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Economic Sanctions
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US Treasury sanctions Georgian officials and extremists for serious human rights abuse
Targets two Georgian government officials associated with brutal crackdowns on peaceful protestors and political opponents, and two private Georgian citizens that are responsible for or complicit in, or have directly or indirectly engaged in violently suppressing the exercise of the freedom of peaceful assembly of Georgians engaged in the democratic process and peaceful expression.
EU Council extends individual sanctions related to Russia’s war of aggression against Ukraine and violations of territorial integrity for an additional 6 months
The existing restrictive measures provide for travel restrictions for natural persons, the freezing of assets, and a ban on making funds or other economic resources available to the listed individuals and entities. Sanctions will continue to apply to over 2200 individuals and entities, many of which are targeted in response to Russia’s ongoing unjustified and unprovoked military aggression against Ukraine.
OFAC issues the interim final rule to amend the Reporting, Procedures and Penalties Regulations extending recordkeeping requirements for certain transactions from 5 to 10 years
The burden of the recordkeeping requirement imposed by this rule is minimal because the records required to be maintained are likely maintained under standard business practice. The recent increase in the recordkeeping period to 10 years from five years could impose a temporary incremental burden on recordkeepers while they update their recordkeeping practices and adjust storage requirements to maintain records for a longer period of time…
US Treasury sanctions Cambodian tycoon and businesses linked to human trafficking and forced labor in furtherance of cyber and virtual currency scams
Action targets Cambodian businessman Ly Yong Phat (Ly), his conglomerate L.Y.P. Group Co., LTD (L.Y.P. Group), and O‑Smach Resort for their role in serious human rights abuse related to the treatment of trafficked workers subjected to forced labor in online scam centers.
US Treasury targets Venezuelan officials aligned with Nicolas Maduro in response to electoral fraud
16 Maduro-aligned officials designated, who obstructed a competitive and inclusive presidential election process in Venezuela and violated the civil and human rights of the people.
US DoJ has seized an aircraft used for violating export control and sanctions laws
The U.S. seized a US $13 million aircraft allegedly smuggled for violating export controls and sanctions. Officials stressed that no aircraft for sanctioned Venezuelan figures can escape enforcement. The seizure aided by Dominican authorities, highlights the US government’s commitment to enforcing sanctions and reclaiming illegal assets…
OFSI updates the UK financial sanctions guidance and webinars to help understand how to comply with UK financial sanctions
Financial sanctions come in many forms as they are developed in response to a given situation. The most common types of financial sanctions used in recent years are: Targeted asset freezes: these apply to named individuals and entities restricting access to funds and economic resources. Someone subject to an asset freeze in the UK will be listed on OFSI’s Consolidated list…
US Treasury targets oil and LPG smuggling network that generates millions in revenue for Hizballah
The network, comprised of Lebanese businessmen and companies and overseen by a senior leader of Hizballah’s finance team, has facilitated dozens of LPG shipments to the Government of Syria and channeled the profits to Hizballah.
BBC: The UK has suspended all flights to Iran as allied nations intensify sanctions
The US, UK, France, and Germany have imposed new sanctions on Iran for supplying ballistic missiles to Russia for use in Ukraine. These sanctions include restrictions on Iran Air’s flights to the UK and Europe as well as travel bans and asset freezes on Iranians linked to military support for Russia. US Secretary of State during his visit to London revealed that Iranian-trained Russian forces could deploy short-range ballistic missiles against Ukraine…
US Treasury designates actors facilitating Iran’s transfer of lethal aid to Russia
Targets ten individuals and six entities based in Iran and Russia and identifies four vessels as blocked property that are enabling Iran’s delivery of weapons components and weapons systems, including unmanned aerial vehicles (UAVs) and close-range ballistic missiles (CRBMs), to Russia.
OFSI issues an advisory to stakeholders on compliance risks with UK and UN sanctions concerning North Korean workers fraudulently obtaining remote IT jobs to support regime activities
This advisory provides detailed information on DPRK IT workers as well as associated red flags and mitigations to assist stakeholders in better understanding and protecting against this threat…
OFAC issued an alert to warn foreign jurisdictions and FIs about Russia’s attempts to evade sanctions by opening new overseas branches and subsidiaries of Russian FIs
Foreign regulators and financial institutions should be cautious about the establishment of, or any dealings with, new overseas branches or subsidiaries of Russian financial institutions, including new branches or subsidiaries of Russian financial institutions that are not themselves sanctioned.