What are international sanctions? What are primary and secondary sanctions? What are extraterritorial effects and how will that impact multinational operations? The changing international sanctions regulations produce dizzying regulatory landscape, and complex as well as confusing compliance environment. To help lift the curtain a bit on this topic, Trade Practitioner José María Viñals (partner, Madrid/Brussels), also … Continue Reading
In order to implement the UN Security Council resolution of 30 January 2018, the Council of the EU has amended the scope of the exemptions to the embargo on exports of arms to the Central African Republic (CAR). In addition, the EU has amended the criteria for designation of persons and entities under the CAR-related sanctions. (Council Decision (CFSP) … Continue Reading
On 11 January 2018, the EU amended its list under Council Regulation No 881/2002 imposing certain specific restrictive measures directed against persons and entities associated with the ISIL (Da’esh) and Al-Qaida organisations (See Commission Implementing Regulation No 2018/50).… Continue Reading
On 8 January 2018, the EU aligned its North Korea sanctions list with part of UN Security Council Resolution 2397 adopted on 22 December 2017. Sixteen persons and one entity, the Ministry of the People‘s Armed Forces, have been added to the list of those subject to an asset freeze and travel restrictions (See Council … Continue Reading
On 22 November, the Swiss Federal Council introduced UN sanctions against the Republic of Mali, which include travel bans and asset freezes. The sanctions target individuals and entities acting directly or indirectly to undermine peace, security and stability in the country. Switzerland’s media release can be read here.… Continue Reading
On 14 November, the UN Security Council announced the adoption of Resolution 2385 (2017) to extend the modified arms embargo on Somalia and the authorisation for maritime interdiction of illicit arms imports and charcoal exports until 15 November 2018. The arms ban on Eritrea was also renewed for that same period.… Continue Reading
On 2 June 2017, the UN Security Council adopted new sanctions targeting 18 North Korean officials and entities as a result of North Korea’s recent ballistic missile tests. Under these sanctions, entities and people are subject to an asset freeze and travel ban in all UN countries. The EU’s implementing measures are Commission Regulation 2017/970, which amends Council Regulation 329/2007 … Continue Reading
On 21 June 2017, the Queen’s Speech included the International Sanctions Bill as part of the new Brexit-related draft legislation, which is designed to “support our role as a permanent member of the UN Security Council and a leading player on the world stage, by establishing a new sovereign UK framework to implement international sanctions on a multilateral … Continue Reading
Following the coming into force of Part 8 of the Policing and Crime Act 2017, which introduces new monetary penalties for breaches of financial sanctions, OFSI has published guidance on the new regime, including: Guidance on monetary penalties for breaches of financial sanctions A response to OFSI’s consultation on the process for imposing monetary penalties … Continue Reading
As a result of North Korea’s manifest violations of UN resolutions, in addition to the threat it poses to international peace and security, on 6 April, the EU Council expanded its nuclear-proliferation sanctions on North Korea. The EU’s new restrictive measures further expand the ban on EU investment in and with North Korea to the … Continue Reading
The new Policing and Crime Act 2017 (the Act), which comes into force in April 2017, provides HM Treasury with enforcement powers to punish breaches of financial sanctions. Under the Policing and Crime Act 2017, HM Treasury has the power to impose monetary penalties if it is satisfied that a person acted in breach of … Continue Reading
On 1 April 2017, HM Treasury implemented a new US-type financial sanctions enforcement framework, The Policing and Crime Act (the Act), that can potentially fine UK and non-UK companies EUR 1 million or more for breaches of financial sanctions. Part 8 of the Act gives the Office of Financial Sanctions Implementation (OFSI), which is part of HM … 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 five vessels from its sanctions against North Korea, implementing a UN decision to de-list them at the end of 2016. The EU had listed these vessels on its sanctions on North Korea for being operated or managed by listed entity Ocean Maritime Management Company. Commission Implementing Regulation 2017/80 amends Council Regulation … Continue Reading
The EU has implemented the UN’s recent sanctions listings in regard to North Korea, and has added 10 entities and 11 people to the list of persons subject to an asset freeze and travel ban. The EU has also removed duplicate entries created by the addition of the new names to its UN-designations annex. Commission … Continue Reading
