On 12 May 2021, Advocate General Hogan issued his opinion in the first case by the Court of Justice of the European Union (CJEU) considering the Blocking Regulation. The Opinion, in Case C-123/20 Bank Melli Iran v Telekom Deutschland GmBH [2018], sets out proposals for how the CJEU should respond to
UK launches new anti-corruption sanctions regime
On 26 April 2021, the UK government announced a number of designations under its new global anti-corruption sanctions regime, which is designed to stop “those involved in serious corruption from entering and channelling money through the UK” (see press release).
Under the Global Anti-Corruption Sanctions Regulations 2021 (SI 2021 No. 488) the
US Issues Sanctions Guidance for International Maritime Operators – Five Key Points
On 14 May 2020, following engagement with the private sector, including UK based insurers, the U.S. Government issued new sanctions guidance for international maritime operators. The intent of the guidance is to provide those in the maritime industry, energy and metals sectors with further information and tools to counter current and emerging trends related to
UK Syria sanctions: OFSI turns to enforcement in telecoms sector
On 28 October 2019, the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, announced a £146,341 fine against Telia Carrier UK Limited (Telia) for indirectly facilitating international telephone calls to SyriaTel in violation of EU asset freeze sanctions against Syria (implemented in the UK under the Syria (European Union
A Framework for OFAC Compliance Commitments
Yesterday, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) published ‘A Framework for OFAC Compliance Commitments’* in order to provide organizations subject to US jurisdiction, as well as foreign entities that conduct business in or with the United States or US persons, or that use US-origin goods or services, with a framework on the essential components of a sanctions compliance program (SCP). The document* also outlines how OFAC may incorporate these components into its assessment of apparent violations and resolution of investigations resulting in settlements. OFAC strongly encourages organizations to approach sanctions compliance using a risk-based analysis by developing and updating a SCP.