A government expert on international sanctions will meet Aberdeen business leaders and exporters to outline how they can avoid falling foul of complicated international trade sanctions.
David McLean is the deputy head of engagement of the Office of Financial Sanctions Implementation (OFSI), which was recently established to better inform businesses of the risks that arise from financial and trade sanctions that restrict exports to, and transactions with, sanctioned persons, businesses and certain sectors
Mr McLean will be principal speaker at a round table event hosted by law firm Pinsent Masons at their Queen’s Road office on Monday, September 17.
Tom Stocker, partner and regulatory law expert at Pinsent Masons, said that the US, the EU and the UK were increasingly implementing trade and financial sanctions as a foreign policy tool, as well as to tackle persons connected with financing terrorism.
He said: “Against this backdrop, exporting can be a daunting prospect, but the UK and Scottish governments are making considerable efforts to encourage exporters and to explain the support that is available to them.
“Arms embargoes and restrictions on exporting equipment and technology that can be used by the military are common and generally understood. What is also common, but less well understood, are the prohibitions or licence requirements on doing business with the thousands of people who are listed on sanctions lists or connected with such persons, and the sectoral trade restrictions that can apply.
“There are numerous trade restrictions that apply to particular products and services depending on where in the world the goods and services are destined for. For example, oil and gas engineering, equipment and technology suppliers face significant restrictions on exporting goods and services for use in Russia.”
Mr Stocker said Pinsent Masons have seen a notable increase in businesses seeking advice on sanctions compliance and on dealing with breaches, particularly in relation to business activities or customers connected with Iran and Russia.
He added: “ It is clear many are struggling with this complex area of regulation and compliance, so we are delighted to welcome David McLean, OFSI’s deputy head and head of engagement, to Aberdeen on September 17, for a roundtable discussion which is intended to assist exporters and financiers understand what they should do to comply with financial and trade sanctions so that they can export with confidence.”
