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
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
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,
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
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
According to a report from CyberNews, data from 500 million LinkedIn users has been scraped and is for sale online. IDs, names, email addresses and more personal details are part of the massive database of stolen data, which could be used to launch additional attacks on LinkedIn and its users.
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
Terrorist attacks on oil and gas installations in Mozambique began on March 24, 2021, when Insurgents attacked Palma, a town 10 km from the $20 billion gas development by Total in Mozambique, the biggest of its kind in Africa. The attacks have led to the death of several people forcing
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
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
The summit is a call to action for African political leaders, policymakers, regulatory authorities, leading bilateral/multilateral development finance institutions; private equity and impact investments funds; banks and other financial institutions to come together reflect on these issues, and share their insights on the prospects of ESG and financial crime compliance in supporting growth and development of the African continent.
Our annual summit creates the opportunity for African institutions, regulatory bodies and governments to reposition firmly as vanguards of the policy environment and, in so doing, purposefully change the narratives around investment risk in Africa.
This is an opportunity for our attendees to access African expertise and gain clarity on investment risks and mitigations of the African markets.