Latest News about Sanctions

U.S. Constitution reference to ‘Marque and Reprisal’ presaged sanctions today, laid foundation with pirates as protagonists

By: Kenneth Barden *
Date: April 20, 2016

A little-noticed provision of the United States Constitution established the foundation for the economic sanctions in force today. Article I, Section 8, of the Constitution authorizes Congress, “To… grant Letters of Marque and Reprisal …;” , Thus empowering the legislative branch to authorize private parties to seize and hold assets of foreign enemies. This grant of authority played an important role in the early days of the new nation and helped the U.S. combat foreign aggression. (more…)

Growing personal liability for compliance officers for regulatory lapses may be invading C Suite

Date: April 20, 2016

The crackdown by regulators worldwide to hold individuals accountable for the regulatory failings of the financial institutions where they work is gaining momentum. Regulators are increasingly emphasizing the importance of imposing liability on individuals who work at financial institutions at all levels, especially when their misconduct is intentional and knowingly carried out. (more…)

‘Special measures’ are a distinct type of sanctions imposed by FinCEN, an OFAC sister agency at Treasury

Date: April 15, 2016

The United States sanctions regime is not localized exclusively in the US Treasury Department’s Office of Foreign Assets Control. That’s one reason why sanctions compliance officers have a tough job. They must not only keep up with the sanctions programs announced by the president and enforced by the Treasury Department. They must also solely, or in conjunction with fellow compliance officers in the anti-money laundering wing of the organization’s compliance department, comply with “Special Measures” that the same Treasury Department imposes routinely under Section 311 of the USA Patriot Act. (more…)

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