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…)
February 6, 2020 By: Natasha Bright, ACSS Reporter
Last November a group of former US government officials and academics sat down for a wargaming exercise entitled “Digital Currency Wars: A National Security Crisis Simulation” hosted by the Harvard Kennedy School and Belfer Center for Science and International Affairs in Cambridge, Massachusetts.
The Good, the Bad, and the Ugly: The Unintended Consequences of Sanctions from a Population Perspective
August 09, 2019 By: Glenda Juliano*, CAMS
The U.S. currently maintains economic sanctions against many countries. Frequently criticized and often viewed as a paradox of U.S. foreign policy, economic sanctions are nevertheless quickly becoming the tool of choice for many countries. Sanctions are so popular in fact that many states and municipalities within the U.S. have also begun to implement their own sanctions regimes. In 2000, the U.S. Supreme Court unanimously held in Crosby v. National Foreign Trade Council that a Massachusetts law restricting state transactions with firms doing business in Burma was preempted by federal statute.
March 21, 2019 By: Anna Sayre, Legal Content, ACSS
If compliance officers were expecting a softening of Ukraine-related sanctions against Russia, they may be in for an unpleasant surprise. Recent times have only exposed new efforts to punish Moscow for its hostile actions, which may increasingly complicate the day-to-day jobs for compliance suites.
SanctionsAlert.com Summer Sanctions Round Up
September 5, 2018
U.S. Cracks Down on Russia with Global Magnitsky Regulations and New Sanctions
As of June 29,2018, the Global Magnitsky Sanctions Regulations (31 CFR part 583) took effect on the Federal Register. These regulations implement the Global Magnitsky Human Rights Accountability Act (or U.S. Global Magnitsky Act) as well as Executive Order 13818 of December 20, 2017.
SanctionsAlert.com Sanctions Round Up
March 27, 2018
North Korea Generates $200 Million in Illicit Revenue and Continues to ‘Flout’ International Law - UN Report Claims
On March 5th, the United Nations (U.N.) Panel of Experts released its Report on North Korea sanctions pursuant to U.N. Security Council Resolution 2345 (2017) (the Report). The 298-page document details numerous examples of efforts by North Korea to evade U.N. sanctions and claims that the country has earned $200 million in 2017 concealing the origin of illicit exports. (more…)