The insider view on worldwide sanctions enforcement
In its second action targeted at a cryptocurrency exchange this year, OFAC highlighted that virtual currency companies must invest in sanctions controls that monitor account activity throughout their lifespan.
The Turkish government said the DOJ’s prosecution of Halkbank has strained political ties between the two countries, describing the US criminal case as “a demeaning move against Türkiye’s dignity”.
Panellists at GIR’s recent sanctions and anti-money laundering conference delved into the challenges presented by various sanctions regimes and discussed how and why companies seem more willing to do business in Ukraine since Russia’s invasion.
The associate director of compliance and enforcement at the US Treasury Department’s office of foreign assets control said that his office is seeking public input on potential changes to enforcement guidelines from …
The Ohio State University has agreed to pay $875,000 for failing to disclose a professor’s affiliations with a foreign government while receiving research funds from various US organisations.
The US Justice Department has accused Quadrant Magnetic and three of its top executives of sharing sensitive military data with a Chinese company.
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GIR has obtained the guiding principles that the UK’s tax and customs agency uses to resolve criminal investigations into companies accused of violating export restrictions.
Experts are concerned by the anonymous HMRC settlement. “The fact it’s such a high figure indicates two things: One, it’s pretty damn serious. Two, if it had gone to a criminal trial the fine could have been a lot more,” said one former prosecutor.
Lawyers are fielding more requests than ever from clients wanting to prove they should be removed from sanctions risk databases. “It’s almost as bad as actually having been sanctioned,” one attorney said.
Companies complying with US sanctions focused on China’s Xinjiang region have faced a local media backlash. Lawyers say the retaliation puts multinationals at a crossroads.
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