In blacklisting it as ‘transnational criminal organization’, OFAC puts little known Canadian payment processor in dubious company
November 18, 2016
By Daniel Calloway, Legal Content Writer, SanctionsAlert.com
It's really dangerous for a financial institution to operate as a third party conduit for fraudsters. That appears to be one lesson from the recent placement on a “do not touch” list by Treasury’s Office of Foreign Assets Control (OFAC) of Pacnet Group.
On September 22, 2016 OFAC designated the Vancouver-based PacNet Group as a so-called ‘significant transnational criminal organization.’ (more…)
September 9, 2016
By Anna Sayre, Legal Content Writer, SanctionsAlert.com
On July 1, 2016, the Western powers agreed to further extend sanctions imposed on Russia until 31 January 2017, much to the chagrin of certain international companies and exporters. For them, continued sanctions against Russia means further potential decreases in their sales revenue as well as unwelcome restrictions on their investment opportunities. While Western sanctions have certainly taken a toll on Russia’s economy in the past few years, Western companies have not escaped unscathed. (more…)