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
The UK has reportedly suspended the granting of arms export licenses for Turkey in relation to weapons that could potentially be used for military operations in Syria. The suspension follows British ministers ordering a full review into Turkish arms licenses. Liz Truss, the UK’s International Trade Secretary, commented that the International Trade Department “will take into account any developments in the … Continue Reading
In response to the most recent developments in the Syrian conflict, the Council of the EU decided to halt arms exports licensing to Turkey on October 2019. This decision is based on the criterion that such exports could endanger regional stability. This decision is not a formal sanction, but it is a political declaration to which EU member states will … Continue Reading
Responding to Turkey’s actions in Syria, President Trump issued an Executive Order (EO) blocking property and suspending entry of certain persons contributing to the situation in Syria. Pursuant to the EO, OFAC added three Turkish government officials and two Turkish government agencies, the Ministry of National Defence and the Ministry of Energy and Natural Resources, to the Specially Designated Nationals (SDN) … Continue Reading
The Trump Administration issued an Executive Order (EO) on October 14, 2019, that authorized US Department of the Treasury (Treasury) and US Department of State to impose sanctions on various Turkish individuals and entities involved in the conflict in Northern Syria. The same day that the EO was issued, Treasury’s Office of Foreign Assets Control (OFAC) designated three individuals and two entities as … Continue Reading
On October 5, 2018, the US Department of the Treasury, Office of Foreign Assets Control (OFAC) announced an agreement with JPMorgan Chase Bank, N.A. (JPMC) to settle potential civil liability arising from 87 apparent violations of the Cuban Assets Control Regulations, the Iranian Transactions and Sanctions Regulations, and the Weapons of Mass Destruction Proliferators Sanctions Regulations. According to OFAC, “the transactions … 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
On 18 May, the General Court of the EU dismissed Rami Makhlouf’s annulment application for his listing on the EU’s restrictive measures targeting Syria. The General Court did so on the basis that he is a member of the Makhlouf family, has close ties to and supports the Assad regime, and is an influential businessman … Continue Reading
On 30 May, the Council adopted Decision 2017/917 that extends the EU’s sanctions against Syria until 1 June 2018, amending Council Decision 2013/255/CFSP. The sanctions impose travel bans and asset freezes against individuals supporting or associated with the Syrian regime or oppression in the country. A total of three ministers of the Syrian government have … Continue Reading
On 24 April 2017, the US Treasury Department’s Office of Foreign Assets Control (OFAC) designated 271 persons working in the Syrian Scientific Studies and Research Center to be added to the agency’s Specially Designated Nationals (SDN) and Blocked Persons List. In its press release announcing the action, OFAC attributed the Syrian Scientific Studies and Research … Continue Reading
In his first week in office, President Donald Trump signed a series of documents under his executive authorities on topics ranging from trade to national security to immigration, including on “extreme vetting” of persons from select Arab countries and establishing an indefinite ban on refugees from Syria. Speaker of the House Paul Ryan (R-Wisconsin) also … Continue Reading
The European Council has amended its sanctions against Syria in order to allow for the otherwise prohibited purchase or transportation of oil and petroleum products in Syria, where the sole purpose is to provide humanitarian relief or assistance to the Syrian population. The amendments also include a corresponding derogation from the asset freeze and travel … Continue Reading
On Friday, 20 January, businessman Donald J. Trump was sworn in as the 45th President of the United States of America. At the inauguration ceremony, President Trump stated: From this moment on, it’s going to be America First. Every decision on trade, on taxes, on immigration, on foreign affairs, will be made to benefit American … Continue Reading
President Barack Obama will travel to Chicago on Tuesday, 10 January, to deliver his farewell address to the nation. U.S. businessman Donald Trump will be sworn in as the 45th President of the United States on Friday, 20 January. Trump Transition News – Confirmation Hearings. Senate Foreign Relations Committee (SFRC) Chairman Bob Corker (R-Tennessee) has … Continue Reading
The EU Council has de-listed Tri-Ocean Energy and its subsidiary Tri-Ocean Trading from its sanctions against Syria. The de-listings arose from their successful annulment applications in the General Court of the EU in September 2016. In annulling their listings, the Court said that the Council had not properly identified the two entities, and had not … Continue Reading
The EU Council has imposed sanctions on 18 Syrian ministers, as well as the Governor of the Central Bank of Syria, for being “responsible for the violent repression against the civilian population” in Syria or benefitting from or supporting the Syrian regime. These new listings bring the total number of people and entities subject to … Continue Reading
The EU Council has renewed the EU sanctions against Burundi until 31 October 2017. The sanctions include travel bans and asset freezes against four people whose activities are deemed to be undermining democracy or obstructing the search for a political solution to the crisis in Burundi. The EU Council’s press release stated that the absence of progress in the situation … Continue Reading
The U.S. Congress returns to Washington on Tuesday after a six-week recess. On Monday, Senate Foreign Relations Committee (SFRC) Chairman Bob Corker (R-Tennessee) issued a statement on the perceived lack of strong U.S. leadership, setting the stage for potentially-increased Republican oversight this fall: Just as we saw our allies in Europe dissing us over the … Continue Reading
G-7 Leaders’ Declaration. The G-7 Leaders’ Declaration issued on Friday from Ise-Shima, Japan, touched on topics such as the global economy, trade, maritime security, cyberspace, anti-corruption, infrastructure, global health challenges, climate change and female empowerment. The Leaders advocated TPP member states ratify the agreement, while also addressing the global excess steel capacity issue, government subsidies … Continue Reading
The changes include the revision of the goods schedule to reflect, amongst other things, goods due to be decontrolled following regime meetings in 2015 and changes to the EU Dual-Use List in December 2015. Russia and Syria have now been added to the excluded destinations list and some terms and conditions have also been modified. Dependent on whether goods … Continue Reading
A British citizen was extradited from the UK to the US in connection with charges that he conspired with his brother and an American to illegally export lab equipment from the US to Syria. The conspirants allegedly prepared invoices that undervalued and mislabelled the lab equipment, which included industrial engines, gas masks and chemical warfare … Continue Reading
