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Enforcement

Articles

UK Enforcement Update: OFSI Shows its Teeth as Penalties for Sanctions Violations Jump into the Millions

July 18, 2020
By: Daniel Martin, Partner, HFW*

After a slow start, the U.K. sanctions authority - The Office of Financial Sanctions Implementation (OFSI) - has now begun to show its teeth. However, having seen the size of the penalties imposed by OFAC in the last ten years, sanctions compliance suites should not be at all surprised to see the U.K. now taking a leaf out of the U.S. sanctions enforcement book. (more…)

Six Compliance Lessons for Non-Banks from Recent OFAC Enforcement Actions

April 20, 2020
By: Jack Walsh, Reporter, ACSS

Recently, the Office of Foreign Assets Control, or OFAC, has heightened its focus on industries outside the financial sector. The vast majority, over 70 percent of enforcement actions announced by OFAC in 2018 and 2019 targeted non-financial institutions. This trend continues into 2020 with the agency’s three enforcement actions to date targeting a lobbying firm, a maritime shipping company and a service provider for the civilian air transportation industry. (more…)

A Tough Cop in a Bad Neighborhood: Singapore’s Sanctions Regimes, Regulatory Authorities, and Areas of Concern for International Business

March 2, 2020
By: Jack Walsh, Content Writer, ACSS

From a regulatory perspective, Singapore is an intriguing case study.  On the one hand, the country is a financial and transportation hub for a region that is rife with transnational security threats. It serves as a major commercial nexus for business originating in countries under heavy international sanctions, including Iran and North Korea.  Shipping firms, trading houses, and financial intermediaries based in Singapore have long been key conduits of sanctions-busting schemes.

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OFSI’s New Teeth: Sanctions in the Wake of ‘Brexit’ and Actions Taken by the UK Regulator (So Far)

February 27, 2020 By: Anna Sayre, CSS, Director of Content at ACSS

On January 31, 2020, the U.K. Parliament finally cut ties from the E.U. after two years of grueling debates and discussions in Brussels, signaling a chance for Britain to break away from the E.U. sanctions that it has most dutifully applied for decades. Though itis almost certain that the U.K. will continue to apply most E.U sanctions, it is also looking likely that the U.K. will instill a new sanctions regime of its own, perhaps more closely matching that of its American cousin across the pond.

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