UK emulates US, slaps 22 fraud suspects with bans and asset freeze

The United Kingdom (UK) has imposed asset freezes and travel bans on 22 individuals suspected of corruption and bribery in four countries, including South Sudan.

The designated individuals from Russia, South Africa, South Sudan and Latin America will now be prevented from entering, opening bank accounts and doing business with UK businesses, and assets they already hold in the UK will be frozen.

It is the first UK’s targeted sanctions under its new 2021 Global Anti-Corruption Sanctions Regulations that replaced Misappropriation Regulations designed to capture those profiting from bribery and misappropriation of state funds from any country outside the UK.

According to UK, British businesses now will have to take caution to consider the risk of their overseas clients and business partners being sanctioned under the new regime as part of their due diligence checks, SCOTMAN web reported.

The US had also imposed sanctions on some of these individuals over involving in serious corruptions that had robbed the countries of development.

Those individuals include those were involved in the diversion of US$230 million of Russian state property through a fraudulent tax refund scheme, the Gupta brothers, Ajay, Atul and Rajesh Gupta and their associate Salim Essa- accused of serious corruption South Africa.

Ashraf Seed Ahmed Hussen Ali, the Sudanese businessman also known as Al Cardinal and several individuals accused of serious corruption in Latin America.

The US Secretary, Janet Yellen welcomed the new regime, which she compared to the US Global Magnitsky Programme and Canada’s Justice for Victims of corrupt Foreign Officials Act.

“We stand in close partnership with the United Kingdom in addressing the global challenges of corruption and illicit finances,’ said Yellen as quoted by SCOTSMAN web.