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sanctions

Below is a notice from FinCEN, the USA's Financial Intelligence Unit. But there's a subliminal message. It's issued out of the FinCEN distribution system but it makes it very obvious that FinCEN is part of Treasury. And, as we know, you don't mess with Treasury, ergo you don't mess with FinCEN.

The actual subject is scary, too.

CoNet Section: 

Deutsche Bank will, in the not too distant future, become a cause of study in universities, colleges and business schools across the world. It will become the iconic example of how not to run a bank.

Publication: 

Essentra FZE Limited, a manufacturer of cigarette filters and tear tape has agreed to forfeit USD 665,112 in respect of "apparent" breaches of US sanctions relating to North Korea. Essentra is a company registered in the United Arab Emirates with no physical presence in the USA.

The USA describes it as "egregious."

Publication: 

This is the full text of the UK's initial sanctions list published 6 July 2020, segregated into topics. We have also reproduced the UK's statement about the status of sanctions.

See here for commentary.

Publication: 

The USA and Israel are the two most prominent countries which refuse to recognise the International Criminal Court. But the International Criminal Court takes action where it finds it. And US President Trump doesn't like it when US Citizens are affected. Now he's taken the remarkable step of issuing an Executive Order on 11 June 2020 applying sanctions to those involved in the Court. And he's declared a national emergency.

Publication: 

According to a statement issued by the USA's Office of Foreign Assets Control (it's primary financial and economic sanctions department which also investigates and takes action in respect of breaches) says this "Between approximately March 26, 2015 and May 19, 2015, American Express Travel Related Services Company (“Amex”) issued a prepaid card to, and processed 41 transactions totalling $35,246.82 on behalf of, Gerhard Wisser,a Specially Designated National (SDN)."

Publication: 

Open General Licences - clarification on recent changes by the Export Control Joint Unit.

Webinar : 16 March at 11:00 GMT.

Publication: 

If you are issuing a notice about technology, the least you can do is make sure your own tech works when recipients click on a link in the notice.

CoNet Section: 

OFAC has issued a "Finding of Violation" in respect of breaches of the Global Terrorism Sanctions Regulations relating to the maintenance of Iranian-owned aircraft. The subject of the order no longer exists but OFAC has proceeded anyway.

Publication: 

Washington 5 December 2019 – Today the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) took action against Evil Corp, the Russia-based cybercriminal organization responsible for the development and distribution of the Dridex malware.

BIScom Subsection: 

The USA's cyber-security agency, US-CERT, has issued an alert relating Dridex Malware which targets the financial sector. It follows work by various government departments including FinCEN.

FCRO Subsection: 

If we take out the hyperbole inherent in American notices (e.g. "violation" instead of "breach" and the profligate use of words like "egregious") we get to a nitty gritty that is a stone in the shoe, a thorn in the side or any one of a dozen bon mots that indicate how and why compliance officers need to be abreast of principles more than data. One has to feel some sympathy with State Street. The case also have implications for citizens of one country living abroad, especially pensioners.

Publication: 

The UK's Department for International Trade has issued a new, contingency version of the Open General Export Licence (OGEL) for dual use goods exported to countries within the UK.

The bringing into force of the new licence is contingent upon the UK leaving the European Union without a deal. If there is a deal, the existing arrangements will continue at least during the transitional period. However, there is something odd going on..

Any business that does business in or via the USA, including doing business in US Dollars is subject to US sanctions law. The USA frequently punishes foreign businesses which it says has breached its sanctions law. While the media focus is usually on action against UK and EU banks, the simple fact is that successful actions have been brought against, even, individuals buying and selling goods via eBay. So, when the US Treasury says "this is how to design your compliance system," it makes a great deal of sense to pay attention. Yesterday, that's what it said. So pay attention.

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