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Economic Sanctions

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FinCEN issues an Alert exposing procurement networks supporting Iran’s commercial aviation industry, providing FIs with indicators to detect and report related transactions linked to IRGC & its proxies

September 8, 2026

Issued alongside OFAC’s aviation-sector sanctions, the alert is intended to support the identification and reporting of financial activity associated with networks procuring goods for Iranian airlines. FinCEN links these procurement structures to Iran’s efforts to circumvent restrictions and to aviation activity supporting the Islamic Revolutionary Guard Corps and its proxies…

OFAC sanctions 36 entities and Individuals supporting Iran’s aviation sector and the procurement networks used to obtain aircraft and sensitive technology

September 8, 2026

The designations target Iranian airlines alongside front companies, foreign intermediaries and trans-shipment networks operating across multiple jurisdictions. Treasury states that these networks enable Iran to procure U.S.-origin aircraft and technology and support aviation activities used to transport weapons, personnel and other cargo. The action was accompanied by a FinCEN alert intended to help financial institutions identify associated…

U.S. Treasury targets Türkiye-based Golden Global Bank for helping Iran’s IRGC-QF move tens of millions of dollars, exposing financial institutions to sanctions-evasion and ML risks

September 8, 2026

OFAC has designated Golden Global Bank and two Türkiye-based subsidiaries for facilitating tens of millions of dollars in transactions for the IRGC-QF and providing Iranian institutions with access to international correspondent banking. Treasury says the bank was established to transfer Iranian oil revenues from China to Türkiye, where money exchangers could convert the proceeds into cash and gold, and knowingly enabled transactions…

UK introduces new sectoral sanctions measures against Iran, expanding restrictions on finance, trade and transport to further constrain Iran’s nuclear programme and related activity

September 8, 2026

The measures restrict access to the UK financial system and introduce new prohibitions covering energy, software, metals, gold, shipping, insurance and banking, while also expanding controls on goods and technology linked to Iran’s nuclear and conventional weapons capabilities. The regime also strengthens powers to target ships and restricts Iranian aircraft from landing in the UK, subject to exemptions…

OFSI fines Citibank £4.73M for multiple UK financial sanctions breaches involving £19.72M in payments, flagging weaknesses in sanctions screening, alert handling and account restrictions

September 2, 2026

The breaches involved 970 payments worth £19.72 million, including transactions involving designated Russian entities and individuals. OFSI identified weaknesses in sanctions screening, alert handling, account restrictions and staff decision-making, with delays and human errors contributing to the breaches. Citibank voluntarily disclosed most of the breaches and cooperated with the investigation, receiving a 20% discount, plus a further 20%…

UK issues its first nationwide alert on Russia’s A7 sanctions-evasion network, which claims to have moved $86bn+, as OFSI doubles its maximum penalty for breaches to 100% of the breach value

August 31, 2026

The NCA and UK government have issued the first nationwide industry alert on the Kremlin-backed A7 network, detailing its use of third-country financial institutions and cross-border payment structures to circumvent sanctions and regain access to the international financial system. A7 claims to have settled more than $86bn in transactions in its first year and has also been linked to Iranian state-associated actors, with previous UK action targeting its use of…

OTSI’s 2025–26 Annual Review flags 178 potential sanctions breaches, 88% linked to Russia, with 40 cases referred to HMRC and new powers strengthening action against sanctions evasion

August 27, 2026

It reveals the growing scale and complexity of trade sanctions risks, with 178 potential breaches reported in 2025–26, around 88% linked to Russia, and 40 cases referred to HMRC for possible criminal enforcement. New powers introduced in 2026 strengthen OTSI’s ability to tackle sanctions evasion and third-country diversion, while a significant number of investigations are now at an advanced stage…

OFAC sanctions Italy-based digital activist collective Autistici/Inventati for allegedly supporting violent far-left extremist groups through digital infrastructure and services

August 26, 2026

OFAC has sanctioned Italy-based Autistici Inventati, UK-based Palestine Action and transnational group Masar Badil under US counterterrorism authorities. Treasury alleges Autistici Inventati provides vetted groups with encrypted email, hosting, communications tools and other digital infrastructure, including services to sanctioned organisations such as the PKK; Palestine Action was targeted following its UK proscription in 2025 and alleged attacks…

EU secures wider international alignment from 8 countries for new sanctions targeting Russia’s shadow fleet, banks, crypto services, oil trade and military supply chains

August 18, 2026

The Council confirmed on 18 August that several non-EU countries had aligned themselves with measures adopted under the EU’s latest Russia sanctions package. The underlying measures extend transaction bans to another 33 Russian banks and several non-Russian institutions accused of sanctions circumvention, target four financial entities and 14 crypto-asset service providers, and introduce a mechanism allowing transactions with third-country…

OFSI extends the Lukoil International General Licence to Feb 2027, expanding covered subsidiaries and adding notification requirements while keeping sanctions and asset-freezing restrictions in place

August 12, 2026

OFSI amended its Russia sanctions general licence on 12 August, broadening the definition of covered Lukoil International subsidiaries, introducing a new notification requirement for entities using the licence and extending its duration by six months. A related licence covering Lukoil’s Bulgarian businesses was also amended, with revised ownership-and-control definitions, new notification requirements and an extension until 29 October 2026…

U.S. Treasury sanctions Iran-linked crypto exchanges Shelbit and Aban Tether over alleged billion-dollar money laundering and IRGC financing

August 7, 2026

The measures target cryptocurrency businesses and associated actors alleged to have facilitated the movement of funds linked to Iran and the Islamic Revolutionary Guard Corps. The action combines counter-terrorism and Iran-related sanctions measures and highlights the continuing use of virtual-asset infrastructure in sanctions-evasion and illicit-finance networks..

EU proposes new sanctions framework to disrupt criminal networks behind scam-centre trafficking, targeting the intersection of human trafficking, cyber fraud, ML and organised crime

August 4, 2026

The proposed sanctions framework would target individuals and entities involved in trafficking, firearms and drug crime, money laundering and related cross-border criminal activity. The initiative responds partly to the growth of scam compounds that recruit victims through fraudulent job offers and then force them to participate in cyber-enabled fraud, money laundering and corruption…

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