News & Updates

The OFAC Has Amended TSRA & Published FAQs On Sudan Exports

On 12th April 2021, OFAC published an amended version of the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA), and four frequently asked questions (FAQs) relating to the TSRA and the Sudan and Darfur sanctions regime. The FAQs provide relevant guidance on how individuals and entities can submit

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Issuance of Amended Somalia Sanctions Regulations

OFAC has amended and reissued in their entirety the Somalia Sanctions Regulations, 31 C.F.R. part 551.  This final rule replaces the regulations that were published in abbreviated form on May 5, 2010, with a more comprehensive set of regulations that includes additional interpretive and definitional guidance, general licenses, and other

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The Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021 – UK

On 29th March 2021, The Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021 introduced a new UK list of high-risk third countries for enhanced customer due diligence requirements. The list includes the following countries: Albania, Barbados, Botswana, Burkina Faso, Cambodia, Cayman Islands,  Democratic People’s Republic of Korea, Ghana,

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The Joint Money Laundering Steering Group (JMLSG) Publishes Proposed Revisions To Sector 15 (Trade Finance) In Part II Of Its Guidance

On 14th April, The Joint Money Laundering Steering Group (JMLSG) published proposed revisions to Sector 15 (Trade Finance) in Part II of its Guidance. As part of the proposed changes, “A non-exhaustive list of broad financial crime red flag risk factors relating to transactions, customers, documents, payments and shipments are

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New US sanctions on Russia

On 15th April 2021, the US extended its sanctions on Russia. The reason for the extension is to punish Russia for its interference in the 2020 election through cyberattacks and other Russian misconducts. Opinions from the White House Fact Sheet and Treasury Press indicate the new Executive Order (“Blocking Property

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OFAC launches its review of economic & financial sanctions

On the 1st of April 2021, Deputy Secretary of the US Treasury, Wally Adeyemo, kicked off a top to bottom review of U.S. economic and financial sanctions with a meeting of thought leaders representing leading Think Tanks and Universities. He noted that sanctions remain a potent and valuable tool for

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EU’s 6th Money Laundering Directive

The 6th money laundering (6AMLD) directive has already been in effect in EU member states since the 3rd of December, 2020 however financial institutions are mandated to implement it by the 3rd of June, 2021. The 6AMLD brings clarity to specific regulatory details to close loopholes, toughen penalties, and encourage

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Shell, Eni acquitted of corruption charges in Nigeria oil case

An Italian court has cleared two global oil giants, Eni and Shell, over allegations of corruption in Nigeria. The long-running case centred on the $1.3bn (£936m) purchase of an offshore oil block in 2011. Prosecutors had alleged that the majority of the money was used to bribe Nigerian politicians and

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