Sanctions
The College is not able to accept payment from a sanctioned country or person. This includes the country of origin.
What are Sanctions:
- Definition – Sanctions are political trade restrictions put in place against designated countries/territories, or designated persons (individuals or entities), with the aim of maintaining or restoring international peace and security.
Sanctions have been used since 1812 (USA)
- Constantly changing – they are not static – people, entities and countries can come on and off the lists, e.g. Russia constantly increasing, Tunisia moved off UK list December 2020
- Differ across jurisdictions – the UK regime is not the same as the US regime, for instance there are sanctions on Cuba from the US, whereas UK government has none.
Below are links to the Sanction list of Countries:
UK Sanctions List – Financial sanctions targets by regime – GOV.UK
US Sanctions List – Sanctions Programs and Country Information | Office of Foreign Assets Control
EU Sanctions List – data.europa.eu
Money Laundering
The College is dedicated to ensure they and their students do not fall foul of money laundering. We are a cashless site, not accepting cash for any transactions, plus there are other measures in place.
What is Money Laundering?
Definition of Money Laundering:
“Exchanging money or assets that were obtained criminally, for money or other assets that are ‘clean’. The clean money or assets don’t have an obvious link with any criminal activity. Money Laundering also includes money that’s used to fund terrorism; however, it is obtained.”
Legislation:
- Proceeds of Crime Act 2002 (amended by Serious Organised Crime and Police Act 2005)
- Terrorism Act 2000 (amended by Anti-Terrorism Crime and Security Act 2001, and Terrorism Act 2006)
- Money Laundering Regulations 2017
- Criminal Finances Act 2017
Concealing = knowing or suspecting a case of money laundering, but concealing or disguising its existence.
Arranging = becoming involved in an arrangement to launder money, or assisting in money laundering.
Acquisition, use of possession = benefiting from money laundering by acquiring, using or possessing the property concerned.
Third party offence = failure to disclose one of the three offences detailed above.
You can further and more detailed information on the University website by following clicking here. SSO sign on is required to access this page.
