North Korea – Money Laundering Designation. Last week, the U.S. Department of the Treasury designated North Korea as a jurisdiction of “primary money-laundering concern” under Section 311 of the USA Patriot Act on Wednesday. This will allows Washington to further limit North Korea’s access to the U.S. financial system. Under the new designation, non-U.S. banks … Continue Reading
Congress reconvened last Monday after a week-long recess for the US Thanksgiving holiday. There are several priority – or “must pass” – bills facing lawmakers. Only a limited number of legislative working days, however, remain before the first session of the 114th Congress concludes, which is expected to be no later than 18 December 2015.… Continue Reading
Due to a short work week last week in observance of the US Thanksgiving holiday, below is a lighter than usual version of Trade Talk. Congressional Priorities for the Remainder of 2016. The U.S. Congress is in recess this week, in observance of the Thanksgiving holiday. Both chambers will reconvene on Monday. When Congress returns it … Continue Reading
OFAC announced settlement agreements with Crédit Agricole Corporate and Investment Bank (CACIB) and Banco do Brasil for apparent violations of US sanctions. CACIB agreed to pay a total of US$787.3 million in criminal and civil financial penalties, which included penalties assessed by multiple government authorities, in connection with thousands of apparent violations of US sanctions. … Continue Reading
