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Economic Sanctions

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US Treasury targets large Chinese network of illicit drug producers

28 individuals and entities involved with the international proliferation of illicit drugs sanctioned, including a China-based network responsible for the manufacturing and distribution of ton quantities of fentanyl, methamphetamine, and MDMA precursors.

UK criminalizes membership in Wagner Group

The Wagner Group, its leaders and supporters, are already subject to financial sanctions in the UK. The process and criteria applied in proscribing entities are set forth in the Terrorism Act 2000.  The factors to be taken into account by the Home Secretary in electing….

Non-EU countries align with the new EU’s Iran Sanctions Framework

The candidate countries North Macedonia, Montenegro, Albania, Ukraine, Republic of Moldova and Bosnia and Herzegovina, as well as the EFTA countries Iceland, Liechtenstein and Norway, members of the European Economic Area, align themselves with this Council Decision…

Home Office updates list of proscribed terrorist groups or organisations

Russian state-funded private military company, Wagner Group, has been added to the list of proscribed organisations.

EU, UK and UN to bring UN sanctions on Iran into UK law

The UK, France and Germany (E3) announce they will transfer UN sanctions on Iran into domestic regimes and maintain existing EU/UK sanctions beyond October deadline included in nuclear deal. E3 taking ‘legitimate and proportionate’ action in response…

US Treasury targets Russian Technology Supply Chains, Military-Linked Elites and Industrial Base, and more with wide-ranging new sanctions

OFAC imposed nearly 100 sanctions on Russian elites and Russia’s industrial base, financial institutions, and technology suppliers. These wide-ranging designations demonstrate OFAC’s continued focus on individuals and entities benefiting from, supporting,…

EC publishes guidance to help European operators assess sanctions circumvention risks

This guidance note aims at providing a general overview of what EU operators need to do when conducting due diligence in their work, as required by EU law. The European Union has imposed unprecedented restrictive measures in response to Russia’s war of aggression…

US Treasury designates Hizballah operatives and financial facilitators in South America and Lebanon

This action includes Amer Mohamed Akil Rada, who in addition to his role as a senior Hizballah operative, was one of the operational members of Hizballah who carried out the terrorist attack against the Asociacion Mutual Israelita Argentina (AMIA) in Argentina in 1994 that killed 85 people. Amer and his associates manage a commercial enterprise for Hizballah, including charcoal exports to Lebanon.

Council of the EU sanctions six individuals for engaging in serious human rights violations in Crimea

The individuals listed today include prosecutors and judges active in courts established by Russia’s occupying force in illegally annexed Crimea. They took part in the politically motivated court proceedings against Vladyslav Yesypenko, a journalist who was sentenced…

FinCEN Analysis reveals trends and patterns in Suspicious Activity Potentially tied to evasion of Russia-Related Export Controls

FinCEN issued a Financial Trend Analysis (FTA) on patterns and trends contained in Bank Secrecy Act (BSA) reporting on suspected evasion of Russia-related export controls. The reports analyzed for this FTA were filed in response to previous joint Alerts on this topic…

OFSI uses its new Disclosure Enforcement power for the first time

This power allows OFSI to publish details of financial sanctions breaches, including the person/entity who committed the breaches, where OFSI decides that the breaches are not serious enough to justify a civil monetary penalty. OFSI acquired this power via the Economic Crime…

FCA reviews good and poor practice with respect to firms’ response to increased sanctions due to Russia’s invasion of Ukraine

Identifies examples of both good practice and areas for improvement under 5 key themes: governance and oversight, skills and resources, screening capabilities, Customer Due Diligence (CDD) and Know Your Customer (KYC) procedures, reporting breaches to the FCA.