Following the Prime Minister’s statement to the House of Commons on 22 February, the UK announced a tranche of sanctions on Russia, swiftly followed by confirmation that Belarus would be subject to similar measures.

Accountancy firms are expected to have established systems and controls to counter the risk of financial crime, including compliance with financial sanctions obligations, but it is essential that businesses are aware of the Russia-Belarus specifics. As sanctions increase, the IFA offers five tips to ensure that firms’ due diligence is up to date.

1. Don’t ignore sanctions

First and foremost, the Russia-Ukraine war has highlighted the importance of having sanctions in place, and anyone caught breaching sanctions can be prosecuted. Breaching financial sanctions is a criminal offence and can result in a civil monetary penalty being imposed on your business or you, with imprisonment of up to seven years.