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Articles

EU and US Lock Horns While Putting Pressure on Iran

March 17, 2020
By: Natasha Bright, Content Writer, ACSS

Both the European Union and the United States consider Iran to be a threat to the region and the world. One of the tactics that both jurisdictions take to limit Iran’s power is to isolate the country from the global economy. In 2015, Iran entered into the Joint Comprehensive Plan of Action (JCPOA), a nuclear accord whereby Iran promised to curb movement toward the development of a nuclear weapon in exchange for the easing of sanctions.

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Business with Iran Through INSTEX: The Viability of Europe’s New Economic Trade Mechanism

June 12, 2019 By: Anna Sayre, Head of Legal Content, ACSS

In early 2019, despite U.S. sanctions to the contrary, Germany, France and the U.K. (also known as the ‘E3’) joined together to set up INSTEX: a new payment channel to facilitate trade with Iran. Though a bold move in theory, any effort on the part of the E.U. to continue trade with Iran could only serve to ruffle Washington’s feathers.

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Wake Up To Sanctions

SanctionsAlert.com Sanctions Round Up
May 30, 2018

FinCEN CDD Rule Comes into Effect; FFIEC Issues Guidance for Compliance Suites, including for OFAC Officers

On May 11, 2018, exactly two years after being issued, the Financial Crimes Enforcement Network (“FinCEN”)’s implemented its new Customer Due Diligence (CDD) Rule. This CDD rule enhances CDD requirements and also adds a new requirement for financial institutions to identify, and verify the identity of, the beneficial owners of certain legal entity customers.

OFAC Compliance Officers should take notice, as US Treasury expects financial institutions to use beneficial ownership information not only to comply with AML requirements, but also for compliance with the OFAC regulations.

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Wake Up To Sanctions

SanctionsAlert.com Sanctions Round Up
November 17, 2017

EU removes FARC from terrorist list; imposes first set of sanctions on Venezuela

On November 13, 2017, the E.U. removed Colombian guerilla group FARC from its terrorism sanctions list following its disarmament and re-launch as a political party. Earlier, in September 2016, the E.U.had suspended its terrorism sanctions on FARC in recognition of the peace agreement signed between FARC and the Colombian government.

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Between a rock and a hard place: How to ensure sanction compliance when operating a facility in a sanctions-targeted country

June 13, 2017
By Simon Hirsbrunner and Alice Lauterjung

The recently reported resignation of cement manufacturer LafargeHolcim’s CEO has thrown a spotlight on the risks of operating commercial activities in countries targeted by economic sanctions. Without drawing any conclusions on the legal qualification of LafargeHolcim’s conduct in the specific circumstances, the following provides an overview of the principal issues at stake in this case. (more…)

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