OFSI, part of the HM Treasury, working toward ensuring that financial sanctions are properly implemented and enforced in the UK, has updated numerous financial sanctions that are currently in force. The recent updates are for financial sanctions in the following regions and industries: ISIL/Da’esh and Al-Qaida Organizations Nicaragua Venezuela Central African Republic Ukraine – Sovereignty and Territorial Integrity Syria Libya … Continue Reading
In October 2018, the EU decided to amend its list of sanctioned entities and persons in the following countries: Burundi, Guinea and North Korea. Further, the European Commission added new persons to sanctions directed against the ISIL (Da’esh) and Al-Qaida organizations, and removed restrictions imposed on one Iraqi entity. The up-to-date consolidated list of all entities and people subject to EU … Continue Reading
In July, following decisions of the Sanctions Committee of the United Nations Security Council, the European Commission lifted the freeze of funds and economic resources sanctions imposed on certain Iraqi entities, including some state owned enterprises (Commission Implementing Regulation (EU) 2018/979, Commission Implementing Regulation (EU) 2018/1025 and Commission Implementing Regulation (EU) 2018/1066).… Continue Reading
The Office of Financial Sanctions Implementation (OFSI), which is part of HM Treasury and works to ensure that financial sanctions are properly implemented and enforced in the UK, has updated a number of financial sanctions currently in force. The recent updates are as follows: Financial sanctions, Libya; Financial sanctions, Ukraine (Sovereignty and Territorial Integrity); Financial sanctions, North Korea (Democratic People’s … Continue Reading
Effective 28 December 2017, US Treasury’s Office of Foreign Assets Control (OFAC) amended the Iraq Stabilization and Insurgency Sanctions Regulations, 31 CFR part 576, to implement Executive Order (EO) 13668 (“Ending Immunities Granted to the Development Fund for Iraq and Certain Other Iraqi Property and Interests in Property Pursuant to Executive Order 13303, as amended”). … Continue Reading
On 23 June 2017, the Financial Action Task Force (FATF) published information identifying jurisdictions with deficiencies in their antimoney laundering and counter-terrorist financing regimes. In response to this published information by the FATF, in its advisory notice, HM Treasury advises firms to consider North Korea and Iran as high-risk jurisdictions for the purposes of the Money Laundering Regulations 2007, and … Continue Reading
The EU has de-listed Medical City Establishment and State Company for Drugs and Medical Appliances from its sanctions against Iraq. The changes implement a UN decision to de-list them at the end of 2016. Commission Implementing Regulation (EU) 2017/44 amends Council Regulation (EC) 1210/2003.… Continue Reading
The EU has removed 19 entities from its sanctions targeting Iraq, which apply to the previous government of Iraq and related people and entities covered by the freezing of funds and economic resources that were located outside Iraq on 22 May 2003. This implements a UN decision to de-list the entities from UN sanctions on 16 September 2016. Commission Implementing … Continue Reading
