters from us.
Sign up
No Content Set
Exception:
Website.Models.ViewModels.Blocks.SiteBlocks.CookiePolicySiteBlockVm