Property agents need to monitor the government’s up-to-date list of sanctions against Russia, in order to fully comply with economic measures designed to quell bloodshed in Ukraine.
Western nations including the UK have thrown severe economic sanctions at Russia, in a bid to force Vladimir Putin’s Kremlin to roll back its invasion. With c.£1.5 billion-worth of London property owned by Russians (research by Transparency International), the prime resi sector has an important role in making these sanctions work.
Britons are banned from doing business with entities named in the sanctions list – which includes many HNW individuals and a number of Russian banks.
The Guild of Property Professionals has flagged the importance of regular checks of the government list, to ensure that property firms don’t unwittingly work with a sanctioned client or organisation.
“If an individual or entity you are dealing with matches the information on the consolidated list, the transaction must be suspended, and the matter should be reported to either your money laundering reporting officer or your money laundering compliance officer,” explains the Guild’s compliance chief, Paul Offley. It’s also vital to keep a record of these checks, he adds.
Check the latest UK government sanctions list here.
Paul Offley, Compliance Officer at Nurtur Group (parent company of the Guild of Property Professionals): “With regard to financial restrictions things are moving very quickly, so agents need to apply more frequent on-going monitoring to make sure they are following the correct procedures with the most recent information. If they haven’t already done so in the wake of the current events, agents should be reviewing their initial risk assessment.
“Be aware that UK government have taken steps to effect restrictions from undertaking financial transactions involving the Central Bank of the Russian Federation, the Russian National Wealth fund and the Ministry of Russian Finance. It is vital to review all transactions and take the necessary steps if you believe you have a specific case.
“Agents should also ensure that all client identity information is checked against the UK Sanctions List.
“If need be, request additional identity information to ensure you do not have a false-positive identification and you can more accurately rule out the possibly that the individual or entity is from a country on the UK Sanctions List. HM Treasury’s Office of Financial Sanctions Implementation (OFSI) also provides a consolidated list of all persons and entities that are subject to sanctions which are effective in the UK.
“If an individual or entity you are dealing with matches the information on the consolidated list, the transaction must be suspended, and the matter should be reported to either your money laundering reporting officer or your money laundering compliance officer.
“Making use of the digital platform such as movebutler from iamproperty will help agents to show the evidence required as part of their compliance with AML procedures.
“Apart from identifying any potential PEP or financial sanctions positions, these procedures also include identifying the legal owner of a property, a complete risk assessment on all sellers and buyers, appropriate and timely identification checks, and that the agent has kept accurate records.
“It is important that agents are able to show they have performed their due diligence and taken the necessary steps should they find themselves dealing with an individual or entity that appears on the sanctions list.”
Charities doing good works in Ukraine
Beyond abiding by sanctions, you can help Ukraine’s people by donating to one of the many charities doing good works on the ground.
Over Christmas, journalists from the Kyiv Independent – a reputable English-language news team in Ukraine – pulled together an extremely useful list of organisations that are helping those in need in the war zone.
Here’s that list, organised by what specific needs each charity focuses its efforts on (as compiled by a helpful Reddit user here):
Charities that help the war effort
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Save Life: This NGO crowdfunds non-lethal military equipment, such as thermal vision scopes & supplies it to the Donbas front lines. It also provides training for Ukrainian soldiers, as well as researching troops’ needs and social reintegration of veterans.
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Donbas SOS: This organization helps those who live in the Donbas war zone, those who relocated to other parts of Ukraine, and freed prisoners of war. It offers legal support, accommodation assistance, and psychological aid among other things.
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Crimea SOS: This organization has been helping internally displaced people from Crimea since Russia occupied the peninsula in 2014. It documents Russian authorities’ repressions against Crimeans and advocates for the end of the occupation.
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Hospitallers : This is a medical battalion that unites volunteer paramedics and doctors to save the lives of soldiers on the frontline. They crowdfund their vehicle repairs, fuel, and medical equipment.
Charities that help children
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Tabletochki: This foundation has been supporting children with cancer for 10 years. They procure medicines, equipment, and arrange overseas treatment, among other things.
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ChildrenWeWillMakeIt: This movement grew out of a campaign that raised $2 million to get the world’s most expensive medicine for a Ukrainian boy with spinal muscular atrophy. It now fundraises for the treatment of other Ukrainian children with SMA.
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Ruka ob Ruku: This is a running club for children with disabilities. The initiative gives children an opportunity to train and take part in races together with their parents and volunteers.
Charities for the elderly
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Happy Old: This charity provides older people across Ukraine with groceries and medicine, holds educational, entertainment, and sports events, as well as helps with employment. They even created a modeling agency for the elderly.
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Let’s Help: This charity cares for older people living alone and helps state retirement homes. They also advocate for better treatment of older people by the state, including providing people aged 60+ with easy access to education.
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Starenki: It’s a charitable initiative devoted to issues of old age in Ukraine. They help lonely seniors by providing them with groceries and hygiene products.
Charities that help women
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Women Perspectives: This organization has been helping women who have faced domestic violence, discrimination in the labor market, and other issues. The NGO works with local and state authorities to promote pro-equality gender policies in Ukraine.
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Marsh Zhinok (Women’s March): Every year, on March 8, this initiative holds a rally promoting gender equality and the protection of women from gender-based violence. Currently, the organization is petitioning for Ukraine to adopt the Istanbul Convention.
Charities for blood donation
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Blood Agents: It is an NGO that promotes regular, conscious and gratuitous blood donations. They have encouraged people to donate blood over 5,000 times over the past six years.
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Donor UA: It is an automated system for recruiting and managing blood donors, designed to promote the donor movement in Ukraine. You can help by signing up and donating blood or by supporting the project with money donation.
Charities for animals
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Sirius: Is the largest shelter for stray animals in Ukraine established in 2000. Its capacity is over 3,000 animals. The institution crowdfunds for animal feed, veterinary drugs, construction and repair of enclosures, and other needs.
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Happy Paw: Is a charity dedicated to solving the problems of homeless animals in Ukraine. The charity helps owners find lost animals, sterilizes domestic animals of people in need & holds lectures on humane treatment of homeless animals for schoolchildren.
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UAnimals: Is a movement for protecting animals from exploitation & abuse. The organization managed to achieve a ban on animal circuses & persuaded many designers participating in Ukrainian Fashion Week to abandon natural fur.
Charities for the environment
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Ukraine Without Waste: It is a Ukrainian non-profit promoting the practice of sorting household waste. They educate companies on how to go green at their offices, and hold lectures for the wider public.
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Laska: It’s a chain of two charity stores in Kyiv that promote conscious shopping. They accept donated clothes, resell 15% of them, and send the rest to orphanages, homes for the elderly and centers for people with disabilities.
Charities for the homeless
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Help the homeless: This initiative supports homeless people & the elderly in need, by providing them with free meals, medicine, hygiene products, clothes & shoes. Launched by a group of volunteers in 2016, the organization has been relying on crowdfunding.
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Suka Zhizn: This organization grew big from a 2017 Instagram account launched to tell stories of homeless people. Now volunteers provide various support to the homeless: employment, sorting out documents, searching for relatives & legal counseling.
Charities for investigative journalism
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Slidstvo: Is an independent agency launched in 2012 that produces award-winning documentaries exposing corruption. They have investigated mismanagement of prisons, fraud, money laundering at PrivatBank & the assassination of journalist Sheremet.
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UKRPravda News: Founded in 2000 by Gongadze, a prominent journalist who was killed the same year, this publication is among the most influential in Ukraine. The reporters break political scoops and unmask officials who abuse their power.
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Zaborona Media: This is an independent media outlet founded by journalists. They investigate topics such as violations of Ukrainian workers’ rights in the Middle East, arms trafficking, and corruption in the construction sector.
Charities that preserve Ukrainian cultural heritage
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Parkhomivka Museum: The museum, located in a small village in eastern Kharkiv Oblast, is an 18th-century villa that offers a permanent collection of exhibits by artists as iconic as Picasso, Malevich & Manet. You can support it by coming & buying a ticket.
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Save Kyiv Modernism: Is a movement that unites architects, designers and activists who advocate for the protection of the remarkable Soviet modernist structures across Ukraine.
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FrankivskToCareAbout: Is a movement for the preservation of architectural heritage in the western city of Ivano-Frankivsk. Founded in 2016, the initiative renovates old wooden doors of the city’s ancient buildings.
Charities helping with covid
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Svoyi: Svoyi gives free oxygen concentrators to people who contracted COVID & can’t be hospitalized due to personal circumstances or when hospitals are overflowing. It also helps those discharged too early in favour of patients in more serious conditions.
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Monsters, Inc.: This organization is based in Odesa and provides emergency medical aid to people living in the region. They also help COVID hospitals, procuring medicines and equipment.
You call also donate to The Kyiv Independent via Patreon or Gofundme.
