Articles

Latest News about Sanctions

Maritime Shipping Compliance Guidance Focuses on Automatic Identification Systems

June 21, 2019 By: Natasha Bright, Reporter ACSS

Compliance with sanctions isn’t just a bank issue. In the past year, the Office of Foreign Assets Control has begun to focus on industries outside the financial sector including those involved in shipping. Sanctions related to Iran, North Korea and Venezuela have increased pressure on maritime trade businesses including shipping companies, insurance companies, commodities traders, associated financial institutions, and others. In response, organizations are looking for guidance and solutions to adapt to the rapidly evolving and complex compliance landscape

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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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OFAC Has Increased Its Focus on Iran; Here’s What You Need to Know

May 27, 2019 By: Natasha Bright, reporter ACSS

On the one-year anniversary of the United States withdrawal from the Joint Comprehensive Plan of Action (JCPOA), a new executive order was announced that imposes sanctions on Iran’s iron, steel, aluminum, and copper sectors. This was the latest move in the Trump administration’s “maximum pressure” campaign against Iran, which seems to have picked up speed since the beginning of this year.

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