Press Releases

HM Treasury issues first direction under the Counter Terrorism Act

The announcement from HM Treasury to cease all business relationships and transactions with Bank Mellat and Islamic Republic of Iran Shipping Lines (IRISL) is a major step for the UK government. Not only is this the first direction to be issued by the Treasury since the Counter Terrorism Act (CTA) came into force on 26 November 2008, but it is also the first time this new legislation puts banks and other finance firms to the test to see if they can adequately implement the controls required by the direction in a timely and practical manner without disrupting their business.

This action by HM Treasury reinforces the need for firms to have a robust and flexible client screening application in place. Our sanctions screening and ongoing monitoring solution LexisNexis Bridger Insight enables organisations to comply with this new direction and adapt quickly to any future directions. Bridger Insight is complemented by LexisNexis KYC which can be used to conduct more in-depth investigations.