A UK minister’s decision to shrink Standard Chartered’s penalty for illegally extending loans to a Russian-owned bank has raised questions about government oversight of sanctions enforcement.
Jay Bratt, the chief of the counterintelligence and export control section of the Justice Department’s national security division, spoke to GIR about China-led economic espionage, covid-19 and the progress of the department’s new voluntary disclosure programme.
The bank’s new lawyers said they want “to turn over a new leaf” in the highly-politicised case.
The UK’s main sanctions enforcer, OFSI, has fined UK bank Standard Chartered £20.47 million for executing loans to a Russian-owned financial institution in breach of EU trade restrictions.
A US citizen suing Amazon for taking advantage of land confiscated by the Cuban government has submitted extra evidence in a push to revive his lawsuit against the online retailer.
The head of the US Commerce Department’s export control division has told an administrative court to re-examine a $31 million fine it handed to an Estonian shipping company over dealings in Iran.
Companies operating in the Netherlands face an increased risk of penalties for sanctions and export control violations as authorities in the country develop an appetite for enforcement.
An appeals court in New York has upheld the conviction of the former CEO of Global Metallurgy for knowingly exporting cobalt alloy powder to Iran in breach of US sanctions.
The Dutch government has said it expects companies to implement procedures to prevent their products from being used to violate human rights abroad.
The chief of the US Justice Department’s counterintelligence and export control section has alluded to an updated policy on how companies are expected to report misconduct.
The small office of lawyers within the US Treasury Department that scrutinises all sanctions activity has lost its second-in-command, as the drain of institutional knowledge persists under President Trump.
For corporate victims of trade secret theft, the decision of whether to inform the US government is simultaneously the most important and most complicated.
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